I’m trying to digest this info, which on the face of it is not of any major consequence. However, any thoughts I’m not considering?
the facts:
- change is driven by NRW not the noteholders
- they’ve done it as soon as they could (after 2 years)
- they want to borrow more
- NRW has strong support from bankwest
- the balance sheet is low risk and leverage could be added while still keeping it relatively low risk compared to peers
- there are now some high profile divisions on the market (DOW mining services and now RCR - my sympathy to any holders there, btw)
- they are paying $0.76m to exercise this option
Maybe:
- if they were to do another acquisition funded by bank debt and an equity raise, it would be very complex on top of the existing debt security structure
- the noteholders had to approve the Golding acquisition I think and might not want to go again
- we hear about other private companies that are likely to be acquired at this point in the cycle
- now is a good time to do a larger acquisition while the revenue runways are medium term positive and debt is staying fairly cheap
Reminder about out the notes and their existing relationship with Bankwest -
http://thewire.fiig.com.au/article/2017/08/16/nrw-acquires-golding
cheers,
pb
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