"Some dilution" is an understatement.Yes they bring a fully...

"Some dilution" is an understatement.

Yes they bring a fully funded debt facility to the table albeit backed by a guarantee to a financier, but it will be probably at junk bond rates, not the normal BBSY plus 50-to-400pts sorta funding.

In my experience BBSY plus 750pts is about where things are going to go thru at with the external financier (which I guess is cheaper than their current lines, but still at lender of last resort sort of prices).

We watch from the sidelines.

If tomorrow is a fizzer - SELL. Forgo the SPP.