#5896
Re: AzValor: Para los que estaban esperando su vuelta desde hace un año....
@grillo35 , es la deuda legacy que le endosó CNX en el spin-off.
1. - Senior Secured Credit Facilities ("SSCF") up to $900ml. Those facilities consist in a revolving facility (RCF) of up to $400ml, a term loan (TLA) of up to $100ml and a second term loan (TLB) facility of up to $400ml. SSCFs bear interest at a floating rate and is amortized quarterly at stepped-up amounts as quarters advance. The revolving facility and TLA (due 2023 - 6.8% cost in 2018) include financial covenants to be measured quarterly. All of them are reasonable and were met as of 3Q-2019.
2. Second Lien Notes ("SLN"), $300ml at 11%, due 2025. Yes, you have read correctly, an 11% coupon to be paid semi-annually. For the benefit of CNX, CONSOL shareholders were left with an utterly expensive debt, and additionally, which is where you start to think this was not an arm's length operation, that can only be amortized with a premium of 11% if redeemed before Nov 21 (with a max of 35% of the principal), 5.5% if redeemed after 2021, 2.75% after 2022, and none after 2023.
3. Maryland Economic Development Port Facilities ("MEDCO"), 5.75% Revenue Bonds ("MEDCO") due Sept 25. The outstanding amount at the time of the spin-off, and as of now, was $102.9ml. Those are bonds backed by the revenues provided by the Marine Terminal and provide the cheapest financing from all of the legacy facilities.
1. - Senior Secured Credit Facilities ("SSCF") up to $900ml. Those facilities consist in a revolving facility (RCF) of up to $400ml, a term loan (TLA) of up to $100ml and a second term loan (TLB) facility of up to $400ml. SSCFs bear interest at a floating rate and is amortized quarterly at stepped-up amounts as quarters advance. The revolving facility and TLA (due 2023 - 6.8% cost in 2018) include financial covenants to be measured quarterly. All of them are reasonable and were met as of 3Q-2019.
2. Second Lien Notes ("SLN"), $300ml at 11%, due 2025. Yes, you have read correctly, an 11% coupon to be paid semi-annually. For the benefit of CNX, CONSOL shareholders were left with an utterly expensive debt, and additionally, which is where you start to think this was not an arm's length operation, that can only be amortized with a premium of 11% if redeemed before Nov 21 (with a max of 35% of the principal), 5.5% if redeemed after 2021, 2.75% after 2022, and none after 2023.
3. Maryland Economic Development Port Facilities ("MEDCO"), 5.75% Revenue Bonds ("MEDCO") due Sept 25. The outstanding amount at the time of the spin-off, and as of now, was $102.9ml. Those are bonds backed by the revenues provided by the Marine Terminal and provide the cheapest financing from all of the legacy facilities.
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