https://m.insidertracking.com/intrado-announces-final-results-of-offer-to-purchase-up-to-100-million-of-8-50-senior-notes-due-2025
5 replies (most recent on top)
This is Intrado spending $100 million to buy back senior notes (bonds) that they previously sold to investors. 8.5% is a very high interest rate to pay in this environment so they are likely trying to take some of their more expensive debt off of the balance sheet.
Intrado is owned by an investment firm, Apollo. Apollo takes a struggling company (Intrado, Claire’s, Ceasers Entertainment, Norwegian Cruise etc), they beef it up & sell it off to make more money. Intrado has 4 entities, 4 tax ID numbers & everything is being streamlined. As that’s happening, they are selling bits a pieces they can get quick money for (in that article). They will sell each entity separately, DM being this first to go & so on. The company unfortunately went to cr-p about a 1 1/2 years ago. It won’t be a company at all in the next year!
Means Intrado needs funds and fast !!
They are in need of money and Fast!!!
Can someone explain what this means?