Bullish
I look for many positive things to happen between now and 3-16-20. This $600 million bond exchange is just the first move. The reduced amount of $1.1+/- billion in 2023 bonds is more manageable with over 1/3 moved to 2025. A sale leaseback is coming to deal with them. The $600 million being moved to 2025 is because they don't want to be behind the 2027's and 2028's. This sale/leaseback will be for over $500 million imvho. They can offer many ways to retire the 2023's by part cash and new bonds or they are eligible to be called on 4-01-20 for $101.53 each. That also means if they get say $500 million in sale/leasebacks they could call any amount and accept pro-rata if oversubscribed and then do bond exchange again for remaining smaller amount. You can bet they will be dealt with before 3-16. I suspect they will announce the tender just before the 3-16 presentation. Any major debt paydown improves their credit worthiness. Shorts will be caught off guard.$RAD
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