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Post by longliner on Mar 4, 2021 13:04:06 GMT -5
Is Canada home, longliner? Sounds Awesome! I'm going for a hike up in the Santa Ynez mountains behind my house. Enjoy! Sounds like you are very lucky. Alaska, Thanks, I do feel very fortunate this morning. Have a great hike! Side note, I have a Son who just graduated from Cal Poly Slo. You too are very fortunate in your surroundings. Apologies to our fine moderators, life sometimes gets in the way. Back to convertibles. |
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Post by kpm1028 on Mar 4, 2021 21:28:27 GMT -5
IS there a deadline for when they will announce the full details of the deal?
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Post by joeypotsandpans on Mar 4, 2021 22:08:04 GMT -5
IS there a deadline for when they will announce the full details of the deal? They agreed not to announce until after the April expirations 🤣....jk, that's for all the tin foil hats that are bigger than mine. |
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Post by derekewhitlock on Mar 5, 2021 6:53:59 GMT -5
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Post by goyocafe on Mar 5, 2021 7:00:29 GMT -5
I think the trust thing simply keeps the real lenders from being revealed. Could be wrong. Sort of like a lotto winner forming a trust to hide his/her names.
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Post by derekewhitlock on Mar 5, 2021 7:11:27 GMT -5
Agree 100% but it just fuels the intrigue further. I think it is safe to say that the monies did not come from a financial institution.
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Post by winner on Mar 5, 2021 7:23:28 GMT -5
Just imagine if a Press Release comes out indicating that the new owner of the facility is (you guessed it) held in trust on behalf of  ?? |
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Post by prcgorman2 on Mar 5, 2021 7:23:49 GMT -5
Haha, love your comment derekwhitlock. UTHR??? Haha, love it.
The reason I love it is because the terms seem outright benevolent and who might benefit more than Mannkind than a business partner and part owner? Not sure if Dr. Rothblatt or UTHR had $200M just laying around to commit to a trust, so the instruments and investors behind the trust is indeed an interesting aspect to consider.
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Post by derekewhitlock on Mar 5, 2021 7:29:13 GMT -5
No doubt, I still can't believe there has not been more recognition of the fact that an entity just loaned the company $200 million UNSECURED. This does not happen in the real world without some inextricable relationship. Somehow, someway, the lender was well invested in MNKDs success already, of that that I am supremely confident.
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Post by pat on Mar 5, 2021 7:39:49 GMT -5
Just imagine if a Press Release comes out indicating that the new owner of the facility is (you guessed it) held in trust on behalf of ?? Unless I’m mistaken, it’s not a trust in the sense you may be thinking about it. It’s US Bank acting as custodian for the issuance. The issuance had Joint Leads and I can’t find them at the moment. As they are using US Bank I suspect they are small broker dealers. The investor(s) could be anyone - except that we know they are “Qualified Institutional Buyers” “QIBs” - ie. those investors large enough and sophisticated enough to participate in a private placement. This is all standard stuff for any primary issuance. Bond is trading around the 94 level. Makes sense given the share price at the moment. Probably do not read into this. It seems straight forward and very unlikely it was UTHR buying the bonds. |
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Post by derekewhitlock on Mar 5, 2021 7:42:49 GMT -5
Which aspect(s) of the loan "Makes sense given the share price at the moment."?
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Post by uvula on Mar 5, 2021 7:43:20 GMT -5
This is a big relief to me. When the 200M offering was announced I couldn't figure out if a buyer existed or if they were hoping buyers would appear. Now I know.
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Post by pat on Mar 5, 2021 7:45:59 GMT -5
Which aspect(s) of the loan "Makes sense given the share price at the moment."? I’m no expert and just glanced through the filing but I think the eventual pay back is dependent upon a share price of 6.77 for a period of time post March 2024 - ie. 130% of the conversions price. A share price in the 3.30’s is well below that and will cause the bond to trade below par. |
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Post by pat on Mar 5, 2021 7:46:52 GMT -5
This is a big relief to me. When the 200M offering was announced I couldn't figure out if a buyer existed or if they were hoping buyers would appear. Now I know. The leads would shop the issuance around before hand. They line up interest prior to announcing the deal. If they failed to do this right it would be very bad press. |
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Post by pat on Mar 5, 2021 7:48:24 GMT -5
They amended the midcap loan. Looks like the amendment just accepts the debt issuance with no major repercussions. Anyone else’s thoughts are welcome. |
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