The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: patron_anejo_por_favor who wrote (101075)	2/9/2009 11:04:17 PM
From: orkrious	Read Replies (2) of 110194

From Lance tonight: Incidentally, NGD hasn’t issued a press release on it yet, but per a presentation posted on its a href=" newgold.com ">website in late January, the company appears to have received new ABCP paper worth CAD$168.9 mln plus owed interest of CAD$5.8 mln to replace the CAD$170 mln in failed auction rate securities that have been frozen since late 2007. This is no small matter for a $500 mln company, and it means that other than $55 mln in convertible debt, the company is effectively debt-free (and still holding $250 mln in cash) due to this ABCP paper maturing at the same time that the company’s nearly identical amount of senior notes mature. I expect the company to tell us more about this when it reports on the 17th.

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