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Strategies & Market Trends : Value Investing

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Jurgis Bekepuris

To: Spekulatius who wrote (55531)	6/25/2015 7:55:50 PM
From: E_K_S	1 Recommendation Read Replies (2) of 78714

Re: SFY debt Yes but my thinking is worst case common shares becomes worthless and new equity is swapped for senior debt. The question is will it be less than $0.50 on the dollar? My avg cost of the debt is $0.52/100 AND I continue to receive the semi annual interest payments. It's all about the risk/reward. For me, better than owning the common shares. Now will management use some of that 5 year term credit revolver to payoff the 2017 senior debt next year? It's an option they did not have last week. As a senior debt holder, it's a net positive for me and the common share holders need to evaluate the value in their equity position w/ this new credit revolver. The value is in the senior debt and/or credit revolver not the common shares. EKS

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