CRN -7.85%: had their trading halt lifted today after raising money. They were backed into a corner with their debt and look to have done a reasonable job at rolling into a more flexible facility with a bit of headroom to move. New shares were offered at 45c, raising $114m from institutions with more to come from retail holders being offered 1 new share at that price for every 4.73 held. The new money helped them roll existing debt into a new $US350m secured note along with a $US100m of untapped asset based loans available to them. It isn’t cheap debt – coal companies are finding it hard to get funding given with the ESG push. With some coal price support though, the stock should do well.
MM remains cautiously bullish CRN post raise
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