Aug. 5 at 7:39 PM
$REAL On October 1st, for the first time without penalty, TRR can pay down their PIK debt that was issued at 13%. They have about
$147M of it while also maintaining
$138M in cash. They are only making 3% on that cash, meaning there's a 10% spread. Will they pay down
$50M of PIK and restructure some with cheaper debt or equity? There's a potential of saving up to
$15M a year in interest, and even on low end they should start saving
$5M a year. I think this is a potentially big catalyst being overlooked.
