Re: BTE refinancing notes, extending maturities
"My guess is that they will pay 7-9%"
Sounds reasonable. Even at the upper end of that range BTE should jump on it. The value of removing refinancing uncertainty out to 2028 is substatial. We'd be talking about ~16MM in incremental annual interest expense? Sold.
"Delivered adjusted funds flow of $232 million ($0.42 per basic share) in Q4/2019 and $902 million ($1.62 per basic share) for the full-year 2019."
Compared to annual aff, I would for sure trade refinance uncertainty for an incremental 16MM in annual interest expense.