One of the wonderful things about being a public company is that when you need more money you can just sell another little piece off. Callaway did that on Monday when they announced a “preferred stock offering” according to a story on Forbes.com.
Callaway anticipates proceeds of about $119 million, excluding any exercise of the overallotment option. The company plans to use the proceeds to pay off some of its revolving credit line, which it expects will help keep the facility’s current terms and avoid amendments to the agreement.
Presto. . . now why can’t we figure out at way to make $119 million magically appear?
[Link: Forbes.com]
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