Timmy Elsewhere

Two at The Business.

 

The Guardian on drugs and why hasn\’t Paragon already gone bust?

2 thoughts on “Timmy Elsewhere”

  1. Paragon isn’t bust because:

    1. It’s debt rolls over at a different time to NR.
    2. It has fully underwritten its rights issue.
    3. It matched the timeframe of its borrowing to its lending (e.g. 10 year fixed rate mortgages are matched by 10 year bonds).

  2. Plus this?

    Cash for new lending for Paragon is also financed by a £2.3 billion “warehousing” facility from a banking syndicate. And it has a £280m corporate lending facility due for repayment in February.

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