digger:

The company had to replace the 200 million line off credit it canceled, this is what the $150 million in notes and the applied for 50 million in revolving credit is..

The money raised from the share offering was more than likely a condition set by the banks in order to get further financing..There would be two reasons for this..The first is that it would show the financial institutions that the market had faith in CLL, the 2nd is that it would be used as collateral,,you know I'll lend you a dollar for every one you've got..