Is there any reason to keep additional cash on the balance sheet when you have a revolver?
Got a portfolio company where we can only count $2mm of cash against our debt for net debt covenants. We have significantly more than that on the, and we also have a revolver that has a minimum commitment that we're already paying for. Is there any reason why we'd keep additional cash on the balance sheet instead of paying down the debt? I've heard "It's good to have cash to weather any storm" but isn't that exactly what the revolver is for, especially if we're already paying a commitment fee?