Ann: Jervois BMO Conference Presentation February 2023, page-2

Slide 11 mentions "amortization of the Mercuria loan" however I've not been able to find from the original announcement how this amortizes. The original announcement just mentions rolling facility with maturity date of 31 December 2024. Has anyone done much work on the debt? Here are my rough numbers:

Mercuria Facility
This deal was announced at LIBOR +5% per annum. I'm not sure which LIBOR rate they're using (overnight? 3mo?) and how it is being recalculated (daily? monthly?). Jervois haven't been specific about the dates of each individual draw down but if you assume they occurred at the start of the relevant month, this is the schedule:

1. Draw down: 1 November 2021, US$32,500,000 (LIBOR was ~0.073%)
2. Draw down: 1 December 2021, US$25,000,000 (LIBOR was ~0.073%)
3. Draw down: 14 March 2022, US$17,500,000 (LIBOR was ~0.198%)
4. Draw down: 6 June 2022, US$25,000,000 (LIBOR was ~1.216%)
5. Draw down: 1 October 2022, US$15,000,000 (LIBOR was ~3.063%)

Note the last one is an estimate, as unlike they others they didn't flag this in the commentary, the December 2022 quarterly just showed US$115M total drawn down (verses US$100M in the prior), so it obviously happened some time in that quarter. Interestingly, in the quarterly released in October, in the 4C section which outlines the debt facilities, they changed it from LIBOR +5% to SOFR +5%. As a guide, current SOFR is around 4.55% (LIBOR is 4.77%) so on their currently drawn amount of US$115,000,000 they'll be paying an annual interest rate of 9.55% or US$10,982,500. Understandably the LIBOR/SOFR curve is very steep given what's happened with interest rates, it may yet go slightly higher.

Nordic Bond
This piece is easier; it's US$100M fully drawn, no amortization, just a bullet payment at maturity in 20 July 2026. In the meantime there are bi-annual payments based on coupon rate of 12.5% so I make that as two payments per annum of US$6,250,000.

All up, if we assume that SOFR stays around the 4.5% mark for the year, on an annual go-forward basis Jervois has debt repayments of US$17,232,500. However this figure should drop down some as they pay down some of the Mercuria facility with inventory sales.

Does this match what others arrive at?