Ann: AET Refinances $134m Debt on Improved Terms , page-6

re: Ann: AET Refinances $134m Debt on Improve...
Well the half yearly figures are out and by my reckoning they will be 4 million ahead purely on the debt restructuring alone. This a good result by the Management and i commend them.
The management fees are similar, up 10% perhaps and rent and outgoings are stable, so even leaving the CPI and rent increases out of the equation, this $4 million divided by the 175 million units on issue comes in at almost 2.3 cents per unit. Somewhat higher than the 0.3 cents already added on to the distribution forecast albeit for only a part year. Now Im not saying all or any of this extra cash will directly follow onto the unit holders, but it has to go somewhere. It could buy 4 more childcare facilities a year, or retire 3% of the debt annually.
I personally would like to see it distributed, but that's because I like the cash to spend and it will further raise the share price.
So, 10.3 cents plus a plausible 2.3 cents more in the future, comes in at a very healthy 12.6 cents PA distribution and this gives potentially a 9% yield at its current price. That's still not a bad investment today.
Please tell me where I'm wrong.