Ann: Bondholders Support Confirmed, page-108

I agree that the the existing bondholders will be taking all the cash as soon as possible. They would be crazy not to while the coal price is so strong, because if the coal price goes below $200 a tonne, TER might struggle unless they can find some cost savings elsewhere.

the "special interest" of 0.75% isn't going to be anything material in my opinion.

TER have forecasted 575,000 tonnes at A$230 / tonne next quarter from blair athol. So gross revenue of approx A$132 million for the Dec-21 quarter. Therefore the special interest will only be A$991,875 for the quarter, or A$330,625 a month. some might say $330k a month is material, but last year it cost nearly $3.2 million a month for 'other operating and administration expenses' to keep TER going.