Say they swapped 50M of debt for 1.5% royalty LoM, the royalty amoun p.a. would be far less than the P&I repayments, so free up cash immediately. It would be more costly in the long run, because the royalty will be more expensive than the interest and fees on the debt, however given where we are at, I'd rather $50 extra cost p.oz in royalty but halve my debt overnight.
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