You can read it like that if you want to, however they were always going to refinance/rollover the debt.
Extending the facilities will lock in a base rate now as debt markets are pricing for further increases. However the extension adds to the cost of the current debt including higher rates than the previous notes. This doesnt add up to a higher enterprise value and therefore SP.
By your own admission the SP had been going down due to lower NPI prices. Not because debt had yet to be refinanced. The SP is now going up as nickel is going up (NPI to follow) the reverse is true when it's going down as I've explained.
Ann: Proposed Issuance of New Notes and Concurrent Tender Offer, page-23
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