The corporate debt was the one getting us into trouble previously. Interest was accruing until we were above the debt limit...I'd like to see it at <$50m. Paying it down to $50m was the plan at the time of the capital raising.
As for the debt to cover lending, it seems like a 'trust in management' thing. Having to assume that they'll get extended/expanded on time.
Is the recent $178m ABS a positive in your view? Cutting our interest costs? Allowing for increased originations?
Is it like:
- We sell an interest in those loans ($178m of debts?), so we gain some proceeds upfront, but sacrifice some portion of their future revenue?
- Then we have more cash, so can lend more and repeat the process (avoiding having our lending capacity limited due to lack of lending facilities)?
- We promised the investors (of the Aaa portion) BBSW+1.35% (4.3%+1.35% = 5.65%)
- We still have some upside from the loan performance?
- So what are we gaining upfront, and what are we sacrificing?
- Would this have boosted the Net Assets this HY, like a one-off boost, unless another transaction happens?
In the interview video with the CFO (the censored link from earlier) he seemed to expect more of these transactions even this year.
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