end of march - true company situation, page-9

Macquarie facility was originally drawn to US$60m and as at end of December was $36m . Currently sits under $30m ie HAS been paid down. This is classed as short term liability given rollover due in he December this year and without doubt will be refinanced when company announces funding alternative board decides to run with moving forward.
$28.5m in Non-current liabilities quite obviously is the convertible notes that were on issue during the period. Current balance is circa $34m. as we all know these have a conversion of 3 shares for each note or roughly 67c.
I will not be too concerned about the interest cost if the holders convert given price would be well north of 67c for them to do this.
I try not to concentrate too much on the past, the future of AZZ lies in how well management executes on horizontal strategy themselves or with JV depending on level of owbership and funding alternatives they choose is appropriate risk/ reward. they have scale acreage position in one of the hottest plays in the. Permian , it's now up to management to exploit that, but ultimately it will be operational results that matter, not dissecting historical accounting adjustments IMO.