Just what I was waiting for and boring everyone with my posts about urgent need to restructure the debt in particular $5.0b due in 2019 & $1.5b in 2020
They are notes/bonds and from memory were at 8.30%
Hopefully better terms and repayment dates have been negotiated
Any decrease in interest will also decrease all in costs, currently interest cost is US$4.00mt
If they have also extended repayment dates it should please the market as they will be in a better position to meet principal reductions if they are staggered over a longer term
Even though the debt will remain the same, refinancing is a positive and gives them more breathing space
Like in 2012 it seems management has pulled it off again.
With IO prices down and predicted to decline further or remain at these levels long term, to refinance over over US$9.0b under these circumstances is no mean feat
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