Even though money is cheap at the moment, it is pleasing that the company aren't using dilutive means to raise capital. The company previously advised an intention to issue bonds, and that it already enjoyed flexibility within its covenants.
In the Bell Potter presentation, the company advised the bond issue would "create facility headroom for growth opportunities". I look forward to seeing where this leads.
On the other hand, reducing drawn net bank debt will make the company more attractive to suitors as it was one of the perceived barriers to a merger. Watch this space ...
Ann: 4-year senior unsecured notes-CAJ.AX, page-4
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