Ann: Completion of Bond Note Redemptions, page-4

Yes the reduction in interest cost and resultant increase in FCF is a positive, driven in part by a once off tax deduction.

I admit to ignorance on these refinancing deals but did note the extension of maturity from 6 to 8 years. APA’s debt to equity was last reported at 475%, net gearing increasing to 305%, with net interest cover ~2. I wonder if the market is looking more at the level of indebtedness.

I also note the $148M once off charge related to the bond redemptions. This may be within the guidance range but it still comes at a cost.