The bank syndicate was not expecting FCF to repay the facility, it was always a bridging facility.
The syndicate was looking for evidence that they would be able to gain and service another facility that made the bullet payment.
The current outcome is far better than debt with any bank IMO.
Saying that, the SP here and pretty much the sector as a whole is going to struggle until the underlying chemical prices improve.
Ann: Presentation - Strategic Partnership and Long Term Funding, page-274
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