$1 Party Redux, page-34

On the refinancing side, the SGX listed CN is still offered at around 48c in the dollar, for a yield to best of a little over 30%. That's a pretty distressed level, however, if the company can generate positive operating cashflow by 2024, I'd say it will be able to refinance it without necessarily being too dilutive. The more cashflow it has, the less dilutive the refinancing, so as usual... it depends.

In this case, it depends a lot more for this company than for others refinancing from a position of comfortably positive operating cashflow, hence the volatility in the stock.

For the Zipmoney trust, it isn't a big problem... it's floating rate and secured by receivables, though any working capital requirements for general corporate purposes could face higher margins. The company flagged write downs on goodwill for its frothy acquisitions, I wouldn't be surprised to see book value closer to 500m, so P/B just over or around 1. Whether that's sustainable depends on what @Goodfella58 and others have written about needing to get to that 50-60m of NPAT (and no further writedowns). Time will tell...