Overall the refinancing terms for the $60 million environmental...

Overall the refinancing terms for the $60 million environmental bond facility appear reasonable, particularly when compared to the alternative of a $60–70 million equity raise which would likely incur 5-6% in transaction costs and result in what I would have thought was approximately a 30% (permanent) shareholder dilution. If fully drawn and utilised over the full 3-year term, the facility is expected to cost approximately $22.26 million on a simple interest basis or $23.74 million with compounding interest.

Importantly this increased facility size may give us/Aeris strategic flexibility, potentially enabling the repayment of the existing $40 million WHSP Term Facility. The (old) WHSP facility carries a higher cost of capital and is notably less favourable. Whilst it has been extended to 31August 2026 there is an extension fee of $1.5 million payable in three short-term instalments and the exit fee has increased by 2.0%, with a further 2.0% penalty applicable if the facility is not repaid by 31January 2026.

Anyhow WHSP have us by the short and curly ones, just hoping that management put this money to good use.

Total Cost Breakdown Over 3 Years (non-compounded interest)

	Component	Rate / Basis	Amount (AUD)	Notes
1	Interest	8.95% × $60M × 3 years	$16.11 million	Assumes constant full draw, simple interest basis
2	Establishment Fee	3% of $60M	$1.80 million	Paid upfront
3	Exit Fee	5% of $60M	$3.00 million	Payable in cash
4	Bank Guarantee Provider Fees	0.75% × $60M × 3 years	$1.35 million	Estimated midpoint of stated 0.5–1.0% range