Thanks Anthony. We see slippage on the refinance. IFN aches to be free of the onerous Global Facility conditions. It appears paying out existing lenders is expensive. IFN can finance on a project-by-project basis so this isn't a disaster. It would like to use the entire balance sheet, it would like to pay lower interest rates, it would like the option to pay dividends.
We might just have to wait while these very pleasing cash flows slice away at the GF debt, which was $621m at 30 June 17. Ending the US$ borrowings ($70m 30.7.17) and related hedges would also assist - they represent less than a year's cashflow.
Construction of Bodangora completes August-Sept 18 and will then add further to revenues.
Patience holders!
Ash
IFN Price at posting:
67.5¢ Sentiment: Buy Disclosure: Held
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