I think it would be the other way round wouldn't it?
They just changed from USD conversion to AUD so that gives an EXTRA 25% discount.
Essentially this is just a capraise to pay the debt and when everything is said and done it will have been completed at a discount to the 100 volume weighted average.
With the only real premium being the $70+m in interest savings.
The biggest difference between this and a capraise is that the lenders get to wait 4 years to see if it's worth tipping money in or not.
It absolutely has to happen but the deal is not as good as I expected.
Still leaves us exposed to an uptick in RE prices which is a certainty although it has more than halved the upside IMO.
I still see this multibagging over the next few years.
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