I do not expect the former or the latter. Considering that the...

I do not expect the former or the latter. Considering that the company is now cash-flow positive, CBA might refinance the loan, perhaps at a bit higher interest rate than the current level of 4.25%. If CBA is not happy to do it, there are many other avenues for refinancing. At the current rate, the company has more than A 1.5 million positive cash flows per year, so that a $4 million loan is not excessive. Refinancing with no possible dilution would be the most possible outcome.