found it....annual report - LONG read, confusing at times, but...

found it....annual report - LONG read, confusing at times, but simple - we are at NOBLE's mercy...(but they luv us)

B) INTEREST BEARING LOANS
On 31 October 2012, the company entered into a long-term
debt facility agreement for US$10,000,000 with Noble. The
facility originally bore an annual interest rate of LIBOR (London
Interbank Offered Rate) plus a margin of 7.25% however from
June 2014 this was increased to 10.5% after commencement
of negotiations to defer principle repayments. Principle
repayments of 9 equal instalments of US$1,111,111 are made each
quarter until maturity, the first of which was made 4 March
2014. Subsequent to year end the Company has agreed with
Noble to defer further principle repayments until 10 December
2014. Both parties are currently executing this agreement.
Contractually the facility matures on 30 April 2016 however as
the Company has deferred some principal repayments Noble
has reserved its rights with respect to events of default so the
full outstanding balance has been classified as current.
The Company has capitalised interest to the extent that funds
were used in developing a qualifying asset in accordance
with accounting policies. As at 30 June 2014, the entire
US$10,000,000 facility had been drawn down, with AU$98,706
in unrealised foreign exchange gains being recognised.
On 14 November 2013, the company entered into a Fuel
Exclusivity agreement with Noble International Pte. Ltd
for US$8,000,000. The facility bears an implied annual
interest rate of 9.7% and matures on 11 November 2015.
As at 30 June 2014, the entire US$8,000,000 facility had
been drawn down, US$1,666,667 of principle repayments
were made during the financial year. Subsequent to year
end the Company has agreed with Noble to defer further
principle repayments until 5 December 2014. Both parties
are currently executing this agreement.
The Company has capitalised interest to the extent that funds
were used in developing a qualifying asset in accordance
with accounting policies. AU$236,423 in unrealised foreign
exchange losses have been recognised.
On 18 December 2013, the company entered into a long term
additional debt facility agreement with Noble International Pte.
Ltd for US$14,000,000. The facility originally bore an annual
interest rate of LIBOR (London Interbank Offered Rate) plus a
margin of 7.25% however from June 2014 this was increased to
10.5% after commencement of negotiations to defer principle
repayments. Principle repayments of 9 equal instalments of
US$1,555,555 are made each quarter until maturity, the first of
which was made 4 March 2014. Subsequent to year end the
Company has agreed with Noble to defer further principle
repayments until 10 December 2014. Both parties are currently
executing this agreement. Contractually the facility matures
on 4 March 2016 however as the Company has deferred some
principal repayments Noble has reserved its rights with respect
to events of default so the full outstanding balance has been
classified as current.
The Company has capitalised interest to the extent that
funds were used in developing a qualifying asset in accordance
with accounting policies. As at 30 June 2014, the entire
US$14,000,000 facility had been drawn down, with
AU$689,802 in unrealised foreign exchange losses
being recognised.