Hi @pbawley ,
I had a look last night to check this and yes you are right.. my bad on this. For some reasons I had 11%-13% in my mind.
You are spot on saying that "Less pressure to stick to a repayment schedule I thought".
As per their Debt re-scheduling announcement dated 7th June/2016, they had agreed to pay ~$103 million + interest over a 33 month period commencing Apr/16. Based on my rough calcs this equates $3.18 million per month.By Dec-16, I expect they would have an outstanding gross debt in the vicinity of ~ $65m - ~$75 million. I'm also sssuming that they have further paid down debt from the capital raising they did in Sept/16.
So with ANZ, monthly payments are ~$ 3.18 million for next 24 months
Based on new Notes offering, payments will be ~ $1.45 million for next 48 months
So there is definitely less pressure on them.
Note: Above are just rough estimates but not too far off I believe
I believe this is a fantastic move by NRW board. It's called prduent fiscal & risk management.
DYOR & GLTA
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