"
Early redemption of the Loan Notes may occur at any time following from the end of a
12 month period beginning on the date the Loan Notes are issued under Tranche 2
provided that the aggregate amount of the Loan Notes to be redeemed at that time must
be equal to or more than US$25 million. Prior to the end of that 12 month period,
voluntary early redemption is subject to a make whole payment in favour of the Loan
Note Holders" Earliest redemption is October. Refi at this stage at a decent sub 10% rate would require a very optimistic bank / investor. Same goes for a prepay/preexport facility option, are any of the offtakers currently strong creditworthy counterparties you could lean on, no, so that option is out the window. Commercial banks will want to see this de-risked further, probably another 6 months away once nameplate runrate is reached. I agree with the CR but couldn't comment on price, once shipment is announced we should see a repricing and most likely a CR will follow. Things will fall into place eventually, it will just take some time 6-12 months which is fine.
AJM Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
