BP This may not be the case with elements of FMG debt. I have been a specialist in the terms of some corporate debt ratings so it is quite possible that FMG has notes denominated as whats called "pass through" that is the terms of the debt are that after a specified minimum period (usually 3-5 years) the borrower i.e. FMG has the right to pay back the principal at par at their election. For this debt the note holders would all receive principal payments at par equivalent to this debt payment as a proportion of the total of all this type of debt payment outstanding.
In other words they do not have to pay the premium only the par. I would be very surprised given the coupons if large slabs of FMG debt is not denominated this way.
Ann: Debt reduction to continue as FMG recognised as lowest cost, page-21
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$19.47 |
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