Based on the footnote, it seems that TER management wants to pay...

Based on the footnote, it seems that TER management wants to pay all of the debt, including the ones with Bank of India and Bank of SA, amounting to approx. A$50m.

The convertible note facility of A$27.5m will probably converted @ $0.695, which I believe our share price will be above that by end of 2022. So no issue there, other than a little dilution.

Both debt seems to have an IR of about 6%, which is reasonable. I'm unsure whether the refinancing will be made available at sub 6%, if yes, then great. Otherwise, I would much prefer TER to keep those debt ongoing and pay them down accordingly, instead of rushing to pay it off ASAP.

At current coal market climate, it just seems better to operate with some level of debt instead of no debt at all, but not with the kind of debt that is like Euroclear bond with 12.5% interest rate.

Since many companies are going green and looking to sell off the coal assets, potential cash reserve + debt will allow TER to participate in those projects, if and when the opportunity arises.

The high debt level was precisely the reason why I bought TER over other coal stocks, since it magnifies the returns when everything is going well(assuming TER can pay those debt off), which I believe it will be.