Ann: Euroclear Bond Debt Reduction Update, page-19

There's a fair bit of deleveraging still to go but its a really good start. Keep in mind that TER would have also been making payments against all their other facilities (SA and SBI) during the period so overall debt should fall by more than the USD $32m Euro Bond amount.

Management said that one of the biggest issues in the refinancing was that other lenders wanted an equity injection, however I think this requirement will go away when the refinancing value falls relative to the assets and cashflow available. The other positive of this debt reduction is the reduced interest burden that TER have - it was $46m in 2021 and having this fall will go a long way to returning TER to sustained profitability.