Should see another rerate off thisAdditional $2m growth capex...

Should see another rerate off this

Additional $2m growth capex p.a (plus presumably somewhere between $300-$600k funding from DRP). Cost of debt under existing facility was <4%, suspect this will now be closer to 3% - very attractive funding source for further DES expansion.

In my view cashflows already had a reasonable margin of safety prior to the above two developments (including full div payments over next 3 yrs).

Refinance also a huge sign of confidence in outlook by the banks IMO.

What a phenomenal management team