Ann: Magnis Subsidiary iM3NY completes refinancing, page-36

You have only highlighted the insurance premium and not the interest rate.

you need to add both together to get the cost of borrowing.

that insurance cost is a bit like LMI for a mortgage. It protects the lender in case of default.

the first year cost will be much higher than the previous facility.

The other thing I find odd about this is that the security is in the form of IP. Im3NY has access to C4V IP but I didn’t think it owned the IP. Weird that the loan wasn’t made - at least partially - against the factory itself.