Sorry ... final point for those interested.
BDR retain a USD $60m facility and exposes itself to this USD risk. I can only speculate why this is the case. However, you can't argue that the debt is "cheap" for BDR to retain optionality if you ignore the fx risk:
BDR pay USD LIBOR + 3% p.a. :
View attachment 48651
USD LIBOR is currently 0.68% (using the highest rate - 12 month):
View attachment 48652
It costs only $2.2m p.a. to maintain predatory optionality or just for capital risk management. At this point (and until BDR's balance sheet is flush with unrestricted cash) it is a smart move, IMO.
Cheers
John
