Most commercial lending is based on leverage so 13.5% reflects...

Most commercial lending is based on leverage so 13.5% reflects the current leverage position in terms of assets, current revenue, costs etc.
It is not the same financing game as us retail borrowers play with banks.
If SGR are capable of increasing their own leverage position the rate comes down, this is not a set rate, which is the way most commercial lenders operate.
SGR can increase their leverage by completing real estate assets like GC Tower 2 in 2025 and QW.
Reducing costs, selling non core assets, increasing revenue etc so it all comes down to their ability to execute whatever they are proposing in a long term strategy, that is why the terms are more stringent in accessing the next stage of debt facility.
The lenders make more money in the short term in exchange for SGR to access finance in a more flexible short term arrangement and if they are not progressing in their recovery plan, the second stage of financing makes it more difficult to access so if they collapse the lenders hold more security, they get their capital back plus make additional money in the short term through a higher interest rate debt facility.