Ann: Pioneer Credit Limited - Refinancing Update, page-2

It looks like the refinance rate is above 7.25% pa. I would have expected that KJ might have done a bit better than that. However it not hard to understand that the financiers would have generally felt that they had the upper hand so it was always going to be on the higher side of todays general lower rates. This is going to almost halve the interest costs so the P&L going forward should look a lot healthier. However FY22 accounts we are going to see the upfront costs of the refinancing plus the costs of finalising the current facility early. The best thing will be that the Board and management can now get on with the business of concentrating on purchasing good quality PDLs and improve the momentum of the business.