Ann: Refinance Update, page-24

Until we know the details of the deal, its all noise. Perhaps the new financier wants a stake as part payment. They get 8-9% payback on fixed term loan and a share of profits, divvy, etc. Interest rates are low and going negative in a lot of countries, and will stay this way for a few years. You can stick your money in the bank and lose, or take a punt with a producer. TER will be able to down-pay this loan quite quickly, removing risk as it - the debt - goes down. The first sign of a problem the financier gets to own a company making $20m a month. I think a very reasonable risk. Remember its USD$145m, so they need too get it right.