Rob, I appreciate that it's much more than just an online application, as you would for a new credit card or car loan, but banks and borrowers won't start talking about a refinancing 18 months in advance. The existing lenders will have evaluated their risk on funding the initial facilities as to how they exit from their loans, whether that be through refinancing/repayment or renewal and management should know what the lenders intent was (ie we must be paid out or we'll kick it down the road for another x years/months with a plan in place to achieve that goal). There's too much that can change in 18 months (interest rates, operations, resource prices, currency movements) for anyone to underwrite a loan that far in advance unless they're purely relying on guarantees/asset security. My guess is management start talking around to the existing lenders and new banks in 10 - 12 months time.
EQR Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
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