Yes agreed, not surprised at all, private credit to a near stranded borrower mostly incurs a substantial premium, and in the instance of WHC acquiring those BHP assets, the media reports and tone of the WHC announcements were quite noticeable ie keen to pay a premium for obsolete assets, and any line of credit will do. Not sure if WHC undertook any real due diligence or independent assessment of the available alternatives. One further point, if these loans are denominated in USD, then repayment will be adversely impacted by the nett depreciating AUS/USD pairing.
Debt refi, page-9
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