For example looking at the 20ktpa scenario at US$18000 pricing....

For example looking at the 20ktpa scenario at US$18000 pricing. FCF is US$73.5m p.a.
US22m can be used for dividends and US$51m retained for debt.

If the duration of the US401m debt is 5 years then Galan might have already retained US200m of cash by then (say 4 years). In order to repay the US400m they would need to raise US200m of debt. With US182m of ebidta this should be no problem. This debt should be paid off by around 3 years. In the mean time GLN is paying 20% dividends p.a.

So this company can be a 20% plus dividend yield company once we reach 20ktpa and be debt free within 8 years. That is before allowing for the additional tax saving of capex deprecaition as highlight by Spovend and Hoopz.