The borrowings were set as follows :- $200m 4 year senior debt @...

The borrowings were set as follows :- $200m 4 year senior debt @ BBSY + variable margin rate - the life expectancy forecast margin is expected to be about 7.48%. $60m 5 yr subordinated medium term notes @ BBSY + 8.75%. I consider that these rates are high based on the current funding rates but at the time beggars could not be choosers. KJ has stated that he will continue to pursue better terms when PNC's position is more favorable. While PNC is the second largest PDP purchaser in Aust its leverage falls well below CCP (no1) which is largely self funded and is growing organically. I make this comparison with CCP as a PNC holder even though I have never held CCP - it just helps to keep my assessment real.