Loading up the truck, page-2060

Note 32(iv). $16.6M on F15 debt position (assuming full year impact). If higher by +$75M, then (assuming full year impact), +$1.6M. Variable rates cover >85% of the o/s debt so, if the F15 WAV rate of 2.17% were, for example, to increased 100bp (on account of increased risk), then the added interest bill would be +$6.9M (on $690M+ likely debt s/to variable rates). Either way, the F16 interest expense position looks likely in the range of $18.2M - $24.9M, assuming 100bp risk margin increase. if however the banking syndicate prices for further increased risk (which is entirely possible), then each increased 100bp movement adversely impacts by $6.9M. In this regard, note that the F14 WAV interest was 3.02% (variable), and 2.49% fixed (F15 - 2.26%).