Next shipment, page-250

Nice work FutureTech. I'll add in the debt & interest bits for those worried about AJM being able to make the upcoming interest payment.

	Column 1	Column 2	Column 3	Column 4
0		U$'m	Comments	TS
1	28-Jul-17	110	Bond Placement	Interest payments due each 6months from Utilisation Date. First interest period for notes issued under Tranche 2 ends when the interest period for Tranche 1 ends. Maturity 4th Aug 2020 (3yr Term)
2		14%	Interest Rate 14% first 18 months, 15% thereafter
3
4	Date	U$'m	Cumulative Balance U$'m	Comments
5	4-Aug-17	33.0	33.0	1st DDN / Utilisation Date
6	25-Sep-17	77.0	110.0	2nd DDN / Utilisation Date
7	4-Feb-18	3.9	113.9	6m Post Utilisation Date - Interest Capitalised
8	4-Aug-18	7.9	121.8	12m Post Utilisation Date - Interest Capitalised
9	11-Sep-18	15.0	136.8	Top-up / 3rd DDN
10	4-Feb-19	-9.4		Interest Pmt Due
11
12	Notes
13	- Interest @14% for respective amounts & durations - All figures in U$, ignoring FX adjustments in Fin statements

Thinking more broadly about this debt pile.
Bonds mature Aug 2020, which in my view suggests a decent refinancing timeline.
N.B. Bond refi process is typically kicked off 12months ahead of maturity to give some breathing room, avoid potential unforeseen economic events/roadblocks, conduct roadshows, draft docs, etc etc

Key Dates:
Jan 2019 - Nameplate capacity reached
Sep 2019 - Annual report released / full-year numbers albeit with 6m of nameplate production
Oct 2019 - Kickoff refi to single digit interest rate + upsize for stage 2?
Jan 2020 - Dec Qtr cashflow release / marks 12 months of nameplate production confirms good stuff

Thoughts?