Net US$143m required from refinancing and Fitch CCC+ credit rating doesn't help.
If it is refinanced by a new secured notes issue it seems repayments may be higher even if interest rate drops a point or two due to refinancing fees.
With no free cash flow forecast for two years from Fitch, the company will need to either take out a larger amount of financing or regular CRs to cover working cap etc. Many possible scenarios.
I'm sure many faithful may be questioning the Fitch rating, but it is the company AJM hired for big bucks to provide it and had total access to do so.
You all know how well the operations are going, but this refinance issue is major and may require a mass dilution to reduce debt to a manageable level.
For those that are interested, several I know, including my figures show that at nameplate production and using the company's methodology for its operating costs with an estimated US$350wmt, AISC is approx AUD800dmt.
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