That's A$1.8bn, we only need just over half of this amount...

That's A$1.8bn, we only need just over half of this amount (A$1bn). Why does everyone insist on a solution that provides way more capital than is required? Don't tell me they couldn't find a US$200m bank facility after wiping out most of the debt (say A$700m worth).

That's A$400m in bonds, A$300m capital raising, and refinance A$300m (at high interest rate if necessary). A$700 in bonds if there truly is no bank in the world willing to lend.

RFC won't walk if just offered a smaller piece of the pie, it just means they stand to make less money. They're not exactly in a position to negotiate - meaning I expect they will take what bond entitlements they can get, on the generous terms they've defined.