Hi Grant If you look at note 5.2.3 in the 2016 AR, it appears...

Hi Grant

If you look at note 5.2.3 in the 2016 AR, it appears that after the loan facility re-negotiation in March 2016 (?), the whole facility or "term loan" was provided via bank bills.

(Previously the syndicated facility had included a revolving credit component.
It also looks like the whole facility (or virtually the whole facility) was drawn down prior to this possibly to stop the banks from withdrawing any un-utilised part of the revolving component.)

Judging by the interest expense in the report, it looks like the bill facility was provided at something like Libor (or Aus bank bill rate) plus margin of maybe 3% or 3.5% (give or take a bit), which was not too bad in the circumstances.

My guess is that the bill maturity dates are 90 day rollovers but could be 30 - probably whatever is cheapest.

If the syndicate ever contemplates providing additional funding under the debenture, the new members (who bought Citi and Macquarie loans) presumably can't provide bill facilities (depending on what part of deutch bought), which adds to the issues list.