If wanting to expand production:
1. Take on more debt.
or
2. Raise funds, and don't take on more debt.
Maybe option 1 was considered too much debt (maybe expensive or difficult to obtain, with worsening risk metrics / higher leverage), so they went with option 2. That doesn't really seem related to the hedge. Just that they like the idea of expanding sooner than later.
Maybe increased debt would even require a new hedge, but a raising avoids that.
The existing hedge doesn't seem to be a great risk to me (certainly it cost us potential profits), though from the lender's perspective, it reduces their lending risk from low-medium to lower-still.
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