PNA 0.00% $1.84 panaust limited

Paul, you are probably right about the interest rates as the...

  1. 237 Posts.
    Paul, you are probably right about the interest rates as the GSJBW was at Libor +4.5% so right now that is about 6.7%. There will be other fees and charges so 7% is probably about right. I have to say that is mighty good for them.

    See my post for some more stuff: http://www.hotcopper.com.au/post_single.asp?fid=1&tid=787886&msgid=4372354#3550428

    GXB, I wish I could agree but I think they will have already signaled their desire to get out. What the docs say maybe that 90 days from the termination date PNA can request an extension/rollover and then 30 days from the termination date GSJBW will have to either agree or decline. So the timeframe I imagine is this:

    October - Over lunch GSJBW notes that they are getting signals that they will become cash constrained and hope that PNA is looking at refinancing options if that were to become necessary.

    9 Dec - PNA formally requests an extension
    9 Feb - GSJBW formally declines
    10 Feb - PNA informs ASX assuring the market that they have 30+90 to refi
    9 Jun - GSJBW formally calls. What happens after that is in paragraph X.x entitled "Consequences of Events of Default"

    I have no idea but that is just my random thoughts for what they are worth.
 
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