Hi Al, just a quick note about the Fortress loan ($120M AUD...

Hi Al, just a quick note about the Fortress loan ($120M AUD Australian revolver loan (77M still available)) - I think that's gone.

If it were still available the figures in the last quarterly wouldn't show available debt as fully drawn under item 3.1. There's also a note under the corporate highlights showing the Fortress facility was "repaid", not "paid down" or "made fully available" etc.

There was a defiant repayment of $63.5m for outstanding debt in the last ledger and it makes sense that the Company would pay out the Fortress LOC before other facilities for a few reasons. Firstly the LOC came with a warrant for 5,112,991 shares "adjusted in accordance with the issued share capital of Linc Energy Ltd at a total cost of $1 at any time until 24 July 2015". So 'IF' the Bonds are converted to equity then the Warrant has an inbuilt extension covenant creating even further potential dilution of the free float - not good for PB. It should also be noted that the loan was (is?) costing 2% above the 1 month BBSY rate (currently 2.5%) - or 4.5%, undrawn.

Anyway I think it's gone but would be interested if you know differently.