Ann: Unaudited Results for the 9 Months Ended 31 March 2016-TFC.AX, page-31

Good point, tippy. When TFS took out these corporate bonds at 11%, they were a higher risk entity with very little cash flow, and interest rates were higher at the time as well. That is why TFS should benefit from refinancing them in July at a much lower interest rate. The imminent growth in cash flows and large pre-sales to China and India should help convince financiers that TFS is now a very good risk, and therefore can demand a lower interest rate (around 8%?). I am confident that there will be no difficulty in refinancing given the updated risk / reward profile.