Ann: New High Grade Results From Redbeard, page-38

I dont think they like bank debt (which makes me happy) - it alway seems to be more expensive than people think. Im mean they dislike it to the extend they wiped 20m of it off the books in one fell swoop with the last raising, when they could easily have chipped away at say, half, had they chosen to go that way.
Remaining debt free keeps them in a special group, and if raising for a good reason then i think most holders will welcome it