One assumes that the $206 Million will pay off the remaining Mez Debt at 13.25% + other hooks. This gives a reduction of $26.5 million pa in outgoings. However it seems that they will get extra capital from The Government of Singapore Investment Corporation (GIC) of some 26.4 + 36.9 million or 63.3 million as part of the deal! this is part of the excise of warrants included in the Epic funding so it seems.
With all this cash some 52 cents per unit the interest will reduce very rapidly. Given this and the new Santos contract I see the Divi being 30 - 40 cents PA in 2012 with change.
HDF Price at posting:
$1.71 Sentiment: Hold Disclosure: Held
