I think they consolidated the loans at the behest of the secured...

I think they consolidated the loans at the behest of the secured creditor...….best not have arguments if there is multiple first ranking securities in what was two parts of a now merged group

"such that the Alliance group now has single debt facility with one consortium and with a single first ranking security. "


they said debt facilities into a simplified structure and at a lower average interest rate.

I think it had more to do about tribeca being uncomfortable with another secured consortium over at alliance and what that can mean if there is a problem because the lower average interest rate doesn't really gel

8.1 In March 2018 and May 2018 the Company drew down A$8 million and A$5 million respectively against a secured syndicated loan. Interest is payable quarterly in arrears at an interest rate between 14.11% and 20% with a maturity and single repayment date of 29 March 2020.

8M was at 14.11 % is now at 19.6% effectively when you put in the fees payable upfront and on payout, details above
5 M was at 20% is now at effectively 19.6% hardly saving and infact no reason at all when you consider to save 4% they have to incur 400K plus GST upfront arrangement fees today for 20M

Accordingly I don't believe interest rates were a factor in this sudden consolidation, average rate is down excluding fees but that's a half truth headline.

imo Tribeca needed to clean up its first ranking full security and control and the borrower most probably didn't have a choice imo.