It is easy to observe the refinancing is at a high interest rate...

It is easy to observe the refinancing is at a high interest rate and make clucking noises. If IFN could escape the restrictive and expensive Global Debt Facility in a single gesture, it would have done so.

Instead, it is being obliged to a two stage process - end the covenants and tolerate equally high interest in the short term, then re-re-finance later at lower rates. This is ugly but it will work.

Debt, like fire, is a wonderful servant but a terrible master.

IFN has useful projects ready to go that can be project financed. Over time it will use its stellar cashflows to jiggle its debt around to reduce i costs.

Bodangora begins producing in 3Q 2018, introducing a fresh ingredient and flexibility into IFN's corporate 'black box'. I expect this to make an over-size contribution that will surprise all.

Cherry Tree will be announced before the Vic state election in November.

Ash