Ann: Launch of Bentham IMF US Investment Vehicle, page-8

Wolfein I have no more info than the IMF-Bentham disclosure this a.m.

Transactions Terms Summary

7. The Class B Stock carries an entitlement to received a "capped priority return on invested capital" AND a "further preferred return on committed but undrawn capital"

Sadly I think that puts us squarely behind the Fortress Credit Advisors LLC

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FIIG Securities hold the Loan Caveat to 2020

- Negative Pledge
- Cross default
i) Limitation on senior secured working capital: AUD $10, m
ii) Limitation on total secured debt: AUD $150 m
iii) Limitation on total secured debt incurrence: Cash & Receivable > 75& of Total Financial Indebtedness of the Group
iv) Distribution restriction: Only from profits OR retained earnings (iii to be maintained too)
v) Total Equity > AUD$ 50 m

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So the USD$ 100 m tiered "stock" but it is not stock, stock but it isn't debt, debt either is US$ 100 m [ AUD/US 0.768 ] = AUD$130.2 m

This is particularly tactful & polite - well structured & framed mezzanine finance.

Whereby IMF Bentham tiptoes along a well thought-out hire wire.