I see the primary benefit from this refinancing as an extension...

I see the primary benefit from this refinancing as an extension of the maturity of the notes to 2023, which is when we should see harvest proceeds approximately 10x that of the current harvest underway. Whilst actual cash interest expense appears unchanged (thanks 'k9999x') this matching of debt maturity to cash realisation of current assets appears a material risk reduction.

Whilst I see your point 'gordon_gecko' I would not be too skeptical regards use of the additional $US50m proceeds; I consider mgt have been clear as to their desire to increase TFC's direct ownership of plantations either through purchases from MIS/wholesale investors or through new plantings. In a worst-case outcome this cash also does give a risk buffer in the event of a global downturn.