at what price do you buy in?, page-128

it's alright mate... I wouldn't worry about the debt - ALL's leverage is fine at the moment. Just need to look at the data/facts:
1. Term Debt is USD2.25bio (a 95% bullet at maturity). (annual amortisation of only USD22.62mm).
2. Term Debt bullet is not due until 2024. It's 5 years before the refinancing needs to be dealt with... plenty of water to go under the bridge in that time

3. Pricing - they locked in a good cost of funding - 3MUSLIBOR + 175bps. Margin fixed for loan life. (Australian residential mortgages are effectively 3M BBSW + 200!. ALL pays basically the same as the average Aus residential punter pays for their mortgage...) Sure their margin could be lower, but that's not going to move the needle......

4. Leverage is manageable -  just using reported numbers (no adjustments) - 12 month EBITDA of USD973mm equiv - ALL only levered at 2.3x Gross Debt/EBITDA. They produce about USD550mm of free cashflow.....they will generate more than enough cash to repay entire debt.

5. FOR every 100bps move up in total interest rate payable (ie. 3MUSL in their case) - it will cost them an extra USD22.5mm per annum....an extra USD22.5mm in the context of USD900mm+ EBITDA is not a big deal... it's a <3% dent in EBITDA and ~5% dent in Net Income (assuming 2018 numbers)

I agree - don't want them to take on anymore debt (at least not until they deliver on earnings growth for a few years).... otherwise that would be a bad sign.....
biggest concern is earnings delivery...just keep delivering...that's all that matters