From memory, $200M are revolving facility. MRM have had this...

From memory, $200M are revolving facility. MRM have had this facility open since ever. It's part of their operating model. Most businesses do take on debt, repay then renew as it fall due. The interest is a lot cheaper than if equity holders were to pay for that.

So there's only $250M or so that they owe to the syndicate. Come end of June, if all goes well with Toll, that will reduce their debt to $200M... and won't be repaid until two years away.

Who knows where oil is headed in the short term... in the two years, if Russia and OPEC don't do everything they can to raise oil, they'll go broker than MRM would ever be. Venezuela is already in rebellion mode.