What happens if REG and others have to pay normal interest rates...

What happens if REG and others have to pay normal interest rates that match the risk for the RAD? Also what are the likely limits to endebtedness that would be reasonable? Seems to be like mezzanine finance but at term deposit rates? Also Ebitda is about 120m, net debt is about 1400m. That is near 12x EBITDA, where a normal covenant would be maybe 3.5 times - but admittedly that doesn't take into account developments funding that would be covered by different development finance. What if REG needed to comply with normal lending covenants rather than risking residents fiances without normal market reward for risk?
It looks like they would be a risk of insolvency???