He was referring to the fact that their ,loan book had been accessed by Moodys but too late to affect the $150m loan just taken out. When they renew the loan facility or negotiate with another lender it would reduce their borrowing cost by 'a few %' (vs the base rate whatever it is when it happens).
I can't recall the length of the $150m facility but we won't see the reduction in lending rate until that term ends.
I was surprised there was no mention or questions re the exit of the unsecured loan business.
