RE: Forbes artical, a fair assessment of where aml is.14 Mar 2024 08:08
New bonds:
$137m per annum in interest
old bonds:
1.184 billion at 10.5% = $124.32 million $
121,660,456 at 15.0% = $18.249 million
Total $142.569m per annum
Saving $5.5 million per year. The old bond term was Nov 2025 and the new March 2029, i.e. 3 years and 5 months. Saving $19 million in interest, but how much will it cost?
AML have extended revolving credit from £70m to £170m, so £100m EXTRA in debt.
AML have also said cash will be used to fund this bond refinancing, how much?
When cash levels sink, when is the next CASH RAISE? AML are losing c.250m per year.
So OVERALL, AML are in a worse position with debt than they were.
I told you, fees from banks to set this ups are exorbitant, and make are much more than any savings AML make.