Jimmy with respect to: IMF CANNOT AND WILL NOT EVER BE ABLE TO RAISE DEBT EQUIVALENT TO 75% OF THE COST OF ITS INVESTMENTS AT 7.5% P.A. SO THE COMPARISON IS IRRELEVANT.
Isn't this what our main competitors (BUR) do? They raise debt (bonds) at a rate lower than 7.5% p.a - in the 6's last time I checked.
I have no doubt that the current structure when rolled forward is a vast improvement on where we have been (and over time the market will realise this and it will get reflected in the share price) but I do view it as more expensive financing than BUR debt (bonds). The fact this financing is non recourse probably lowers our risk profile relative to BUR and I also like the scalability factor that the finance provides us vs bonds - which will start to get even more attractive if can hit and exceed our case commitment budgets this year.
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