PLS 2.13% $3.83 pilbara minerals limited

We are not poles apart on this Mr Squidward Tentacles. There is...

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    We are not poles apart on this Mr Squidward Tentacles.

    There is $15m of coupon payment in the first year following drawdown and there will be at least another coupon during the final part of commissioning and ramp up. If you are correct about the $30m of slush left over, it's now only $15m after servicing the coupon and that is happening while the plant is still ramping up.

    The debt terms disclosed to the market were vague on the minimum liquidity requirements during the term of the debt. It would not be crazy to assume the lenders require a larger cash buffer than $15m.

    Being realistic, the operations will not be printing huge wads of money during the commissioning and ramp-up phase. A little more cash is necessary and it is better to do it now.
 
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