RE:financingNF. You are right about the better credit rating as critical. I think your 4% interest rate is a bit optimistic but lets go with those numbers for a moment.
Annual interest on $325 million at 4% is $13 million.
The amount refinanced in 2017 was $247 million at 8.75%. Annual interest on that is $21.65 million.
So in your scenario, they lower their annual interest payment by $7 million while generating another $75 million for Florence.
Expenses will change those numbers some, and I do not think the interest difference will be that stark. But refinancing at a lower rate is a plus no matter how you look at it.