RE:RE:RE:Trading PatternsNutsac, it sounds like you are confusing refinancing with a debt syndicate or single lender, vs selling debintures into the market, then using those funds to pay out the existing debt syndicate.
OBE is selling debintures.
Debintures are priced based on risk. The greater the risk, the greater the interest rate. They trade just like shares.
Debinture buyers don't get to dictate terms like hedges, etc. They have zero say in anything the company does, unless the interest payment is missed.
Selling debintures will come with zero additional shares (they are not going to be selling convertable debintures), nor will it come with any special hedging requirements.
In fact, it may reduce hedging, because the lender for the recent minority PROP purchase funds required specific hedges be put on place for the year following that loan. This lender is one of those being paid out. The hedges will already be in place. When this loan is repaid, OBE will be free to undo those hedges if it wishes.