DebtNotes 5 and 6 in the financials....
The subordinated debt is term debt due Nov 2024. Since it doesn't state otherwise, I assume this debt could be paid at any time. Term debt is good. The interest rate isn't too bad either on this debt.
Subordinated debentures:
"The debentures mature on October 20, 2025 and all or a portion of the principal amount outstanding can be repaid without penalty after October 20, 2024, however, all interest owing to the maturity date must be paid."
So this debt cannot be paid early but big deal term debt is always preferable even if the rate is a litle higher it provides some peace and stability vs. ongoing "reviews" by wankers...I mean bankers. Clearly all debt will not be paid before they reinstate a dividend. If they intend to wait until Oct. 20, 2024 then there is a real problem here. I can't see that happening though.
The bank debt is the holdback here as we knew. I question if they can maneuver some new debt to get rid of the bankers so it can be business as usual. I realize the bank debt *should* be paid this year but if bankers maintain their restrictions until then, I would say BNE should seek other creditors anyway since that is unreasonable in this commodity environment.