I see the CIP securities (that is the sum of CIP debt and CIP preference shares) of $461m listed as 'contractual cashflows' on p65 of Note 20, AR2020. But weirdly this $461m is not classified as a debt that must start being repaid starting in 5 years time (FY2020 perspective), which is what I understand the situation to be. This same $461m is listed on p63 of Note 20 as an interest repricing risk 5 years into the future (which does seem right).
Yet doesn't Chorus have the option of simply paying off these debts by refinancing the whole CIP securities balance at prevailing much lower interest rates? And if these debts are either refinanced or repaid, does this not mean that any 'notional interest' associated with these CIP securities disappears completely?
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