IMB has some interest from a group of European value investors and, as a result, there are a couple of good longer-form interviews with the Managing Director on YouTube. Here's one from October where you can get a good feel for the management culture here, as well as the business plan and some details about the likely resolution to the recent tax question which contributed to a bit of nervousness.

https://www.youtube.com/watch?v=1F5RLJEdAsU

NAB providing up to $122,500,000 of secured term debt. Should be implemented by end of March 2025.

The new facility is broken into:

• a replacement term debt facility
• a new acquisition facility and
• a bank guarantee facility.

The implied rate will drop from 15% for the existing ADT Acquisition facility to approx. ~7%.

This will result in a >$6.5m p.a. reduction in interest expense.

Post refinancing, IMG expects a pro forma Gross Debt to EBITDA ratio of ~2.2x versus a covenant ratio of <3.25x for the facility term.