Gary Chapman: Yes, if you look at the 20-F which is the most recent, that we’ve put out, in terms of detail, it’s the Page F-31. That sets out the breakdown of the debt. And at December 2022, the $320 million was paid down to $192 million and the $55 million was sitting at $55 million. And obviously since then we will have done another rollover or two in terms of quarters. So it could be a little bit less than that.
Poe Fratt: Yes. I was thinking — plus the $55 million. Oh, sorry.
Gary Chapman: Yes. Yes. Yes. So, if you want to take a look at the detail, it’s on F-31 in the 20-F, which shows you all of the various facilities that we’ve got.
Poe Fratt: Okay. And then are you at the point where you can talk about the tenor meaning how far out it’s been extended? And then also the amortization and, balloon payments that are associated with the new term loan?
Gary Chapman: Yes. So, the tenor is going to stay — well, the profile I should say, is going to stay at the 19 years, which I believe is what it was to start with. And this is another five year arrangement. So, it will still be another balloon payment in five years.
Poe Fratt: And the amortization, so it’s still going to be the same amortization going forward just for another five years. So, I know your balloon payment would be just rolled out. Okay.
Gary Chapman: Correct.
Poe Fratt: Any change on the pricing of the term loan?
Gary Chapman: No. We’ve moved from LIBOR to a SOFR based interest calculation, given LIBOR is obviously being replaced. But the net impact is practically zero actually in the margin and interest rate that we’re expecting — in the margin, obviously not the total interest rate because that’s — it’s variable . Yes. We’re expecting a like-for-like continuation. We’ve been able to secure good terms here.
Poe Fratt: Okay. And then just on the two $25 million credit facilities or you’ve sort of used those as working lines. Can you help us understand whether the terms change there or it’s too soon to talk about the actual details of that re-financing?
Gary Chapman: It’s too soon for me to be sure, but what we’ve asked for is, again a rollover of the same. So, that’s our request to the lenders. The feedback that we’ve received so far is positive, but we still got some work to do to get them to — get that credit approved etcetera. But we obviously wanted to focus on this big one first, and get that sorted out and we’ll now turn to looking at these two $25s.
Poe Fratt: Great. That’s all I have. Thank you, Gary, and good luck in your next adventure.
Gary Chapman: Yes. Thanks, Poe. Thank you. Have a good day.
Operator: Thank you. Our next question comes from the line of Jim Altschul of Aviation Advisory Service. Your line is now open. Please go ahead.
Jim Altschul: Good afternoon. First of all, I want to express my appreciation to your service to the company, and it’s really been a pleasure working with you and you’ve always been exceptionally responsive to my questions and everyone else’s. Got a few questions relating to the financing. First of all, the financing issues, if you look at the income statement, you see a pretty substantial increase in interest expense particularly year-on-year. But you also said that, I believe it was two-thirds of the debt is fixed by means of swaps. What accounts for this interest — big increase in the interest expense and are we likely to see further increases in the next couple of quarters?
