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![puppyeh1 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2841267029.png) Jeremy Raper [@puppyeh1](/creator/twitter/puppyeh1) on x 49K followers
Created: 2025-03-19 00:55:15 UTC

If you're $MIN.AX here what do you sell first - more assets or more equity?

Painfully obvious they need to raise $$ in next six months. They have $2.1bn debt maturing in 2027 - incl $800mm revolver in 1H - that they would be insane to let go current (ie they need to refi before mid-2026). Keep in mind CY leverage is 7x....

![](https://pbs.twimg.com/media/GmXU0TJa8AAHkmn.jpg)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1902161914840641776/c:line.svg)

**Related Topics**
[refi](/topic/refi)
[$800mm](/topic/$800mm)
[debt](/topic/debt)
[$21bn](/topic/$21bn)
[$minax](/topic/$minax)

[Post Link](https://x.com/puppyeh1/status/1902161914840641776)