It seems to me the key is getting the State Credit Guarantee Fund (FGC) approval to guarantee the loan for a 2.5% fee which is also loaned by the lender. This takes all the risk away from the Banks. According to the update “ the FGC has confirmed the national importance of Minbos’ project and has encouraged the Company’s application.”
The terms of the Angolan Bank finance appear to be considerably more favourable than the IDC. The IDC loan is SOFR + 6.77% - currently a bit over 12% and I’d assume secured by Minbos’ assets. The Bank finance is capped at 7.5% or 10% if you include the guarantee with no lien over the assets. If I was Minbos I’d be borrowing the max available to rely less on the IDC.
It seems to me the key is getting the State Credit Guarantee...
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Last
5.7¢ |
Change
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Mkt cap ! $49.31M | |||
| Open | High | Low | Value | Volume |
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| Last trade - 16.10pm 07/06/2024 (20 minute delay) ? |
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Last
5.7¢ |
Change
0.002 ( 3.64 %) |
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| Open | High | Low | Volume | ||
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| Last updated 15.49pm 07/06/2024 ? | |||||
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