The problem with several banks to me is if the proverbial hit the fan and the company was wound up which bank would be entitled to the assets ?
Any subordinated loan (ie a loan that does not have first rights to the assets) would be at a far higher interest rate to cover the risk.
As for the third and fourth loans well they would be worse than junk bond status so the interest rate would be through the roof.
I would think the only way around this is an equity raising to lower the loan to value ratio, hence why the sp is where it is as waiting to be diluted.
Just my thoughts and have not been in finance industry for 15 years so probably way of base.
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