ndo npv calc, page-34

re: ml bond issue That is an excellent point Salty.

I would be curious to know what happened to NDO's previouly announced intention of using project financing (was it with Banc Intesa??) that they mandated earlier in the year. I guess an offer of 8.5% money, unsecured as you note, is way too good for NDO to refuse!

It certainly is an attractive instrument from Nido's point of view and a credit to the NDO team. As for Merrill Lynch, well there is no such thing as inside information in the bond mkt so its not unlikely that there are things Merrill's must know about NDO's Galoc reserve position that is not available yet.