High volume and low price, page-103

No ifs or buts?

The below text is from FARs latest presentation from 21 February which shows at least a third of the senior debt is not binding as of last week:

'Underwritten US$300 million senior secured reserve-based lending "RBL” facility from Macquarie Bank, BNP Paribas Underwritten US$300 million senior secured reserve-based lending “RBL facility from Macquarie Bank, BNP Paribas(3) and Glencore, each to the amount of US$100 million, for the Sangomar Field Development offshore Senegal. and Glencore, each to the amount of US$100 million, for the Sangomar Field Development offshore Senegal.'

The '(3)' next to BNP Paribas was reference to a footnote on the slide that says "subject to syndication" so FARs definition of binding might be a bit different to your definition of binding, given it is still 'subject' to an if or a but