Ann: First Drawdown Senior Debt Facility, page-174

Hi Croc, the SBLC was a requirement from day 1 and that’s what a SBLC usually is, a guarantee by a bank to make payment to another party, usually in the event of default. Obviously would be a fee for this and if the SBLC provider was wanting it to be fully cash backed then this would indicate they weren’t willing to take any of the risk. At this point yes agreed it would be futile trying to meet the Tanzanian bank requirement for a SBLC, if WKT had the $20m to give to the guarantor as backing then wouldn’t need the loan from the Tanzanian bank in the first place.

I assume it was the SBLC providers that were wanting full cash backing, as long as the SBLC was from a bank of sufficient credit rating then it would be a bit odd for the Tanzanian bank to require it to be cash backed?

https://www.investopedia.com/terms/s/standbyletterofcredit.asp

Anyway, as you say , you now have your funding. So best of luck.