Been a while since commenting, I have just been watching on the sidelines and waiting for some info about the financing to come about to that I can potentially run some numbers and provide more insights into the reasonable'ness' of the offer.
Without any more information, I could only speculate that it might be one of the South African Investment Funds having issues. Someone mentioned above that they aren't a bank as such and will have a different set of priorities for investing (i.e. supporting growth and development in the northern part of South Africa) and typically they need more time.
The banks involved will have a pretty good understanding from their internal credit on what needs to happen and the level of coal hedging they would require to get the deal through. The big issue is pricing the non-senior debt as if you recall, they are saying no more equity to be put into the project.
So whilst its not technically equity, the South African Investment Funds are providing "equity" funds with an interest payment attached to guarantee their returns.
Being delayed when you get to this stage is pretty common, the issue that you have all had is the stop start stop start nature of the funding ultimately because 12 months ago the banks couldnt touch it as coal was just too low to support the level of funding required to bank the deal and no one, not even the friendly Singapore investment group was willing to budge cause they had some pretty big issues of their own!
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