Mining services companies have no choice.
They need to pay their workers on time all the time, whilst they are subject to the payment terms of their big multinational customers.
In short, it is feast and famine for these companies when it comes to cash flows…
I see 2 positives from this:
1) they have a financier ready to step in with a sizable facility
2) debtor finance is the cheapest option as it references the credit rating (hence lower cost of loan) of MYE’s tier 1 clients as opposed to MYE directly…
Ann: Refinancing Update, page-3
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