Further to my post yesterday I have been in touch with the company in regard to the funding situation.
The current situation is as follows.
The bondholders are NOT HVB. The bondholder is a seperate party to HVB. Who the bondholders are is not available information but it's a mix of hedge funds and others.
HVB is providing the senior debt. This debt is contingent on the release of the escrowed funds or an alternative.
HVB are still on board with the project and have confirmed as much to Lynas.
My own conclusion is at the moment Lynas have about six weeks to find the missing $95m. After the expiry of the agreement with HVB they will need to find more. It's not necessarily a given that HVB will back away at the end of March. They may well be happy to stay in the game and give Lynas more time. Not all bankers are idiots after all.
I hope this helps to clarify the situation.
You lot are all in bed now but you can read this with your coffee. :-)
Further to my post yesterday I have been in touch with the...
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