In its announcement to the market on 31 August, TON strongly intimated that the preferred funding source for the Ancuabe EPC contract is now debt from STM.
It stated:
"Following rigorous due diligence by affiliates, Shandong Tianye also confirms strong interest in providing financing support for EPC debt funding with MCC and its sponsor banks"
That line about using a part sale of NH via a JV appears to be out of date.
As I previously posted, I am expecting the funding from STM to be in the form of mezzanine debt.
In its announcement to the market on 31 August, TON strongly...
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