I have done some Project Finance and typically all parties...

I have done some Project Finance and typically all parties condition their loan to the full funding of the project. This means that Vulcan needs to find 1.4B funding for the project for any of the parties to go ahead with their loan. This makes sense since they are funding a project, and providing funding without the project being secure means the company won't have the means to return the loan. This makes this process a bit longer than getting a loan from one single entity or just private banks.

Each part needs to make their own assessment and approve the loan and under which conditions. They decide how much they can loan from the whole pie depending on their portfolio size and their lending guidelines. In the end, you end up with with a tiered system. Typically, public lenders (Structuring Group) take slightly lower interest and higher risk in case of bankruptcy, while private lenders (structuring banks) take slightly higher interest and higher priority in case of bankruptcy repayment. In the end Vulcan ends up with the full pie and an average interest rate to repay.

I hope this helps.