Hi @MTV, yep you are correct bad wording on my part. Glennon are acting independently of KBC and it is not a joint facility. What I should have said is that KBC/Glennon facility share a joint 1st ranked security over MEL. In the case that MEL decide to re-finance out of KBC it may be simpler for them to re-finance the whole $5m rather than get trapped over the ranking of the securities.
Given KBC have received $17.8m from Magellan and repaid their RNC facility in full KBC may even honour their lending commitments? It could be that the whole lending debacle is resolved and we can get back to worrying about flow rates and next steps. Every quarterly is important but this next one is really important.
Ann: Loan Note Update - Keybridge, page-7
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