Just a clarification: how did you get to a ratio of 50% for the book build?
The BB process would ordinarily be used only when attempting to generate a weighted average price for an equity issue, and therefore only for around 40% of the CAPEX.
In fact, the target amount is a 60:40 split, does not mean they would not increase their D/E ratio and go more debt and less dilution especially given the strong economics of the project.
Ann: Mandated Lead Arrangers Appointed for Nolans Project, page-12
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