Ann: Sangomar FID and US$300M underwritten senior facility, page-33

If pre-placement market soundings were finished there would be no need to (a) have this condition, and (b) disclose it to the market.

'pre-placement market soundings" are done in anticipation of selling down the asset you have just under-written to ensure that there is demand for the asset before you are fully 100% committed. It would seem that at least one of, if not both of BNP and Macquarie intend to sell-down at least part, if not all of their $100m, most likely into the US high yield market.

Given Far couldn't find a third underwriting bank and have relied on Glencore (knowing what their motivations would be) gives you some idea of (a) the difficulty they had getting underwriting, (b) other banks view of their own ability to place the asset once underwritten, and (c) Far''s desperation.

Energyraters, what I wrote was a rhetorical question not a statement. In any event, Glencore is not a bank or a financier; it is an owner/operator/trader of commodity business. How else would the loan fit into their business strategy other than if it was a potential avenue to ownership? Another rhetorical question.