conditions precedent, page-17

doctornoh,

you are 100% correct. I work in this space too, not as a lender but as one who helps raise funds for clients via these processes.

If credit was remotely "close" - then an interest rate would have already been agreed. There are some really key words in the announcement that people need to consider.

a) There is nothing to suggest this has been approved by their internal credit process. "A review of the definitive cash flow model" means they don't even know the full metrics of the project yet.

b) Full Corporate due diligence and approval by internal committees (no internal credit approval yet)

c) DSCR of 1.3 is almost unheard of (in terms of how low, most lenders of these projects are normally looking at 1.6-1.8)

d) Current Brazil Interbank rate of 8% PLUS an interest rate at the time (i.e. their margin)

e) a term of up to 8 years

I agree that its always a positive statement when a company announces something like this, and they are always hard to achieve, a little more time (waiting) needs to happen before it becomes the answer the company is looking for!

Happy to answer any questions people might have on this process.