It can't be 100% debt financed as your ultimate credit risk is (1) the distributor of product given there is not a financial market for the products which facilitates hedging (think gold most obviously) - in the main, at present that appears to be MSI. No bank is going to take on $100m credit risk with a Chinese trading company (except, perhaps, a Chinese SOE) - that can change pending on new agreements (2) production risk - obvious things like breakdowns, force majeur etc. so the ADN risk itself. Be careful what you wish for on debt for these things - covenants will be tight & you don't want them strangling you at the wrong time. There is scope for debt finance, but only to a certain level.
General comments/chat, page-23918
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