Is it not possible that Traxys were playing hard ball to get...

Is it not possible that Traxys were playing hard ball to get best terms on BOA and funding but other party's sniffing around for BOA's. In such circumstances Traxys would want to lock away BOA's to be assured of supply but leave open funding for negotiation?

This is but one circumstance that could have arisen, yet to you the road is narrow and one dimensional.

As regards the 1.6bn facility, do we know what capacity remains open? do we know what % funding for ADN against that capacity. Lets assume $80m, approx 5% (lowest case) of max available capacity, that ain't a decision to make with your eyes closed, that is material to their funding capacity. Highly likely they have utilised a decent amount of this capacity already so materiality is even more pronounced.