There is a general covenant with debt lending that equity be...

There is a general covenant with debt lending that equity be spent before being able to access a debt facility.

Will be interesting to see if this is in place for MYG's financing arrangement, in which case they would need additional funds from somewhere, unless they have significant amounts in the bank.

For what its worth, there aren't any companies that lend 100% of the total funds needed, it just doesn't happy, unless they are already putting some value on the existing facilities. No company would want to have that much leverage either as it puts you in a very tight spot if things don't go your way.