Surprise surprise.
They are trying to put an equity piece together for the funding...no equity = no debt.
The Macquarie analyst is terrible. Just ask the institutional investors. How many insto's are on the KLL register ? Very few. In fact, if I look on Reuters, I can't see any. Very different state of affairs at SO4...Lombard Odier, Fidelity, etc., etc...
Macquarie, page-3
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