EIG were never going to be able to provide SXY with a sub 6% RBL facility. Senex got the best offer from ANZ and took it.
EIG make their money lending and invesing in small O&G companies. Harbour, whilst related to EIG, are a different beast and are after bigger fish than SXY.
'No capital was lent as promised initially', well they did inject a heap of capital into Senex at roughly 31c (50% gain in a couple of years), Senex ultimately went with the cheapest and best source of debt they could get, which wasnt EIG, nothing wrong with that. Its not like the ANZ deal is at a bad rate or on bad terms.
Would you have wanted Senex to do a debt deal with EIG even if it was on worse terms than ANZ?
Whilst EIG have been on board the SP has gone from 31c to 48c, debt has been secured, Atlas has been secured etc etc. Hard to say having EIG on deck has been a bad thing.
