JMO,recognition parallel debt structures in South Africa-in south Africa,the general trend is to move towards using parallel debt structures,as it is simplier than SPV structure ,is expedient,and suits the commercial requirements of the participants in the transaction.This is not an actual debt from an advance in monies,but simply an acknowledgement of an obligation to pay the security agent amounts equalling the debts owed to the lenders as a legal obligation.Maybe marketing from TEMBO,following the next steps in English law?
Ann: Investor Presentation - March 2018, page-4
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