SMS will come with big capital blow out as they wouldn't lend...

SMS will come with big capital blow out as they wouldn't lend more than 70%. To get SMS and KfW together, you pay up for German sourced goods. ATC was a revisionist joke. Should note they continue to revise up costs like debt reserve accounts, cost of finance and other random costs which add to an additional 33% of pre-production CAPEX. When they announced the KfW facility, it appeared they cover most the CAPEX with debt structures (KfW, royalty and mezz) and a little equity for WC. Since that, they've added cost such that those 3 items are about 67% of total cost so the equity burden got a lot bigger than what was expected before. With this in mind, they big risk here is if TNG repeats this issue, the equity burden may still be quite challenging and highly dilutive.