re: Ann: US$75M Investment by Standard Charte... Malmanu
You did not read the balance sheet correctly. It is clear that you did not read the notes to the balance sheet. In fact I wonder if you can read at all. No wonder you claim there is no transpency.
There is $119m in unrestricted cash.
There is also $192m of restricted cash.
Meaning there is net debt of $40m.
The restricted cash is held in reserves to repaid and service the debt.
To summarise:
$75m SC revolver - fully drawn; $75m held in restricted reserve accounts to repay this.
$200m PTES non recourse facility SC/Mizuho (also the french and german government) - $142m drawn, $23 held in resticted reserve accounts for servicing this.
$88m EEES facility SC/Mizuho - $82.5m drawn, $42m in stricted reserves accounts for debt dervicing
$51m HSBC revolver - $50.5m drawn, $51m held in restricited reserve accounts to repay this.
So in total the debt looks like:
PTES non resourse debt secured against the ppa $119m
EEES debt $40m secured against the psc.
Less unrestricted cash $119m
Net debt $40m
On a recourse basis there is actually $80m net cash.
Is there any bit of this you still fail to understand? You know how non-recourse debt works? Does someone need to lead you through that as well?
Jesus wept. what a moron.
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