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Re: Sahara now controls 18% of OML 18--follow upLet's think this through. Here is what I understand/interpret. 1) Mart drew down on GTB loan at MURNL (umusadege) level - the portion for OML 18. They have to service interest via UMU 2) Mart took that cash and advanced it as equity down through the new Martwestern JV entity and potentially ultimately down to Erotron the SPV to fund the required equity for the reserves based debt financing at OML 18 3) Erotron drew down the reserves based debt financing. 4) A sale of Mart's interest in Erotron results in Mart getting cash for their equity interest. They transfer cash back to MURNL and repay/pay down GTB umu-level debt. 5) MURNL must service all interest. GTB knows they can't call principal related to OML 18 but understands OML's potenttial and fact that this term loan will keep getting rolled over. Please read my post from two weeks ago to understand the above including the abbreviations |
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