CC Highlights Part 3:
Update on $100M Syndicated Loan
• "In addition to talking to the SBLC lenders last week, I also spent a good deal of time last week with (an investor?) and the lead banker of the large syndicated loan we were referring to in the past...The type of security indicated to collateralize the loan changed over time... After addressing all these concerns over the past month and after working proposed terms to accommodate the interests of all parties we regained positive footing. In the past month we have found a more willing lead banker, one with greater China specific experience, and we found a means to provide acceptable collateral. During my meeting last week we confirmed that we have invested with the proper network who agreed to provide land as the collateral. With this understanding, which are not yet finalized in writing we believe we are in place to close on a loan of approximately $100M USD…However, with this lead bank and with these terms and conditions agreed we look forward to sharing milestones towards closing as they become documented."
As always, don't listen to rumors from individuals on this board who have repeatedly claimed that "the loan is dead", even after being proven wrong repeatedly...
The delays were because 1) the lead banker who was in charge of this loan left the bank as a career change leaving Solomon to start over with the new banker. 2) Collateral issues with the loan
Both these issues have been resolved and I still expect the loan to close.
