Trip, last conference call they discussed 4 loans. The first three were stand-by letters of credit (SBLC) of $1M which will materialize first, and then a second for $3M to close some time before year end and then a larger SBLC of $10M sometime during the first part of 2019.
"The first sources are stand-by letters of credit which we’ve been working on diligently for some time now and we now have positive feedback...In this respect, after Solomon’s recent meetings with the SBLC providers and the lending banks the company is rather confident of funds being made available on approximately this schedule."
And of course the 4th loan is the $100M syndicate loan:
"In addition to talking to the SBLC lenders last week, I also spent a good deal of time last week with the lead banker of the large syndicated loan we were referring to in the past...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."
Financing which some of speculated may be announced very soon will take care of the dilution problem once and for all and once the cash dividend ex-date is officially announced, there will be very few sellers and many new buyers.
