If you've ever gotten a substancial size loan before, you'd know that it's NOT a "done deal" untill it closes! And that it usually takes months to close a huge loan! And that the lender OR the borrower can dispute the terms of the loan at any time before closing!
In the January PR it says "the Company will continue to pursue multiple sources of financing", The $5 million loan PRed in January was to be funded by HSBC Bank, London and it seems that they did not go through with it. We don't know what happened, the details were not mentioned.
The Madrid finance group is a different source for funding their projects and he had this to say about them; "The Madrid finance group is already considering finance packages for additional projects in our Energy City agenda, specifically the Palmetto Gas Pipe Line. They are reasonable in cost, faster and more predictable then the government, extremely well capitalized and motivated to grab - with us - a piece of South Carolina and the renewable energy revolution. I can't ask for a better partner."
Closing on multi-million dollar loans has to be done carefully and be beneficial to both parties! (Borrower and lender.) But the opportunity now exist to take advantage of other financing options.
These projects must be very appealing to get the attention of several financial groups, it very well could be that SYNJ got a better offer from another bank! But at this time we are still waiting to find out what will happen.
This is the last post i am allowed to post today, so have a nice evening! :)
GLTY, h2h
