Geezer321: Thank you for your post. I think I missed to quote another passage of the last news release:
"Kores is the only borrower under the Kores Exim Facility. Kores has agreed to provide MMB with a new corporate loan facility, and MMB and Kores are currently working toward a draw Kores/MMB facility to be completed in due course.
MMB has further confirmed that in addition to the Kores EXIM Facility, Kores has advanced an additional US$40 million to MMB for continuing construction of the Boleo project. MMB advises that it has confirmed with Kores that the US$104 million of short term funding advanced in October and November2012 were entirely provided by Kores. "
They are talking about a loan in the colored passage. To me the words "loan" and "borrower" sound very much like a loan.... or could it be (possibly) anything else?
They are advancing an additional $40 million to the $104 million short term funding already advanced. So in total short term funding is $144 million. It is a loan over and above the $419 million Kores Exim facility. KORES has advanced $144 million in short term funding and will be releasing $419 million in long term project funding. We do not know the terms for the short term or long term funding.
If it is a loan then what did the Korean consortium pay for the 21% interest they gained? Hmmmmmmmmmmmm.