Financing
FUNDING PROCESS PROGRESS
The core lending group consisting of the largest Development Financing Institutions (DFIs) and Exim-banks continued working with Allana throughout 2014 in anticipation of the optimization results
New DFIs based in Africa have expressed their interest in funding the project
Several large European and US-based commercial banks engaged with Allana to join the existing lender group
Term sheets with these banks are under discussion
The debt package to consist of DFI tranche and commercial tranche, most likely to come in at the same time
Allana is in discussions with royalty financing groups to fund the remaining portion of financing requirements (term sheets are being negotiated)
Target timeline for completion of debt commitments is mid-2015, with potential to start initial construction activity in advance of debt closing