scotiabank
I bank with scotia and they have been recommending mpv for awhile now. They seem to have no concern with the financing. I copied this from their website. Recent Update Text as of 4FEB15 . Mountain Province announced it has received credit approval for the previously announced US$370M term loan facility. Finalization of the facility is expected shortly, and drawdown is subject to the arrangement of a cost overrun facility. . We highlight that the USD/CAD rate has significantly changed since July 2014, when the original syndicate for the term facility was announced. At the current rate, the term facility equates to $459M. . We currently assume Mountain Province draws down $400M from the term loan facility, with a $50M cost overrun facility in place (but untouched). We also assume an additional $30M equity financing to cover any additional requirements from the facility due diligence, or delays in the finalization of the facility. These estimates are unchanged. . Mountain Province noted that project development was 54% complete as of year-end, and the project remains on budget and on schedule for first production in 2H/16. . We have made minor adjustments to our estimates, including a modest reduction in diamond prices and a modest increase in our long-term USD/CAD rate; and we have rolled forward estimates for Q3 financials. . Although the finalization of the term facility is behind schedule, we see the credit approval to be a vital step forward in the process. We reiterate our Sector Outperform rating and $6.60 one-year target price. Craig Johnston, CPA, CA (Scotia Capital Inc. - Canada)