To follow on from those, there was an interesting press release from the oil exploration company Providence Resources last Friday. The release was to announce a new loan facility that the company had secured. It seems however that not everyone in Providence was familiar with the terms, or at least the description, the loan involved. From the release:
Providence Resources P.l.c. (‘Providence’) is very pleased to announce that it has agreed a US $250 million Senior First Lien Secured Revolving Line ,000,000
Senior First Lien Secured Revolving Line (Tony, sounds painful – can we simply the description?) of of Credit Facility (‘Facility’) with Macquarie Bank Limited (‘Macquarie’).
Apart from the actual inserted commentary, there are a few other things that my first class teacher, Mrs. Durcan, wouldn’t be too happy with.
