项目融资第22讲(新).pptx

Project Finance
Presented by: Yin Zhijun
Subordinated debt
Dividend trap
Tax shield
Question 1
Sponsors of a projnd-by loan utilizable to cover additional costs compared to those budgeted after the base facility has been completely used (the more frequent case)
A higher spread is requested for this facility than the one applied for the base facility and the working capital facility.
Stand-by facility
The VAT facility will be repaid from VAT receipts during the operating phase.
The spread requested for the VAT facility is lower than that applied for the previous tranches.
VAT Facility
The tranches analyzed are granted at a cost equal to the interbank market rate plus a spread (fixed or variable)
Spread-time relationship: an increasing spread
Spread-cover ratios relationship: the higher the cover coefficients, the lower the spreads applied to the base rate, and vice versa.
Loan Remuneration
Multicurrency agreement: Financing agreement between the SPV and lenders. Through a multicurrency agreement, the project company has the option to choose the currency in which it draws the loan, depending on comparative convenience in terms of the differential between interest rates and between spot and forward exchange rates.
currency swap contracts
Loan Currency
The methods of utilization and repayment of the base facility are defined beforehand with lenders in the credit agreement.
It is rare to find fixed installment or equal principal repayment plans as in the case of normal industrial loans inasmuch as these plans always contain clauses that change loan repayment.
Fixed repayment plans do not fit in well with the volatility of operating cash flows.
Repayment Options
A tailor-made loan repayment plan
The advisor estimates operating cash flows and then establishes a timetable for loan repayments
A dedicated percentage loan repayment plan
The capital repayment is in proportion to operating cash flow for the year because a constant p