Fundamentals of Project Finance

Course Info

Date: Nov-04-2024

Length: 1 Week

City: London

Fees: 4,380

Type: In Classroom

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Course Details

Course Outline

5 days course

 

What is Project Finance?

 

  • Definition – “Project Finance” as opposed to financing of a project
  • Limited-recourse and non-recourse finance
  • Origins of project finance
  • Who uses project finance and why?
  • What is the downside?

 

The Project Finance Process

 

  • The Players and their interests
  • Ownership structures
  • Key project contracts
  • Role of advisers:
  • The financial feasibility study/debt structuring
  • The information memorandum
  • Debt underwriting/syndication
  • Financial close
  • Post-close monitoring

 

Sponsors and Lenders/ The Lender’s Risk Analysis

 

  • Different risk/reward objectives of sponsors and lenders
  • Balancing equity and debt
  • Different types of debt – senior/ subordinated/mezzanine
  • Structural & pricing drivers
  • Key ratios – annual debt service, loan life and project life covers
  • Balancing equity and debt
  • Assessing the Risks
  • Macro risks
  • Completion risk
  • Operational risk

 

Other Sources of Debt Finance / Risk Mitigation

 

  • The bond markets
  • Credit enhancement through guarantees
  • Islamic finance
  • Private political risk insurance market
  • Export credit agencies
  • Multilateral agencies/development banks
  • Sponsor co-financing

 

Project Financing Documentation

 

  • The term-sheet – purpose, legal status, binding/non-binding aspects
  • Term-sheet/documentation provisions:
  • Term-sheet interactive exercise
  • Legal opinions
  • LMA standard terms
  • Security and credit rights
  • Payment waterfall
  • Collateral and assignment of contract rights
  • Rights of the controlling classes, inter-creditor issues
  • Reserve accounts, cash sweeps, profit distribution controls
  • Refinancing risk
  • Project types
  • Conclusion

Course Video