ISBN: 9798172721380 - the project finance handbook: structuring, sizing and underwriting infrastructure deals — two deals modeled end to end, with the models supplied (the institutional finance handbooks) (1 Ergebnisse)

Taschenbuch. Zustand: Neu. Neuware - The cover test allowed 538.1 million dollars. The cost test allowed 427.3. The lender advanced the lower one, and the ratio the sponsor fought for never bound.Project finance is lending against a cash flow rather than a balance sheet: if the asset earns less than expected, the lender takes the loss. This book works through everything that follows from that fact on two transactions built in full. Northgate is a 96 megawatt data center let for fifteen years to an investment-grade tenant, costing 614.4 million dollars to build and 657.4 to fund. Aurora is a 220 megawatt solar plant with eighty megawatts of battery storage, contracted for fifteen years and merchant for ten more. One works. The other does not, and the book shows why.Who this book is for- Analysts and associates who build the cash flow and write the credit paper- Fund managers deciding whether the return pays for the risk- Developers, lawyers and asset managers who live under the covenantsWhat you will be able to do- Define CFADS and see who controls its definition- Size debt on cover and on cost, and know which test binds- Sculpt repayment and handle the balloon at maturity- Solve the funding loop without a circular reference- Turn covenants, lock-up and cash sweep into dollars of rent- Run sensitivities that stress the loan instead of re-sizing itComputed, never assertedNorthgate's real minimum cover is 1.826 times, not the 1.45 agreed. It returns 16.60 percent to equity, of which only 2.41 points come from exit yield compression. A twenty percent construction overrun costs 5.24 points; a 375 basis point rise in the swap rate costs 3.17. Aurora, unsubsidized, returns 0.13 percent to equity and needs 105.14 dollars per megawatt-hour to reach ten percent; with a thirty percent investment tax credit, 67.31.Tools includedSixteen chapters and seven appendices: both deals computed in full, an annotated term sheet, a diligence checklist, a checklist for auditing a model, twenty interview questions with answers, and a glossary. Two Excel workbooks, the files every figure came from, each with a checks sheet, unlocked and identical in Excel, LibreOffice and Google Sheets. The chapter on building a model that survives scrutiny names the eight errors the author's own files were caught making before publication. Download details are inside the book.Part of The Institutional Finance Handbooks.Educational content. Both deals are illustrative; not investment, legal or tax advice.…