Corporate Finance

New PDF release: Advanced Project Financing, Structuring Risks

By Richard Tinsley, Visit Amazon's C. Richard Tinsley Page, search results, Learn about Author Central, C. Richard Tinsley,

ISBN-10: 1781372640

ISBN-13: 9781781372647

This moment version is an critical advisor to the dangers encountered in a venture financing. hugely functional instead of thematic or theoretical, the booklet first defines each probability (16) after which organises the a hundred and eighty buildings that will be utilized for that reason. It additionally comprises 189 case examine examples of undertaking Finance offers. After interpreting this booklet, will probably be transparent systematic overview of hazards can assist choose the precise buildings and, importantly, spotlight what should be lacking. This e-book is a useful advisor for all undertaking finance practitioners, allowing them to dissect any undertaking finance and locate definitely the right hazard structuring. The literature on venture Finance/Financing is especially small. an individual having a look both as a financier, adviser, developer should still learn this ebook: Bankers/Investment Bankers, venture Financiers, monetary Advisers, monetary Analysts, Accountants/Taxation Advisers, venture Lawyers/Solicitors, assurance Advisers/Brokers, Sponsors/Project Joint Ventures, enterprise builders, Government/PPP organisations, Export credits enterprises, Multilateral Agencies/Development Banks, dating officials, M&A/Buyout/Privatisation experts, corporation Treasurers, corporation Finance administrators, corporation administrators, credits Committee employees, score companies, venture Managers, venture Engineers, venture experts, funding Managers, Regulators, Portfolio Managers.

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Extra resources for Advanced Project Financing, Structuring Risks

Example text

These ‘springing’ structures will be identified in each of the relevant chapters dealing with risk later in this book. It is the main reason why project financiers do not like to use the words ‘non-recourse’ because there is full recourse to the parent – beyond the SPV – in these four circumstances. Advantages Capital shortage Entrepreneurs, small companies and cash-starved governments can see dozens of high-leverage project financings in the press as evidence of the money pot in the hands of the project financiers.

Some project financiers, most notably in the institutional private placement market, prefer to avoid this gamesmanship by waiting to do the project financing after completion. This also serves to simplify the documentation. The author can cite numerous instances when the ‘project costs’ have (mysteriously) risen by the amount of equity given in the commitment letter! Limited recourse Many financial limitations may be agreed within a project financing whereby recourse is constrained in three main ways, or any combination of these: 1 time – recourse stops after an agreed fall-out date; 2 amount – recourse has a ceiling or cap in money terms; or 3 event – where satisfaction of some event or trigger is required, (perhaps exceeding a financial hurdle in some way).

In this way, a well-structured project finance deal may be much more secure and bullet proof than an amorphous group credit transaction. The developer, on the other hand, may seek to ensure that in the event of project failure, the debt does not bounce back onto its balance sheet. Case study: Freeport, US When Freeport Minerals’ nickel mine was expropriated in Cuba, Freeport stood aside from the banks who had political risk cover. Freeport went on to develop the Greenvale nickel mine/ plant in Queensland, Australia, which collapsed under oil price operating cost pressures.

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Advanced Project Financing, Structuring Risks by Richard Tinsley, Visit Amazon's C. Richard Tinsley Page, search results, Learn about Author Central, C. Richard Tinsley,


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