381:(O&M) agreement is an agreement between the project company and the operator. The project company delegates the operation, maintenance and often performance management of the project to a reputable operator with expertise in the industry under the terms of the O&M agreement. The operator could be one of the sponsors of the project company or third-party operator. In other cases the project company may carry out by itself the operation and maintenance of the project and may eventually arrange for the technical assistance of an experienced company under a technical assistance agreement. Basic contents of an O&M contract are:
81:. As a special purpose entity, the project company has no assets other than the project. Capital contribution commitments by the owners of the project company are sometimes necessary to ensure that the project is financially sound or to assure the lenders of the sponsors' commitment. Project finance is often more complicated than alternative financing methods. Traditionally, project financing has been most commonly used in the extractive (
1767:
1757:
338:
fixed price, by a certain date, in accordance with certain specifications, and with certain performance warranties. The EPC contract is quite complicated in terms of legal issue, therefore the project company and the EPC contractor need sufficient experience and knowledge of the nature of project to avoid their faults and minimize the risks during contract execution.
746:
one or more government entities to be the primary consumers of the project, undertaking the "last mile distribution" to the consuming population. The relevant purchase agreements between the government agencies and the project may contain clauses guaranteeing a minimum offtake and thereby guarantee a certain level of revenues. In other sectors including
729:. These banks provide a guarantee to Acme Construction's financier that the company can pay for the completion of construction. Payment for construction is generally paid as such: 10% up front, 10% midway through construction, 10% shortly before completion, and 70% upon transfer of title to Power Holdings, which becomes the owner of the power plant.
521:
project’s output. Example under a PPA the power purchaser who does not require power can ask the project to shut down the power plant and continue to pay the capacity payment – in such case the project company needs to ensure its obligations to buy fuel can be reduced in parallel. The degree of commitment by the supplier can vary.
407:
would be found in most projects which involve government such as in infrastructure projects. The concession agreement may be signed by a national/regional government, a municipality, or a special purpose entity set up by the state to grant the concession. Examples of concession agreements include contracts for the following:
745:
The above is a simple explanation which does not cover the mining, shipping, and delivery contracts involved in importing the coal (which in itself could be more complex than the financing scheme), nor the contracts for delivering the power to consumers. In developing countries, it is not unusual for
736:
A Sale and
Purchase Agreement (SPA) between Power Manage and Acme Coal supplies raw materials to the power plant. Electricity is then delivered to Energen using a wholesale delivery contract. The net cash flow of the SPC Power Holdings (sales proceeds less costs) will be used to repay the financiers.
732:
Acme Coal and
Energen form Power Manage Inc., another SPC, to manage the facility. The ultimate purpose of the two SPCs (Power Holding and Power Manage) is primarily to protect Acme Coal and Energen. If a disaster happens at the plant, prospective plaintiffs cannot sue Acme Coal or Energen and target
547:
A loan agreement is made between the project company (borrower) and the lenders. Loan agreement governs relationship between the lenders and the borrowers. It determines the basis on which the loan can be drawn and repaid, and contains the usual provisions found in a corporate loan agreement. It also
341:
The terms EPC contract and turnkey contract are interchangeable. EPC stands for engineering (design), procurement and construction. Turnkey is based on the idea that when the owner takes responsibility for the facility all it will need to do is turn the key and the facility will function as intended.
337:
The most common project finance construction contract is the engineering, procurement and construction (EPC) contract. An EPC contract generally provides for the obligation of the contractor to build and deliver the project facilities on a fixed price, turnkey basis, i.e., at a certain pre-determined
823:
event which prevents or impedes the outsourced service provision, where the client believes that there is a substantial risk to the provision of the services, or where performance fails to meet a defined critical level of service. Suitable clauses in a contract may provide for the outsourced service
666:
An agreement between the financing parties and the project company which sets out the terms that are common to all the financing instruments and the relationship between them (including definitions, conditions, order of drawdowns, project accounts, voting powers for waivers and amendments). A common
470:
An off-take agreement is an agreement between the project company and the offtaker (the party who is buying the product / service that the project produces / delivers). In a project financing the revenue is often contracted (rather than being sold on a merchant basis). The off-take agreement governs
675:
Agreement between the borrower and the lender for the cost, provision and repayment of debt. The term sheet outlines the key terms and conditions of the financing. The term sheet provides the basis for the lead arrangers to complete the credit approval to underwrite the debt, usually by signing the
179:
countries, causing worldwide project financing to peak around 2000. The need for project financing remains high throughout the world as more countries require increasing supplies of public utilities and infrastructure. In recent years, project finance schemes have become increasingly common in the
406:
An agreement between the project company and a public-sector entity (the contracting authority) is called a concession deed. The concession agreement concedes the use of a government asset (such as a plot of land or river crossing) to the project company for a specified period. A concession deed
680:
and is used by the lead arrangers to syndicate the debt. The commitment by the lenders is usually subject to further detailed due diligence and negotiation of project agreements and finance documents including the security documents. The next phase in the financing is the negotiation of finance
591:
Intercreditor agreement is agreed between the main creditors of the project company. This is the agreement between the main creditors in connection with the project financing. The main creditors often enter into the
Intercreditor Agreement to govern the common terms and relationships among the
490:
Long-term sales contract: the off-taker agrees to take agreed-upon quantities of the product from the project. The price is however paid based on market prices at the time of purchase or an agreed market index, subject to certain floor (minimum) price. Commonly used in mining, oil and gas, and
520:
If a project company has an off-take contract, the supply contract is usually structured to match the general terms of the off-take contract such as the length of the contract, force majeure provisions, etc. The volume of input supplies required by the project company is usually linked to the
108:
and project sponsors may conclude that the risks inherent in project development and operation are unacceptable (unfinanceable). "Several long-term contracts such as construction, supply, off-take and concession agreements, along with a variety of joint-ownership structures are used to align
690:
531:
2.Output / reserve dedication: the supplier dedicates the entire output from a specific source, e.g., a coal mine, its own plant. However, the supplier may have no obligation to produce any output unless agreed otherwise. The supply can also be under a take-or-pay or take-and-pay
497:
Contract for
Differences: the project company sells its product into the market and not to the off-taker or hedging counterpart. If however the market price is below an agreed level, the offtaker pays the difference to the project company, and vice versa if it is above an agreed
471:
mechanism of price and volume which make up revenue. The intention of this agreement is to provide the project company with stable and sufficient revenue to pay its project debt obligation, cover the operating costs and provide certain required return to the sponsors.
812:
Step-in rights allow the client or a nominated third party the right to step-in and intervene, in particular to directly operate the outsourced services or to appoint a new operator. Circumstances where step-in rights may be contractually invoked may include supplier
717:
Power
Holdings then signs a construction contract with Acme Construction to build a power plant. Acme Construction is an affiliate of Acme Coal and the only company with the know-how to construct a power plant in accordance with Acme's delivery specification.
765:" financing, in which they disclose their participation in the project as an investment, and excludes the debt from financial statements by disclosing it as a footnote related to the investment. In the United States, this eligibility is determined by the
296:
designed to process a comprehensive list of input assumptions, and to provide outputs that reflect the anticipated "real life" interaction between data and calculated values for a particular project. Properly designed, the financial model is capable of
527:
1. Fixed or variable supply: the supplier agrees to provide a fixed quantity of supplies to the project company on an agreed schedule, or a variable supply between an agreed maximum and minimum. The supply may be under a take-or-pay or take-and-pay.
191:
The new project finance structures emerged primarily in response to the opportunity presented by long term power purchase contracts available from utilities and government entities. These long term revenue streams were required by rules implementing
629:
The financiers will usually require that a direct relationship between itself and the counterparty to that contract be established which is achieved through the use of a tripartite deed (sometimes called a consent deed, direct agreement or
803:
Project financing in transitional and emerging market countries are particularly risky because of cross-border issues such as political, currency and legal system risks. Therefore, mostly requires active facilitation by the government.
538:
4.Tolling contract: the supplier has no commitment to supply at all, and may choose not to do so if the supplies can be used more profitably elsewhere. However, the availability charge must be paid to the project company.
697:
For example, the Acme Coal Co. imports coal. Energen Inc. supplies energy to consumers. The two companies agree to build a power plant to accomplish their respective goals. Typically, the first step would be to sign a
773:, which covers acts of hostile attack, derelict mines and torpedoes, and civil unrest which are not generally included in "standard" insurance policies. Today, some altered policies that include terrorism are called
859:
Stabler notes that in the event that step-in rights are taken up, it is important to establish which elements of a process are business-critical and ensure these are made top priority when implementing the step-in.
709:
Acme Coal and
Energen form an SPC (Special Purpose Corporation) called Power Holdings Inc. and divide the shares between them according to their contributions. Acme Coal, being more established, contributes more
733:
their assets because neither company owns or operates the plant. However project financiers may recognize this and require some sort of parent guarantee for up to negotiated amounts of operational liabilities.
650:
Receivership: acknowledgement by the relevant party regarding the appointment of a receiver by the lenders under the relevant contract and that the receiver may continue the borrower’s performance under the
117:
for each party involved. In designing such risk-allocation mechanisms, it is more difficult to address the risks of developing countries' infrastructure markets as their markets involve higher risks.
758:(along with clearly specified upside and downside conditions) to the project. This serves to minimise or eliminate the risks associated with traffic demand for the project investors and the lenders.
440:(SPC) in relation to the project development. This is the most basic of structures held by the sponsors in a project finance transaction. This is an agreement between the sponsors and deals with:
411:
A toll-road or tunnel for which the concession agreement giving a right to collect tolls/fares from the public or where payments are made by the contracting authority based on usage by the public.
478:
Take-or-pay contract: under this contract the off-taker – on an agreed price basis – is obligated to pay for product on a regular basis whether or not the off-taker actually takes the product.
667:
terms agreement greatly clarifies and simplifies the multi-sourcing of finance for a project and ensures that the parties have a common understanding of key definitions and critical events.
96:
Risk identification and allocation is a key component of project finance. A project may be subject to a number of technical, environmental, economic and political risks, particularly in
827:
If both sides have a contract clause permitting step-in rights, then there is a right, though not an obligation, to take over a task that is not going well, or even the entire project.
164:, and was widespread in the US oil and gas industry during the early 20th century. However, project finance for high-risk infrastructure schemes originated with the development of the
1171:
491:
petrochemical projects where the project company wants to ensure that its product can easily be sold in international markets, but off-takers not willing to take the price risk
168:
oil fields in the 1970s and 1980s. Such projects were previously accomplished through utility or government bond issuances, or other traditional corporate finance structures.
620:
If there is a mezzanine funding component, the terms of subordination and other principles to apply as between the senior debt providers and the mezzanine debt providers.
113:." The financing of these projects must be distributed among multiple parties, so as to distribute the risk associated with the project while simultaneously ensuring
641:
Acknowledgement of security: confirmation by the contractor or relevant party that it consents to the financier taking security over the relevant project contracts.
1084:
644:
Notice of default: obligation on the relevant project counterparty to notify the lenders directly of defaults by the project company under the relevant contract.
824:
provider to pay any additional costs which are faced by the client and specify that the provider's obligation to provide the services is annulled or suspended.
1164:
176:
647:
Step-in rights and extended periods: to ensure that the lenders will have sufficient notice /period to enable it to remedy any breach by the borrower.
208:
There are several parties in a project financing depending on the type and the scale of a project. The most usual parties to a project financing are:
1157:
922:"Beyond project governance. Enhancing funding and enabling financing for infrastructure in transport. Findings from the importance analysis approach"
535:
3.Interruptible supply: some supplies such as gas are offered on a lower-cost interruptible basis – often via a pipeline also supplying other users.
634:). The tripartite deed sets out the circumstances in which the financiers may “step in” under the project contracts in order to remedy any default.
501:
Throughput contract: a user of the pipeline agrees to use it to carry not less than a certain volume of product and to pay a minimum price for this.
677:
196:. The policy resulted in further deregulation of electric generation and, significantly, international privatization following amendments to the
109:
incentives and deter opportunistic behaviour by any party involved in the project." The patterns of implementation are sometimes referred to as "
921:
263:
Project development is the process of preparing a new project for commercial operations. The process can be divided into three distinct phases:
342:
Alternative forms of construction contract are a project management approach and alliance contracting. Basic contents of an EPC contract are:
1066:
292:
is constructed by the sponsor as a tool to conduct negotiations with the investor and prepare a project appraisal report. It is usually a
70:
on all of these assets and are able to assume control of a project if the project company has difficulties complying with the loan terms.
66:. The financing is typically secured by all of the project assets, including the revenue-producing contracts. Project lenders are given a
681:
documents and the term sheet will eventually be replaced by the definitive finance documents when the project reaches financial close.
197:
423:
Other public sector projects such as schools, hospitals, government buildings, where payments are made by the contracting authority.
654:
Sale of asset: terms and conditions upon which the lenders may transfer the borrower’s entitlements under the relevant contract.
193:
1029:
874:
766:
721:
A power plant can cost hundreds of millions of dollars. To pay Acme
Construction, Power Holdings receives financing from a
34:
of the project rather than the balance sheets of its sponsors. Usually, a project financing structure involves a number of
77:
is created for each project, thereby shielding other assets owned by a project sponsor from the detrimental effects of a
1791:
714:
and takes 70% of the shares. Energen is a smaller company and takes the remaining 30%. The new company has no assets.
1638:
658:
Tripartite deed can give rise to difficult issues for negotiation but is a critical document in project financing.
722:
1551:
1119:
1697:
844:
An example of how there is sometimes hesitancy about exercise this right was when BBC reported in 2018 that
484:: commonly used in power projects in emerging markets. The purchasing entity is usually a government entity.
1491:
200:
in 1994. The structure has evolved and forms the basis for energy and other projects throughout the world.
1215:
1608:
699:
1571:
1139:
1134:
1124:
793:
631:
414:
A transportation system (e.g., a railway / metro) for which the public pays fares to a private company)
54:
by the project assets and paid entirely from project cash flow, rather than from the general assets or
1742:
1727:
1717:
1556:
1371:
987:
548:
contains the additional clauses to cover specific requirements of the project and project documents.
517:
A supply agreement is between the project company and the supplier of the required feedstock / fuel.
378:
1760:
1737:
1675:
1501:
1426:
1386:
1366:
879:
797:
755:
481:
1098:
1471:
1461:
1431:
1401:
1341:
789:
437:
110:
1129:
1712:
1613:
1476:
1314:
1284:
1042:
869:
702:
to set out the intentions of the two parties. This would be followed by an agreement to form a
433:
172:
137:
74:
487:
Take-and-pay contract: the off-taker only pays for the product taken on an agreed price basis.
1628:
884:
511:
283:
105:
63:
1650:
1645:
1149:
510:"Supply agreement" redirects here. For supply agreements in parliamentary democracies, see
298:
97:
8:
1600:
837:
747:
1770:
1682:
1665:
1623:
1546:
1538:
1324:
1309:
1184:
770:
359:
175:, but the subsequent downturn in industrializing countries was offset by growth in the
114:
59:
31:
1707:
1702:
1687:
1618:
1561:
1506:
1481:
1451:
1441:
1351:
1334:
1255:
1250:
1210:
1205:
1192:
1180:
1016:
762:
711:
420:
Ports and airports where payments are usually made by airlines or shipping companies.
129:
90:
51:
1120:
Scott L. Hoffman - The Law and
Business of International Project Finance 3rd edition
835:
are important: "What is the process for stepping-in" must be clearly defined in the
1660:
1655:
1566:
1521:
1421:
1319:
1240:
1225:
1200:
974:
Green
Infrastructure Financing: Institutional Investors, PPPs and Bankable Projects
933:
845:
782:
55:
47:
938:
852:"is considering exercising 'step in rights' on its waste collection contract with
144:
provisions or other types of collateral enhancement to mitigate unallocated risk.
1722:
1633:
1576:
1511:
1436:
1406:
1356:
1304:
1276:
1220:
1144:
726:
561:
Availability period, during which the borrower is obliged to pay a commitment fee
453:
289:
185:
101:
494:
Hedging contract: found in the commodity markets such as in an oilfield project.
309:
The typical project finance documentation can be reconducted to six main types:
1670:
1581:
956:
573:
Financial covenants - calculation of key project metrics / ratios and covenants
153:
133:
86:
27:
1785:
1289:
819:
703:
35:
1528:
1376:
1361:
1235:
788:
Publicly funded projects may also use additional financing methods such as
417:
Utility projects where payments are made by a municipality or by end-users.
332:
161:
157:
800:
which adds certain auditing capabilities and restrictions to the process.
1486:
1456:
1299:
1230:
849:
595:
Intercreditor agreement will specify provisions including the following.
293:
181:
152:
Limited recourse lending was used to finance maritime voyages in ancient
171:
Project financing in the developing world peaked around the time of the
93:, and power industries, as well as for sports and entertainment venues.
1732:
1692:
1496:
1446:
1416:
1294:
853:
814:
78:
1466:
1329:
1013:
Step-in Rights - It's the Plan, not the
Provision, that Really Counts
751:
676:
agreed term sheet. Generally the final term sheet is attached to the
165:
160:. Its use in infrastructure projects dates to the development of the
141:
301:, i.e. calculating new outputs based on a range of data variations.
1516:
1411:
1396:
1102:
1047:
128:
from sponsors. A complex project finance structure may incorporate
769:. Many projects in developing countries must also be covered with
689:
637:
A tripartite deed would normally contain the following provision.
551:
Basic terms of a loan agreement include the following provisions.
1346:
785:
to guarantee timely completion of the project by the contractor.
23:
1140:
Graham D. Vinter, Gareth Price - Project finance: a legal guide
125:
82:
1245:
1130:
Project Finance for Public-Private Partnership (PPP) projects
1015:, published 25 March 2009, accessed 11 May 2009, formerly at
436:(SHA) is an agreement between the project sponsors to form a
1179:
67:
43:
39:
926:
European Journal of Transport and Infrastructure Research
58:
of the project sponsors, a decision in part supported by
333:
Engineering, procurement and construction (EPC) contract
908:
The Law & Business of International Project Finance
608:
Limitation on ability of creditors to vary their rights
1145:
Stefano Gatti - Project finance in theory and practice
567:
An interest clause, charged at a margin over base rate
372:
221:
Contractor and equipment supplier (traditionally EPCs)
919:
38:
investors, known as 'sponsors', and a 'syndicate' of
754:
the roads and collect the revenues, while providing
215:
Lenders (including senior lenders and/or mezzanine)
1043:"Speech by Sir David Clementi to the Oxford Media"
1017:http://alsbridge.eu/knowledge/articles.html?id=161
592:lenders in respect of the borrower’s obligations.
781:. In many cases, an outside insurer will issue a
203:
1783:
120:A riskier or more expensive project may require
617:Order of applying the proceeds of debt recovery
1135:Andrew Fight - Introduction to project finance
1125:E. R. Yescombe - Principles of Project Finance
1085:"Contracting party insolvency - A rough guide"
1067:"Collateral Warranties and Third Party Rights"
1053:oversight of the BBC, including step-in rights
761:Minority owners of a project may wish to use "
248:Multilateral Agencies / Export Credit Agencies
1165:
988:"Project Finance Cross-Border Risks in Nepal"
920:Cardenas, I.; Voordijk, H; Geert, D. (2018).
796:(PFI). Such projects are often governed by a
1058:
957:The nature of credit risk in project finance
1064:
1035:
212:Sponsor (typically also an Equity Investor)
42:or other lending institutions that provide
1766:
1756:
1172:
1158:
586:
1007:
1005:
937:
661:
427:
391:Provision regarding the services rendered
46:to the operation. They are most commonly
688:
304:
951:
949:
740:
30:and industrial projects based upon the
1784:
1002:
258:
1153:
558:Conditions precedent to each drawdown
465:
946:
875:European PPP Expertise Centre (EPEC)
767:Financial Accounting Standards Board
198:Public Utilities Holding Company Act
1032:, DLA Piper, accessed 26 April 2020
985:
910:(3rd 2007, Cambridge Univ. Press).
693:Hypothetical project finance scheme
505:
373:Operation and maintenance agreement
13:
624:
474:The main off-take agreements are:
401:
277:
14:
1803:
1113:
976:, Palgrave Macmillan, pp.109-130.
807:
542:
352:Payment (typically by milestones)
1765:
1755:
1028:Willis, A., and MacFarlane, A.,
524:The main supply agreements are:
1091:
1077:
684:
461:Disposal and pre-emption rights
1552:Debtor-in-possession financing
1030:Termination and Step In Rights
1022:
979:
966:
913:
897:
670:
579:Representations and warranties
328:Director/promotor Contribution
204:Parties to a project financing
1:
1065:David Brown (April 1, 2016).
1019:, no longer available on-line
939:10.18757/ejtir.2018.18.4.3261
890:
365:Performance guarantee and LDs
313:Shareholder/sponsor documents
1492:Staggered board of directors
555:General conditions precedent
16:Long-term financing strategy
7:
1609:Accretion/dilution analysis
863:
700:memorandum of understanding
10:
1808:
1572:Leveraged recapitalization
794:private finance initiative
509:
444:Injection of share capital
346:Description of the project
281:
270:Contract negotiation stage
122:limited recourse financing
1792:Infrastructure investment
1751:
1743:Valuation using multiples
1728:Sum-of-the-parts analysis
1698:Modigliani–Miller theorem
1599:
1557:Dividend recapitalization
1537:
1385:
1372:Secondary market offering
1275:
1264:
1191:
385:Definition of the service
379:operation and maintenance
358:Completion guarantee and
239:Environmental Consultants
147:
1761:List of investment banks
1676:Free cash flow to equity
1502:Super-majority amendment
1427:Management due diligence
1367:Seasoned equity offering
990:. Neupane Law Associates
880:Power purchase agreement
846:Wealden District Council
798:capital improvement plan
779:Political Risk Insurance
614:Notification of defaults
482:Power purchase agreement
111:project delivery methods
1472:Shareholder rights plan
1462:Post-merger integration
1432:Managerial entrenchment
1402:Contingent value rights
1342:Initial public offering
963:, December 2004, p. 91.
790:tax increment financing
756:a guaranteed annual sum
587:Intercreditor agreement
450:Resolution of force one
438:special purpose company
388:Operator responsibility
325:Other project documents
1614:Adjusted present value
1477:Special-purpose entity
1315:Direct public offering
1285:At-the-market offering
1099:"BBC Live: South East"
972:Koh, Jae Myong (2018)
870:Mandated Lead Arranger
694:
662:Common Terms Agreement
434:shareholders agreement
428:Shareholders Agreement
173:Asian financial crisis
106:Financial institutions
75:special purpose entity
1629:Conglomerate discount
1087:. September 13, 2013.
885:Project finance model
750:, the government may
692:
582:The illegality clause
576:Dividend restrictions
512:confidence and supply
458:Management of the SPC
305:Contractual framework
284:Project finance model
184:, some incorporating
64:Project finance model
1651:Economic value added
1646:Discounted cash flow
961:BIS Quarterly Review
741:Complicating factors
299:sensitivity analysis
98:developing countries
32:projected cash flows
1236:Senior secured debt
838:collateral warranty
775:Terrorism Insurance
748:road transportation
447:Voting requirements
273:Money-raising stage
259:Project development
251:Insurance Providers
245:Regulatory Agencies
1771:Outline of finance
1683:Market value added
1666:Financial modeling
1624:Business valuation
1547:Debt restructuring
1325:Follow-on offering
1310:Corporate spin-off
1268:(terms/conditions)
1185:investment banking
1051:. March 18, 2019.
771:war risk insurance
695:
605:Cashflow waterfall
570:A repayment clause
564:Drawdown mechanics
466:Off-take agreement
394:Liquidated damages
360:Liquidated Damages
322:Security documents
230:Technical Advisors
227:Financial Advisors
91:telecommunications
60:financial modeling
48:non-recourse loans
1779:
1778:
1703:Net present value
1688:Minority interest
1619:Associate company
1595:
1594:
1562:Financial sponsor
1482:Special situation
1452:Pre-emption right
1442:Minority discount
1352:Private placement
1251:Subordinated debt
1206:Exchangeable debt
1193:Capital structure
1181:Corporate finance
906:, Scott Hoffman,
763:off-balance-sheet
602:Order of drawdown
319:Finance documents
316:Project documents
130:corporate finance
22:is the long-term
1799:
1769:
1768:
1759:
1758:
1661:Fairness opinion
1656:Enterprise value
1639:Weighted average
1567:Leveraged buyout
1422:Drag-along right
1320:Equity carve-out
1277:Equity offerings
1273:
1272:
1269:
1241:Shareholder loan
1226:Second lien debt
1221:Preferred equity
1201:Convertible debt
1174:
1167:
1160:
1151:
1150:
1107:
1106:
1095:
1089:
1088:
1081:
1075:
1074:
1062:
1056:
1055:
1039:
1033:
1026:
1020:
1009:
1000:
999:
997:
995:
983:
977:
970:
964:
953:
944:
943:
941:
917:
911:
901:
783:performance bond
723:development bank
506:Supply agreement
242:Equity Investors
102:emerging markets
56:creditworthiness
1807:
1806:
1802:
1801:
1800:
1798:
1797:
1796:
1782:
1781:
1780:
1775:
1747:
1723:Stock valuation
1718:Residual income
1634:Cost of capital
1591:
1587:Project finance
1577:High-yield debt
1533:
1512:Tag-along right
1437:Mandatory offer
1407:Control premium
1388:
1381:
1357:Public offering
1305:Bought out deal
1267:
1266:
1260:
1187:
1178:
1116:
1111:
1110:
1105:. July 9, 2018.
1097:
1096:
1092:
1083:
1082:
1078:
1063:
1059:
1041:
1040:
1036:
1027:
1023:
1010:
1003:
993:
991:
984:
980:
971:
967:
954:
947:
918:
914:
902:
898:
893:
866:
810:
743:
727:commercial bank
687:
673:
664:
627:
625:Tripartite deed
589:
545:
515:
508:
468:
454:Dividend policy
430:
404:
402:Concession deed
375:
355:Completion date
335:
307:
290:financial model
286:
280:
278:Financial model
261:
254:Hedge providers
236:Market Advisors
206:
186:Islamic finance
150:
79:project failure
20:Project finance
17:
12:
11:
5:
1805:
1795:
1794:
1777:
1776:
1774:
1773:
1763:
1752:
1749:
1748:
1746:
1745:
1740:
1738:Terminal value
1735:
1730:
1725:
1720:
1715:
1710:
1705:
1700:
1695:
1690:
1685:
1680:
1679:
1678:
1671:Free cash flow
1668:
1663:
1658:
1653:
1648:
1643:
1642:
1641:
1631:
1626:
1621:
1616:
1611:
1605:
1603:
1597:
1596:
1593:
1592:
1590:
1589:
1584:
1582:Private equity
1579:
1574:
1569:
1564:
1559:
1554:
1549:
1543:
1541:
1535:
1534:
1532:
1531:
1526:
1525:
1524:
1514:
1509:
1504:
1499:
1494:
1489:
1484:
1479:
1474:
1469:
1464:
1459:
1454:
1449:
1444:
1439:
1434:
1429:
1424:
1419:
1414:
1409:
1404:
1399:
1393:
1391:
1383:
1382:
1380:
1379:
1374:
1369:
1364:
1359:
1354:
1349:
1344:
1339:
1338:
1337:
1327:
1322:
1317:
1312:
1307:
1302:
1297:
1292:
1287:
1281:
1279:
1270:
1262:
1261:
1259:
1258:
1253:
1248:
1243:
1238:
1233:
1228:
1223:
1218:
1213:
1211:Mezzanine debt
1208:
1203:
1197:
1195:
1189:
1188:
1177:
1176:
1169:
1162:
1154:
1148:
1147:
1142:
1137:
1132:
1127:
1122:
1115:
1114:External links
1112:
1109:
1108:
1090:
1076:
1057:
1034:
1021:
1001:
986:Neupane, Law.
978:
965:
945:
912:
895:
894:
892:
889:
888:
887:
882:
877:
872:
865:
862:
809:
808:Step-in rights
806:
742:
739:
686:
683:
678:mandate letter
672:
669:
663:
660:
656:
655:
652:
648:
645:
642:
632:side agreement
626:
623:
622:
621:
618:
615:
612:
609:
606:
603:
600:
588:
585:
584:
583:
580:
577:
574:
571:
568:
565:
562:
559:
556:
544:
543:Loan agreement
541:
507:
504:
503:
502:
499:
495:
492:
488:
485:
479:
467:
464:
463:
462:
459:
456:
451:
448:
445:
429:
426:
425:
424:
421:
418:
415:
412:
403:
400:
399:
398:
397:Fee provisions
395:
392:
389:
386:
374:
371:
370:
369:
366:
363:
356:
353:
350:
347:
334:
331:
330:
329:
326:
323:
320:
317:
314:
306:
303:
282:Main article:
279:
276:
275:
274:
271:
268:
260:
257:
256:
255:
252:
249:
246:
243:
240:
237:
234:
233:Legal Advisors
231:
228:
225:
222:
219:
216:
213:
205:
202:
149:
146:
134:securitization
87:transportation
28:infrastructure
15:
9:
6:
4:
3:
2:
1804:
1793:
1790:
1789:
1787:
1772:
1764:
1762:
1754:
1753:
1750:
1744:
1741:
1739:
1736:
1734:
1731:
1729:
1726:
1724:
1721:
1719:
1716:
1714:
1711:
1709:
1706:
1704:
1701:
1699:
1696:
1694:
1691:
1689:
1686:
1684:
1681:
1677:
1674:
1673:
1672:
1669:
1667:
1664:
1662:
1659:
1657:
1654:
1652:
1649:
1647:
1644:
1640:
1637:
1636:
1635:
1632:
1630:
1627:
1625:
1622:
1620:
1617:
1615:
1612:
1610:
1607:
1606:
1604:
1602:
1598:
1588:
1585:
1583:
1580:
1578:
1575:
1573:
1570:
1568:
1565:
1563:
1560:
1558:
1555:
1553:
1550:
1548:
1545:
1544:
1542:
1540:
1536:
1530:
1527:
1523:
1520:
1519:
1518:
1515:
1513:
1510:
1508:
1505:
1503:
1500:
1498:
1495:
1493:
1490:
1488:
1485:
1483:
1480:
1478:
1475:
1473:
1470:
1468:
1465:
1463:
1460:
1458:
1455:
1453:
1450:
1448:
1445:
1443:
1440:
1438:
1435:
1433:
1430:
1428:
1425:
1423:
1420:
1418:
1415:
1413:
1410:
1408:
1405:
1403:
1400:
1398:
1395:
1394:
1392:
1390:
1384:
1378:
1375:
1373:
1370:
1368:
1365:
1363:
1360:
1358:
1355:
1353:
1350:
1348:
1345:
1343:
1340:
1336:
1333:
1332:
1331:
1328:
1326:
1323:
1321:
1318:
1316:
1313:
1311:
1308:
1306:
1303:
1301:
1298:
1296:
1293:
1291:
1290:Book building
1288:
1286:
1283:
1282:
1280:
1278:
1274:
1271:
1263:
1257:
1254:
1252:
1249:
1247:
1244:
1242:
1239:
1237:
1234:
1232:
1229:
1227:
1224:
1222:
1219:
1217:
1214:
1212:
1209:
1207:
1204:
1202:
1199:
1198:
1196:
1194:
1190:
1186:
1182:
1175:
1170:
1168:
1163:
1161:
1156:
1155:
1152:
1146:
1143:
1141:
1138:
1136:
1133:
1131:
1128:
1126:
1123:
1121:
1118:
1117:
1104:
1100:
1094:
1086:
1080:
1072:
1068:
1061:
1054:
1050:
1049:
1044:
1038:
1031:
1025:
1018:
1014:
1011:Stabler, J.,
1008:
1006:
989:
982:
975:
969:
962:
958:
955:Marco Sorge,
952:
950:
940:
935:
931:
927:
923:
916:
909:
905:
904:See generally
900:
896:
886:
883:
881:
878:
876:
873:
871:
868:
867:
861:
857:
855:
851:
847:
842:
840:
839:
834:
830:
825:
822:
821:
820:force majeure
816:
805:
801:
799:
795:
791:
786:
784:
780:
776:
772:
768:
764:
759:
757:
753:
749:
738:
734:
730:
728:
724:
719:
715:
713:
707:
705:
704:joint venture
701:
691:
682:
679:
668:
659:
653:
649:
646:
643:
640:
639:
638:
635:
633:
619:
616:
613:
611:Voting rights
610:
607:
604:
601:
598:
597:
596:
593:
581:
578:
575:
572:
569:
566:
563:
560:
557:
554:
553:
552:
549:
540:
536:
533:
529:
525:
522:
518:
513:
500:
496:
493:
489:
486:
483:
480:
477:
476:
475:
472:
460:
457:
455:
452:
449:
446:
443:
442:
441:
439:
435:
422:
419:
416:
413:
410:
409:
408:
396:
393:
390:
387:
384:
383:
382:
380:
368:Cap under LDs
367:
364:
361:
357:
354:
351:
348:
345:
344:
343:
339:
327:
324:
321:
318:
315:
312:
311:
310:
302:
300:
295:
291:
285:
272:
269:
267:Pre-bid stage
266:
265:
264:
253:
250:
247:
244:
241:
238:
235:
232:
229:
226:
223:
220:
217:
214:
211:
210:
209:
201:
199:
195:
189:
187:
183:
178:
174:
169:
167:
163:
159:
155:
145:
143:
139:
135:
131:
127:
124:secured by a
123:
118:
116:
112:
107:
103:
99:
94:
92:
88:
84:
80:
76:
73:Generally, a
71:
69:
65:
61:
57:
53:
49:
45:
41:
37:
33:
29:
25:
21:
1713:Real options
1586:
1529:Tender offer
1389:acquisitions
1377:Underwriting
1362:Rights issue
1265:Transactions
1093:
1079:
1071:FCA Magazine
1070:
1060:
1052:
1046:
1037:
1024:
1012:
992:. Retrieved
981:
973:
968:
960:
929:
925:
915:
907:
903:
899:
858:
856:due to ..."
843:
836:
832:
828:
826:
818:
811:
802:
787:
778:
774:
760:
744:
735:
731:
720:
716:
708:
696:
685:Basic scheme
674:
665:
657:
636:
628:
599:Common terms
594:
590:
550:
546:
537:
534:
530:
526:
523:
519:
516:
473:
469:
431:
405:
376:
340:
336:
308:
287:
262:
218:Off-taker(s)
207:
190:
170:
162:Panama Canal
151:
138:real options
121:
119:
95:
72:
50:, which are
19:
18:
1487:Squeeze-out
1457:Proxy fight
1387:Mergers and
1300:Bought deal
1231:Senior debt
850:East Sussex
671:Terms Sheet
294:spreadsheet
182:Middle East
1733:Tax shield
1693:Mismarking
1497:Stock swap
1447:Pitch book
1417:Divestment
1295:Bookrunner
1216:Pari passu
891:References
815:insolvency
1708:Pure play
1601:Valuation
1467:Sell side
1330:Greenshoe
994:9 October
166:North Sea
142:insurance
24:financing
1786:Category
1539:Leverage
1517:Takeover
1412:Demerger
1397:Buy side
1103:BBC News
864:See also
651:contract
224:Operator
1522:Reverse
1507:Synergy
1347:Pre-IPO
1335:Reverse
1256:Warrant
1048:BBC.com
712:capital
115:profits
52:secured
725:and a
498:level.
362:(LDs):
154:Greece
148:Origin
126:surety
83:mining
62:; see
36:equity
1246:Stock
932:(4).
349:Price
194:PURPA
44:loans
40:banks
1183:and
996:2012
854:Kier
831:and
829:When
817:, a
752:toll
432:The
177:OECD
158:Rome
156:and
100:and
68:lien
934:doi
848:in
833:How
792:or
777:or
377:An
85:),
26:of
1788::
1101:.
1069:.
1045:.
1004:^
959:,
948:^
930:18
928:.
924:.
841:.
706:.
288:A
188:.
140:,
136:,
132:,
104:.
89:,
1173:e
1166:t
1159:v
1073:.
998:.
942:.
936::
514:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.