Project Financing, 7th Edition

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Capital Market Financings

Project Financing, 7th edition includes numerous examples and case-studies, including the Eurotunnel, Dabhol and Hubco deals. These illustrate key issues such as government and multilateral guarantees, risk allocation and effective project structuring, and integrated capital market financings.

"A comprehensive, well-informed and essential guide for those involved in all aspects of project finance." Ian R Coles, Partner, Mayer, Brown, Rowe and Maw LLP

Comprehensive and practical, this book examines the key criteria for successful project financing:

• choosing financial advisers and banks
• types and sources of equity and debt finance
• types of risk and risk appraisal, leasing issues
• construction financing
• Exim finance
• credit appraisal
• political risk and guarantees 
• risk management with swaps and interest rate futures.

After more than 20 years this book is still the acknowledged standard text on project financing. It is an invaluable manual which should be on every project financier's desk.

Summary

Project Financing, Seventh Edition

Summary

This book is intended to provide a conceptual starting point for the further development of the reader’s ideas on project financing. It is hoped that it may also serve as a useful checklist for specific project financings. Perhaps more important, however, the book is a compendium of concepts and structures that can be applied at any stage in the analysis of an anticipated or proposed project financing.

Although largely based on methods developed and widely used in the United States, the ideas and concepts presented can be profitably employed by financial managers worldwide. Project financing is global financing, and financial executives everywhere will find that the successful conclusion to such financing depends in no small measure upon the bringing together of a number of disciplines, experts and analytical techniques. This book attempts to provide a useful road map as to how to marshal those resources for an effective and profitable result.

Table of Contents

Project Financing, 7th edition

Table of Contents

1     An overview of project finance

2     Criteria for a successful project financing

3     Use of a financial adviser

4     The offering memorandum

5     Risks which a lender may assume

6     Choosing a bank

7     Contacting lenders and investors

8     Credit risk appraisal

9     Types of capital and debt

10     Sources of equity and debt

11     Instruments used in project financing

12     Term loans and private placements

13     Equipment leases in the United States 

14     Leveraged leases

15     Non-tax-oriented leveraged leases and synthetic leases

16     Cross-border, pickle, FSC and double dip leases

17     Worldwide leasing

18     Japanese equipment leasing

19     Revenue bonds

20     Commercial paper and back-up credit facilities

21     Use of captive finance companies

22     Construction financing

23     Controlling risk: futures, forwards, options, caps and floors

24     Swaps

25     Defeasances

26     Entities for jointly owned or sponsored projects

27     Guarantees

28     Political risk insurance

29     Reserves-oriented financing

30     Drilling funds

31     Sales, acquisitions and mergers, and leveraged buyouts

32     ESOPs – employee stock ownership plans

Glossary

Appendix A

Appendix B

Appendix C

Appendix D

Appendix E

Index

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