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Project Finance Training Manual (2nd Edition)

DateDec, 2005
Pages0
Price / format€260 / Hard Copy

€260 

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Abstract:
 The new edition of one of Euromoney's best-selling self-study workbooks.

This complete training programme has depth and breadth unrivalled in other training manuals.

The workbook clearly explains both the theory and practice of project financing and, having examined the skills necessary to bring a project to a successful close, teaches you how to apply them.

On completion of the course you will immediately be a more useful member of any project financing team.

This new edition includes an entirely new module which examines risk structuring and allocation in key industry sectors: power, transportation/tollways, railways, airports, ports, mining, oil and gas, telecoms, satellites, water/waste water.

The five other comprehensive modules detail:

- The principles and types of project finance and their key characteristics and components

- The methods of identifying and managing the risks involved

- Interpreting and using technical feasibility and cash flow analyses

- How best to structure and fund project finances

- Understanding and using the legal and documentation framework to your benefit

If you can't afford the time or expense of a training course, this workbook is your solution.

You can learn at your own pace, wherever and whenever suits you. It is an invaluable project finance training tool.

Author/Editor: Tinsley, Richard








Table of contents:
 Contents of Project Finance - Training Manual
WORKBOOK ONE

Introduction 2
Risk sharing 2
Definitions 3
Types of project finance 3
Misconceptions 4
Key characteristics 4
Sectors 4
Components 5
Participants 6
1. Sponsors 6
2. The borrower 6
3. Financial advisers 8
4. Arrangers/lead underwriters 9
5. ECAs/MLAs 10
6. Agent/trustee 10
7. Lessors 10
8. Independent experts 10
9. Lawyers 11
10. Governments 11
11. Construction contractors 12
12. O&M companies 12
13. Insurers 12
14. Swap counterparties 13
15. Suppliers 13
16. Equipment vendors 13
17. Offtakers 13
18. Transportation companies 13
19. Ratings agencies 14
Stages in project financing 14
1. Identification of the market 14
2. Technical feasibility 15
3. Financial feasibility 15
4. Commitment letter 15
5. Mandate 15
6. Syndication 16
7. Documentation 16
8. Financial closing 16
9. Administration 16
Conclusions 16
Answers to test questions 17
Glossary 18

WORKBOOK TWO
Introduction 2
Risk definitions 2
Risk classification 2
Statistical 2
Modellers 3
Checklist 3
Project finance 3
Insurance 3
Structural/jigsaw 3
Risk structures and allocation 4
Cash flow and risk 4
Operating risk 5
Technical component 5
Cost risk component 6
Management component 7
Participant risk 8
Completion risk 9
Supply risk 11
Market risk 12
Infrastructure risk 13
Environmental risk 14
Political risk 15
Force majeure risk 17
Foreign exchange risk 17
Engineering risk 18
Syndication risk 18
Interest risk 19
Legal risk 20
Conclusions 20
Risk tradeoff 20
Answers to test questions 22
Appendix: Sensitivity testing 2

WORKBOOK THREE
Introduction 2
Power 2
Transportation/tollways 4
Railways 5
Airports 6
Ports 7
Mining 8
Oil and gas 9
Telecoms 12
Satellites 13
Water/waste water 14
Answers to test questions 15
WORKBOOK FOUR
Introduction 2
Engineering feasibility 2
Independent reviews 2
Financial feasibility 3
Project cash flows 4
Sensitivities 4
Operations report 6
Operating cash flow report 6
Gross revenue 6
Operating costs 7
Financing costs 7
Financing reports 9
Capital costs 9
Cash flow sensitivities 9
Ratio analysis 13
Interest cover 14
Principal cover 14
Debt service cover ratio 14
Loan life ratio 15
Project life ratio 15
Debt:equity ratio 15
Residual cover 15
Payback 16
Present value 16
Accounting ratios 16
Answers to test questions 17
Appendix: Model AB 18
Key assumptions 18
Base case results 18
WORKBOOK FIVE
Introduction 2
Structuring 2
Construction phase 2
Completion phase 2
Post-completion repayment phase 4
Structure types 5
Funding 6
Equity 7
Subordinated debt 7
Banks 7
Local currency 8
Derivatives 9
Export credit agencies 9
The main ECAs 10
Supplier credits 10
Multilateral agencies 10
Political risk insurance 11
Debt:equity swaps 13
Capital markets 13
Rating 14
Tax-effective structures 15
Recourse 16
Advisers 18
Information memorandum 18
Syndication 19
Agency/trustee 19
New structures/funding 19
Answers to test questions 21
WORKBOOK SIX
Documentation framework 2
Project contracts 2
Concession agreement 3
Joint venture/shareholders' agreement 4
Management agreement 5
Turn-key/construction contracts 6
Insurances 7
Political risk insurance 8
Supply agreements 8
Offtake contracts 9
Site lease 9
Approvals 10
Financing agreements 10
Loan agreement 10
Covenants 11
Representations and warranties 12
Defaults 12
Agency 12
Interest and margin protection 12
Mandatory prepayment 12
Disputes 12
Reporting 12
Security documents 12
Mortgages/charges 13
Assignment 13
Offshore proceeds accounts 13
Escrow accounts 13
Financial instruments 13
Inter-creditor agreement 13
Completion guarantees 14
Step-in rights 14
Support/comfort letters 15
Legal opinions 15
Conclusions 15
Answers to test questions 17




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