By Michael C. Ehrhardt, Eugene F. Brigham
Examine advisor to accompany company Finance: A centred procedure
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Additional info for Study Guide to accompany Corporate Finance: A Focused Approach
Where a transportation company controls the only feasible method of transporting raw material to a project, the possibility of large future increases in transportation charges should be considered. Long-term transportation contracts (with escalation) should be explored. 5 Revenues, operating expenses, taxes and debt service adjusted for inflation and escalation 30 25 Expected revenues Taxes US$ million 20 15 Expected life of project Projected operating expense in excess of debt service 10 Debt service interest only for three years, and level principal and interest amortisation over 12 years 5 0 0 5 10 Years 15 20 Source: Frank J Fabozzi and Peter K Nevitt Long-term take-or-pay contracts are sometimes used to ensure a user has a source of supply.
This debt, in turn, may be restructured or combined with derivatives, such as interest rate swaps and options, and currency swaps and options. The debt is supported by the financial viability of the project, as well as the equity commitment and any direct guarantees, contingent guarantees, indirect guarantees and implied guarantees. Projects may be structured using subsidiaries, unrestricted subsidiaries, special purpose corporations, nominee corporations, jointly owned corporations, general partnerships, limited partnerships, joint ventures and trusts.
Each project is different. Sadly, 100% loans to support a project (non-recourse to sponsors) that looks as though it would surely be successful on the basis of optimistic financial projections are becoming very rare. From its modern origins in the oil and gas industry and sophisticated leasing techniques (where this book had its own origins), project finance has evolved into a number of different approaches and techniques that are widely used in sophisticated economies and in emerging economies by large companies and small, by governments and by tiny growing firms.