项目融资第22讲(新).pptx

Project Finance Presented by: Yin Zhijun;Subordinated debt Dividend trap Tax shield;Sponsors of a project finance deal prefer to finance the project by means of a combination of debt and equity, the reasons exclude ( ). A. the sponsors’ remuneration is more certain than just relying on dividends B. Interest paid on subordinated debt is tax deductible in many countries C. Especially during the initial years of the project’s life, recourse to subordinated debt means the so-called ‘‘dividend trap’’ can be avoided D. the subordinated loan is the first to absorb losses from the unfavorable business situation;Senior debt: The part of debt financing with first claim on project cash flows. Senior debt is given priority over subordinated debt and equity in terms of paying interest and principal repayment Tranches of senior debt: The base facility, Working capital facility, Stand-by facility, VAT facility.;It is granted to the SPV to finance construction payment for the EPC contractor. It will be paid from cash flows the project generates in the operating phase. The SPV has very little discretion for utilizing and repaying it. Interest due will then start to mature on the part utilized, whereas the SPV will pay the commitment fee on the unutilized part.;It is intended to finance any cash deficit arising as a result of the cash collection cycle. The amount of working capital will depend on the type of project. Clearly this type of facility can be used at the SPV’s discretion([d??skre?n] n.(法)自由决定权) and is a revolving([r??v?lv??] adj. 循环的) credit, so every repayment made by the SPV means this credit line granted to the borrower is again available. Full repayment normally takes place in the final stages of the project’s life cycle. ;There are two possibilities: A stand-by loan only utilizable to cover additional costs to those estimated in the budget A stand-by loan utilizable to cover additional costs compared to those budgeted after the base facility has been completely u