项目融资第22讲(新).pptxVIP

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 busi