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x11sy_[-( a  &Document Word.Document.80.Microsoft Word Document @ Chart MSGraph.Chart.800Microsoft Graph 97 Chart#X Chart Excel.Chart.80*Microsoft Excel Chart/ 00DArialBlac0v(0(:A 0 DTimes New Roman(0(:A 0  DWingdingsRoman(0(:A 0 0DArial Blackman(0(:A 0 "@ .  @n?" dd@  @@`` ( e    ! %(*+-.2356 **21**21//....5 HH ()opqtuvwxyz|}~&  4b$n"2|κen"$h9uJn"$y"u6߰אָ w"$oXIghM^că"$3܍ŅsN 9"$9e!yР "$n/KSJ\I| 0AA@8,8-9L2ʚ;ʚ;g42d2d@:A 0 ppp@ <4ddddl$ 0v  \ ,) ^Structural Solutions:Vertical integration is effective in precluding opportunistic behavior but not at sharing risk (discussed later). Also, opportunities for vertical integration may be absent. Long term contracts such as supply and off take contracts: these are more effective mechanisms than spot market transactions and long term relationships.,ZIZIbUMotivations: Agency CostseProblems:Opportunistic behavior by trading partners: hold up. Ex-ante reduction in expected returns.> \ ,)  Structural Solutions:Joint ownership with related parties to share asset control and cash flow rights. This way counterparty incentives are aligned.Due to high debt level, appropriation of firm value by a partner results in costly default and transfer of ownership.,ZZMotivations: Agency CostsProblems:Opportunistic behavior by host governments: expropriation. Either direct through asset seizure or creeping through increased tax/royalty. Ex-ante increase in risk and required return.>  , Structural Solutions:Since company is stand alone, acts of expropriation against it are highly visible to the world which detracts future investors.High leverage forces disgorging of excess cash leaving less on the table to be expropriated.(l_Motivations: Agency CostsProblems:Opportunistic behavior by host governments: expropriation. Either direct through asset seizure or creeping through increased tax/royalty. Ex-ante increase in risk and required return.>  , Structural Solutions:High leverage also reduces accounting profits thereby reducing local opposition to the company.Multilateral lenders involvement detracts governments from expropriating since these agencies are development lenders and lenders of last resort. However these agencies only lend to stand alone projects.(--Motivations: Agency CostsuProblems:Debt/Equity holder conflict in distribution of cash flows, re-investment and restructuring during distress.8 ZlZ Q Structural Solutions: Cash flow waterfall reduces managerial discretion and thus potential conflicts in distribution and re-investment.Given the nature of projects, investment opportunities are few and thus investment distortions/conflicts are negligible.Strong debt covenants allow both equity/debt holders to better monitor management.6Z@Z  @0&Motivations: Agency CostsuProblems:Debt/Equity holder conflict in distribution of cash flows, re-investment and restructuring during distress.4 l Q Structural Solutions:To facilitate restructuring, concentrated debt ownership is preferred, i.e. bank loans vs. bonds. Also less classes of debtors are preferred for speedy resolution. Usually subordinated debt is provided by sponsors: quasi equity.6ZZ  ;Why Corporate Finance cannot Deter Opportunistic Behavior ?<PZh> Financing choice: Options Theory!!$FDownside exposure of the project (underlying asset) can be reduced by buying a put option on the asset (written by the banks in the form of non-recourse debt). Put premium is paid in the form of higher interest and fees on loans.The underlying asset (project) and the option provides a payoff similar to that of call option.GZGm` Financing choice: Options Theory!!$The put option is valuable only if the Sponsor might be able/willing to exercise the option.The sponsor may not want to avail of project finance (from an options perspective) because it cannot walk away from the project because:It is in a pre-completion stage and the sponsor has provided a completion guarantee.If the project is part of a larger development.If the project represents a proprietary asset.If default would damage the firm s reputation and ability to raise future capital.* Financing Choice: Options TheoryRDerivatives are available for symmetric risks but not for binary risks, (things such as PRI are very expensive). Project finance (organizational form of risk management) is better equipped to handle such risks.Companies as sponsors of multiple independent projects: A portfolio of options is more valuable than an option on a portfolio.SZSF;!Financing Choice: Equity vs. DebtReasons for high debt:Agency costs of equity (managerial discretion, expropriation, etc.) are high.Agency costs of debt (debt overhang, risk shifting) are low due to less investment opportunities.Debt provides a governance mechanism.&G<Financing Choice: Type of DebtBank Loans:Cheaper to issue.Tighter covenants and better monitoring.Easier to restructure during distress.Lower duration forces managers to disgorge cash early.Project Bonds:Lower interest rates (given good credit rating).Less covenants and more flexibility for future growth.Agency Loans:Reduce expropriation risk.Validate social aspects of the project.Insider debt:Reduce information asymmetry for future capital providers. PPPhPPCPP;P hC  ;H=Financing Choice: SequencingXStarting with equity: eliminate risk shifting, debt overhang and probability of distress (creditors requirement).Add insider debt (Quasi equity) before debt: reduces cost of information asymmetry.Large chunks vs. incremental debt: lower overall transaction costs. May result in negative arbitrage.--h[ContentsThe MM PropositionWhat is a Project?What is Project Finance?Project StructureFinancing choicesReal World CasesProject Finance: Valuation Issues&Zc"cVReal World CasesbBP Amoco: Classic project financeAustralia Japan cable: Classic project financePoland s A2 Motorway: Risk allocationPetrolera Zuata: Risk managementChad Cameroon: Multiple structures Calpine Corporation: Hybrid structureIridium LLC: Structure and Financing choicesBulong N outlook 3d restart babyliss 5003.17 () dimplex model magic (sp8) 2113 -40 dufour 5440.15 () sony ericsson k790i macintosh iridium motorola dect desktop dect desktop metabo dolmar kyiv apartaments service dimplex model plasma (sp9) isdn 5003.17 () 2-79 -40 iridium motorola