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Era globalisasi dan liberalisasi perdagangan mewarnai milenium baru (abad 21). Beberapa perubahan telah, sedang, dan bakal terjadi. Bahkan dapat dikatakan bahwa tidak ada yang tidak berubah, kecuali perubahan itu sendiri. Adanya kemajuan dalam berbagai bidang, seperti: bidang ilmu pengetahuan, telekomunikasi, teknologi informasi, jaringan transportasi, dan sektor-sektor kehidupan lainnya menyebabkan arus informasi semakin mudah dan lancar mengalir antar individu atau kelompok. Kebutuhan dan keinginan mereka berkembang semakin kompleks. Misalnya saja, konsumen masa kini tidak lagi bisa dipuaskan dengan sekedar menyajikan âtrade off â antara harga dan kualitas produk. Mereka menuntut enam hal sekaligus yaitu : Produk berkualitas tinggi (high quality), Harga yang wajar (fair price), Penyerahan produk yang cepat (fast delivery), Layanan khusus (special services), Produk yang memiliki tingkat fleksibelitas tinggi (high flexibility), dan Akrab dengan pemakai (user friendly).
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Ipp business analysis & financial modeling summary
1. Sur IPP Project Financing Summary June 7
th
, 2015
Overall US$1.6bn, 76% debt/24% equity Sponsor - US$ 0.38 billion
Equity Structure
Lender Structure $ bn Axia Power
JBIC Lender - US$ 1.2billion Chubu Electric
Commercial Banks QEWC
NEXI Multitech
Total Public
Total
Debt Financing Debt Service
Equity Returns Offtaker - OPWP
Tendering authority
NGSA* PPA* 15 years PPA*
Fuel charges from
(virtual pass-through cost)
Tenture 14 years after COD Electrical energy charges
Margins Libor + Margin Total Tariff
No Cash Sweep Mechanism Power capacity charges
Maintenance Reserve is not required Supplier - MoG 97% (excl. fuel charge)
Debt Service Coverage Ratio A long term NGSA over the contracted PPA period BOO*
Event of default : below 1.05 Any increased gas price charged by MoG is passed through in the PPA with OPWP Spot marke receive prices determined on a day-to-day basis
Threshold for distribution of dividends : 1.10 If PPA is extended, the NGSA will be automatically extended.
Debt Service Reserve (or Shareholdersâ credit support)
Base DSRA Backstop DSRA EPC Contractor - Dae Woo E&C O&M - POMCo
Starting from COD from the 4th anniversary of COD EPC cost $1.24 billion / LD $72 million Owner-operator company
Target level Six monthsâ of future debt service Six monthsâ of future debt service LD* is almost 6% of EPC cost. LTMC* & LTMDA* for 19 years (2011~2030) with SIMENS
of JBIC and NEXI This is usually more than EPC contractor's profit.
* Refer below
QEWC Qatar Electric & Water Company Q.S.C.
OPWP Oman Power and Water Procurement Company SAOC.
MoG Ministry of Oil & Gas/ Key Insights
POMCo Phoenix Operation and Maintenance Company LLC 1) Minimum DSCR requirement is 1.05. Financial modeling (refer the attached excel file) shows the project cash flow is hard to meet
LTMC Long Term Maintenance Contract this without deferred tax and other income. It is considered that tight PPA & fuel risk mitigation by NGSA allowed this marginal DSCR.
LTMDA Long Term Maintenance Direct Agreement Especially, both 97% fixed capacity charge (except fuel charge) out of total revenue from OPWP and fuel cost pass through guaranteed
NGSA Natural Gas Sales Agreement strong predictability of cash flow. Also base and backstop DSRA or shareholders' credit support were required to support above.
LD Liquidated Damages However considering the project's cash flow (refer the attached excel file) mataining base and backstop DSRA seems impossible.
It is estimated that the project were supported by shareholders' credit.
2) 35% of shares will be held by public through IPO.
Project Development Time Table Their benefit will be upto the performance of the firm after 2028.
As per the IPA* research, it is expected that there will be few difference between single buyer
RFP Financial close and liberalised market revenue.
However, after 2029, PPA, NGSA & LTMC will be over and this will unfreeze tightly structured cash flow.
Preferred bidder selection
2010 2011 2012 2013 2014
Ji Won Seo
PPA jwseo2@gmail.com
http://pfcasestudy.blogspot.com
Bid submission COD https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
Source: Phoenix Power Company SAOG IPO Prospectus
0.18
1.2
EPC Contractor
Daewoo E&C
O&M
(POMCo*)
JBIC
(56%)
Commercial
Banks (29%)
NEXI
(15%)
Asset
(US$1.6
billion)
Debt
(76%)
Equity (24%)
Chubu Electric
(19.5%) 0.13
SPV
(Phoenix Power Company)
Offtaker
(OPWP*)
Axia Power
(32.5%)
0.01
0.38
QEWC*
(9.75%)
Multitech
(3.25%)
Public
(35%)
Supplier
(MoG*)
$ bn
0.67
0.35
0.12
0.07
0.04
Marubeni CEPCo
Qatar Gov't as a major
shareholder
Suhail Bahwan Group, a
leading business house
in Oman
100% 100%
JBICÂ
56%Â
Comm
ercialÂ
BanksÂ
29%Â
NEXIÂ
15%Â
Axia PowerÂ
32%Â
ChubuÂ
ElectricÂ
19%Â
QEWCÂ
11%Â
MultitechÂ
3%Â
PublicÂ
35%Â
2. Sur IPP Project Financial Modeling Summary June 7th
, 2015
COP
(OMR millions) 2011 2012 2013 2014 Total %
Capex 110.2 275.5 110.2 55.1 551.0 91%
Interest Capitalised 8.7 10.2 16.5 19.1 54.5 9%
Annual Total 118.9 285.8 126.7 74.2 605.5 100%
% 20% 47% 21% 12% 100%
Cumulative Total 118.9 404.7 531.4 605.5
% 20% 67% 88% 100%
MOF
(OMR millions) 2011 2012 2013 2014 Total %
Debt 90.2 216.7 96.1 56.3 459.3 76%
Equity 28.7 69.0 30.6 17.9 146.3 24%
Total Asset 118.9 285.8 126.7 74.2 605.5 100%
Debt/Equity 3.14
IRR
Project 9%
Equity 12%
DSCR
Average 1.30
MAX 1.79
MIN 1.03
LLCR
Average 1.78
MAX 3.39
MIN 1.30
Ji Won Seo
jwseo2@gmail.com
* This excel file is only for financial modeling practice purpose. Deferred tax,other income from LD http://pfcasestudy.blogspot.com
and other activities during construction stage (2011~2014) are not incoporated and adjusted. https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
To get more precise result, further development with more relevant data is required. Source: Phoenix Power Company SAOG IPO Prospectus
 0.50
 1.00
 1.50
 2.00
 2.50
 3.00
 3.50
DSCR
LLCR
(500.0)
(400.0)
(300.0)
(200.0)
(100.0)
0.0
100.0
200.0
300.0
400.0
500.0
Financial C/f
Av O/s
Drawdown
Repayment Amount
Undrawn Amount
 â
 100.0
 200.0
 300.0
 400.0
 500.0
 600.0
 700.0
2011 2012 2013 2014
Cumulative Total
Annual Total
OMR Mn COPÂ
OMR MnÂ
3. Sohar-2 IPP Project Financing Summary June 25th
, 2015
Overall US$786mn, 78% debt/22% equity Sponsor - US$ 176 million
Eq'ty Strctr
Kahrabel
Lender Structure $ mn Lender - US$ 611 million Multitech
1) Commercial F.A. Indirectly owned BHBP
KEXIM Direct F.A. SEPI
2) KEXIM Covered F.A. PASI
3) Hermes Covered Fixed Term F.A. Public
4) Hermes Covered Variable Term F Total
Total Debt Financing Debt Service
Equity Returns
NGSA PPA Offtaker - OPWP
Tendering authority
15 years PPA*
Fuel charges from
(virtual pass-through cost)
Electrical energy charges
Total Tariff
Supplier - MoG
1) 2) 3) 4) A long term NGSA over the contracted PPA period Power capacity charges
KfW IPEX-Bank GmbH â â â Any increased gas price charged by MoG is passed through in the PPA with OPWP 97% (excl. fuel charge)
Credit Agricole C&I â â â If PPA is extended, the NGSA will be automatically extended. BOO - Build, own and operate.
Standard Chartered, â â After PPA, spot market will receive prices determined on a day-to-day basis
Natixis, â â â
Bayerische Landesbank, â â â EPC Contractor - Siemens AG + GSEC O&M - STOMO
HSBC Limited â â â EPCOD - One month delay caused LD and settled. Suez-Tractebel Operation and Maintenance Oman LLC
Europe Arab Bank plc, â â â COD is met. 15 years O&M agreement, same period with PPA.
CIC â â â O&M guarantee by GDF SUEZ CC SCRL.
Tenture : 15 years after COD
Margins : Libor + Margin and CIRR
Mandatory Cash Sweep Mechanism
Shareholdersâ credit support will cover; Key Insights
- Debt Service Reserve 1) Sohar-2 and Barka-3 project share same sponsors, lenders, supplier, offtaker, EPC and O&M contractors under same capacity,
- Maintenance Reserve similar cost and schedule.
Debt Service Provision Account 2) The project can be summarized as follow; European, Japanese & local sponsors and German & Korean lenders to support their EPC contractors.
- Starting : from COD 3) Interest rate of lender is estimated around 5% based on Excel modeling (refer the uploaded Excel file.).
- Ending : until October 2024 4) Financial modeling (refer the attached excel file) shows the project minimumm DSCR is 1.13 which is above both minimum requirement 1.05
- Target level : un-revealed and threshold for dividend distribution 1.10. However to meet the proposed dividend level, deffered tax is necessary.
Project Development Time Table
RFP Financial close
Preferred bidder selection COD
2009 2010 2011 2012 2013
Ji Won Seo
jwseo2@gmail.com
PPA http://pfcasestudy.blogspot.com
https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
Bid submission Early power COD Source: Al Batinah Power Company SAOG IPO Prospectus
Offtaker
(OPWP)
Kahrabel
(29.9%)
176
PASI
(6.50%)
Public
(35%)
13
11
Sojitz Yonden
61
52
25
13
BHBP
(7.15%)
SEPI
(7.15%)
$ bn
131
117
Asset
(US$786
mn)
Debt
(78%)
Equity (22%)
Multitech
(14.30%)55
GDF SUEZ
Suhail Bahwan
Group
610
O&M
(STOMO)
Hermes
(50.5%)
KEXIM
(28%)
Commercial F.A.
(21.5%)
188
120
Supplier
(MoG)
SPV
(Al Batinah Power Company)
EPC Contractor
Siemens AG + GSEC
Commerci
al F.A.Â
21%Â
KEXIMÂ
Direct F.A.Â
19%Â KEXIMÂ
CoveredÂ
F.A.Â
9%Â
HermesÂ
CoveredÂ
FixedÂ
Term F.A.Â
20%Â
HermesÂ
CoveredÂ
VariableÂ
Term F.A.Â
31%Â
Kahrab
elÂ
46%Â
Multite
chÂ
22%Â
BHBPÂ
11%Â
SEPIÂ
11%Â
PASIÂ
10%Â
4. Sohar-2 IPP Project Financial Modeling Summary June 25th
, 2015
COP
(OMR millions) 2011 2012 2013 2014 Total %
Capex 77.4 118.8 55.8 18.5 270.5 89%
Interest Capitalised 5.0 6.2 9.6 11.0 31.7 11%
Annual Total 82.3 125.0 65.4 29.5 302.2 100%
% 27% 41% 22% 10% 100%
Cumulative Total 82.3 207.4 272.8 302.2
% 27% 69% 90% 100%
MOF
(OMR millions) 2011 2012 2013 2014 Total %
Debt 64.0 97.1 50.8 22.9 234.7 78%
Equity 18.4 27.9 14.6 6.6 67.5 22%
Total Asset 82.3 125.0 65.4 29.5 302.2 100%
Debt/Equity 3.48
IRR
Project 9%
Equity 13%
DSCR
Average 1.50
MAX 2.03
MIN 1.13
LLCR
Average 1.63
MAX 2.08
MIN 1.36
Ji Won Seo
jwseo2@gmail.com
* This excel file is only for financial modeling practice purpose. Deferred tax,other income from LD http://pfcasestudy.blogspot.com
and other activities during construction stage (2010~2013) are needed to be incoporated and adjusted. https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
To get more precise result, further development with more relevant data is required. Source: Al Batinah Power Company SAOG IPO Prospectus
 0.50
 1.00
 1.50
 2.00
 2.50
 3.00
 3.50
DSCR
LLCR
(250.0)
(200.0)
(150.0)
(100.0)
(50.0)
0.0
50.0
100.0
150.0
200.0
250.0
Financial C/f
Av O/s
Drawdown
Repayment Amount
Undrawn Amount
 â
 50.0
 100.0
 150.0
 200.0
 250.0
 300.0
 350.0
2011 2012 2013 2014
Cumulative Total
Annual Total
OMR Mn COPÂ
OMR MnÂ
5. Barka-3 IPP Project Financing Summary June 23rd
, 2015
Overall US$786mn, 78% debt/22% equity Sponsor - US$ 176 million
Eq'ty Strctr
Kahrabel
Lender Structure $ mn Lender - US$ 610 million Multitech
1) Commercial F.A. Indirectly owned BHBP
KEXIM Direct F.A. SEPI
2) KEXIM Covered F.A. PASI
3) Hermes Covered Fixed Term F.A. Public
4) Hermes Covered Variable Term F Total
Total Debt Financing Debt Service
Equity Returns
NGSA PPA Offtaker - OPWP
Tendering authority
15 years PPA*
Fuel charges from
(virtual pass-through cost)
Electrical energy charges
Total Tariff
Supplier - MoG
A long term NGSA over the contracted PPA period Power capacity charges
1) 2) 3) 4) Any increased gas price charged by MoG is passed through in the PPA with OPWP 97% (excl. fuel charge)
KfW IPEX-Bank GmbH â â â If PPA is extended, the NGSA will be automatically extended. BOO - Build, own and operate.
Credit Agricole C&I â â â After PPA, spot market will receive prices determined on a day-to-day basis
Standard Chartered, â â
Natixis, â â â EPC Contractor - Siemens AG + GSEC O&M - STOMO
Bayerische Landesbank, â â â EPCOD - Three months delay caused LD and settled. Suez-Tractebel Operation and Maintenance Oman LLC
HSBC Limited â â â COD is met. 15 years O&M agreement, same period with PPA.
Europe Arab Bank plc, â â â O&M guarantee by GDF SUEZ CC SCRL.
CIC â â â
Tenture 15 years after COD
Margins Libor + Margin and CIRR
Mandatory Cash Sweep Mechanism Key Insights
Shareholdersâ credit support will cover; 1) Sohar-2 and Barka-3 project share same sponsors, lenders, supplier, offtaker, EPC and O&M contractors under same capacity,
- Debt Service Reserve similar cost and schedule.
- Maintenance Reserve 2) The project can be summarized as follow; European, Japanese & local sponsors and German & Korean lenders to support their EPC contractors.
Debt Service Provision Account 3) Interest rate of lender is estimated around 5% based on Excel modeling (refer the uploaded Excel file.).
- Starting : from COD 4) Financial modeling (refer the attached excel file) shows the project minimumm DSCR is 1.13 which is above both minimum requirement 1.05
- Ending : until October 2024 and threshold for dividend distribution 1.10. However to meet the proposed dividend level, deffered tax is necessary.
- Target level : un-revealed
Project Development Time Table
RFP Financial close
Preferred bidder selection COD
2009 2010 2011 2012 2013
Ji Won Seo
jwseo2@gmail.com
PPA http://pfcasestudy.blogspot.com
https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
Bid submission Early power COD Source: Al Suwadi Power Company SAOG IPO Prospectus
EPC Contractor
Siemens AG + GSEC
O&M
(STOMO)
21
10
5
5
5
25
71
PASI
(6.5%)
654
Supplier
(MoG)
SPV
(Al Batinah Power Company)
Offtaker
(OPWP)
127
139
73
120
195
Public
(35%)
Hermes
(48.2%)
KEXIM
(32.4%)
Commercial F.A.
(19.5%)
Kahrabel
(29.9%)
Multitech
(14.3%)
BHBP
(7.15%)
SEPI
(7.15%)
Asset
(US$786
mn)
Debt
(78%)
Equity (22%)
$ bn
GDF SUEZ
Suhail Bahwan
Group
Sojitz Yonden
Commerci
al F.A.Â
20%Â
KEXIMÂ
Direct F.A.Â
21%Â
KEXIMÂ
CoveredÂ
F.A.Â
11%Â
HermesÂ
CoveredÂ
FixedÂ
Term F.A.Â
18%Â
HermesÂ
CoveredÂ
VariableÂ
Term F.A.Â
30%Â
Kahrab
elÂ
46%Â
Multite
chÂ
22%Â
BHBPÂ
11%Â
SEPIÂ
11%Â
PASIÂ
10%Â
6. Barka-3 IPP Project Financial Modeling Summary June 25th
, 2015
COP
(OMR millions) 2011 2012 2013 2014 Total %
Capex 16.7 68.2 115.6 98.0 298.5 92%
Interest Capitalised 4.1 3.2 6.6 10.4 24.4 8%
Annual Total 20.9 71.4 122.2 108.4 322.9 100%
% 6% 22% 38% 34% 100%
Cumulative Total 20.9 92.3 214.5 322.9
% 6% 29% 66% 100%
MOF
(OMR millions) 2011 2012 2013 2014 Total %
Debt 16.3 55.6 95.2 84.4 251.5 78%
Equity 4.6 15.8 27.0 24.0 71.4 22%
Total Asset 20.9 71.4 122.2 108.4 322.9 100%
Debt/Equity 3.52
IRR
Project 10%
Equity 14%
DSCR
Average 1.49
MAX 2.02
MIN 1.13
LLCR
Average 1.63
MAX 2.07
MIN 1.35
Ji Won Seo
jwseo2@gmail.com
* This excel file is only for financial modeling practice purpose. Deferred tax,other income from LD http://pfcasestudy.blogspot.com
and other activities during construction stage (2010~2013) are needed to be incoporated and adjusted. https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
To get more precise result, further development with more relevant data is required. Source: Al Suwadi Power Company SAOG IPO Prospectus
 0.50
 1.00
 1.50
 2.00
 2.50
 3.00
 3.50
DSCR
LLCR
(300.0)
(200.0)
(100.0)
0.0
100.0
200.0
300.0
Financial C/f
Av O/s
Drawdown
Repayment Amount
Undrawn Amount
 â
 50.0
 100.0
 150.0
 200.0
 250.0
 300.0
 350.0
2011 2012 2013 2014
Cumulative Total
Annual Total
OMR Mn COPÂ
OMR MnÂ
8. Kirikkale IPP Project Financing Summary Mar 21
st
, 2015
Overall US$1.1bn, 65% debt/35% equity
Merchant power plant
Senior debt - US$ 0.72billion Equity Investor - US$ 0.22billion *Independent market adviser(IPA Economics )
- Supply-demand analysis to forecast electricity and gas price over
30-year economic life of the project
- Technical, market and economic input, including the GDP growth
forecast, electricity demand growth, installed capacity forecast
in the context of a currently oversupplied electricity market.
- Door-to-door tenors of the senior loans : 15â16 years.
- Inter-creditor arrangement allowing trade LC issuers and
DSRA LC issuers to accede to the benefit of the security
package on a *pari passu basis *MPA
- Turkish banks are more comfortable with such post completion
risks but required project completion support.
- Conservative DSCR : 1.75x
- DSRA increased to early 12 months during operating periods, and *LSTK contract
will step down to six months under conditions
- More than 24 stress test scenarios including low demand, exchange
rate fluctuation, high gas prices, etc. Offtaker - Day ahead market
- Several agreements
*Mezzanine debt 1) Market participation agreement
Repayment profile together with a deferral mechanism 2) Frequency service control agreement
Fully subordinated basis O&M Contractor - NOMAC - Grid connections - TEIAS, the state-owned company operating the electricity
Maturity date of 15 years post-commercial operation date (COD) Alstom - Long term service agreement (LTSA) transmission in Turkey
- Final hourly prices will be set based on matching the bid and ask prices,
one day ahead of the actual electricity sale.
Developer/owner Key Insights
2011, Started in partnership with a Turkish developer 1) Merchant power plant, not long-term PPA structures
2012 October, Turkish partner became insolvent, failed to buy out the Turkish partner -> Due diligence process on the merchant risk and the Turkish gas and electricity
2013 September, New licensing regime for power plants market regulatory environment was of essence
2014 January, Granted pre-licence -> ACWA Power's strategic review on Turkey as a strong fundamental market with
2014 April, Environmental impact assessment cleared 1) strong demographics
2014 July, Awared a generation licence by the Electricity regulator (EMRA) 2) continuing industrialisation
3) uncompetitive power plant fleet
4) fragmented private players
*pari passu : Equal footing 2) Higher DSCR lead to mezzanine debt, Repayment profile together with Ji Won Seo
*MPA : Market Participation Agreements a deferral mechanism jwseo2@gmail.com
*LSTK : Lump Sum Turn Key http://pfcasestudy.blogspot.com
https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
Source: http://www.pfie.com/singin-in-the-rain/21177837.fullarticle
*Independent
market adviser
(IPA Economics )
EPC Contractor
(Samsung C&T)
O&M Contractor
(NOMAC Turkey)
Stand
Chartered
Samsung
C&T
(10%)
ACWA
power
(90%)
Supplier
(BOTAS or/and
private supplier )
ACWA Cuc
(Kirikkale project company)
Offtaker
(Day ahead market)
IFC
*Mezzanine debt
US$ 0.17bn
EBRD
Asset
(US$1.1
billion)
Debt
(65%)
Equity
(35%)
Banue Saudi
Fransi
KEXIM
Korean
Development
Bank
9. Peru LNG Project Financing Summary Feb 28
th
, 2015
Overall US$3.8bn, 60% debt/40% equity
During credit crisis and a bad economy *Marubeni bought 10% from SK Energy for US$100m
Total equity US$ 1000 mil
Lender - US$ 2.2billion Partners, Sponsor (Equity Investor) - US$ 1.2 billion Equity Structure
Hunt oil 50%
Repsol 20%
SK Energy 20%
Marubeni 10%
Total 100%
Debt Structure Debt Financing Debt Service
IDB* $0.80 bn Equity Returns
The IFC $0.30 bn
US Ex-Im $0.45 bn 100% offtake
Italy's Sace $0.25 bn
KR Ex-Im $0.30 bn Spanish Oil & Gas company
Project Bond $0.10 bn
Total $2.20 bn
*IDB: Inter-Americans Development Bak
US$ 0.8bn, A&B loan matrix Supplier - Camisea pipeline Offtaker - Repsol
A loan B loann Peru LNG organisers had to make payments if supplier 18 year contract 100% gas off-taker
Lender by IDB by syndicate of international banks (3 banks) -> SG, BBVA (upstream producer) couldn't supply enough gas -> Non-recourse Cap on its liability ($2.2bn x 20% becomes liability)
Amount $0.4bn $0.4bn Offtaker's offtake is a risk to potential lender
Tenture Construction +12 years Construction +14 years Won contract in Manzanillo, Mexico,
Margins For const: Libor+95bp For const: Libor+75bp to supply 70% of Peru LNG's output
After const: Libor+137.5bp After const: Libor+100bp -> The rest 30% is risk
*IDB declined to reveal the fees or cover ratios Step-up provision
Project Bond ($0.2bn) Key Insights
summer season vacation -> bond issue delayed 1) Supplier (Camisea): Peru LNG organisers had to make payments if supplier
In US $ <- Strong $ rally & plunge in other currencies. Peruvian (upstream producer) couldn't supply enough gas (limited-recourse)
Coupon: 8.56% = Sovereign rate + 50bp ~ 200bp -> Lower than other bonds 2) Offtaker(Repsol): 30% of Shipper's output is still needed to be taken care of.
Shelf life two years 3) Partner (Repsol): Equity investor's cap on liability is smaller than its debt.
Local rating agencies gave Triple A 4) Project bond for left US$0.2bn is yet to be issued.
Bancode Credito, based in Lima local adviser on the bond issue 5) It is considered that IDB set step-up provision since they felt the risk after
construction is higher and felt burden on long-term debt.
Loan B Ji Won Seo
jwseo2@gmail.com
Lead Arrangers: SG, BBVA http://pfcasestudy.blogspot.com
Mandated lead arrangers: Calyon, ING, Sumitomo, Bankof Tokyo, Mitsubishi & Mizuho https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
Source: /www.pfie.com/unshakable-peru-lng/21073480.fullarticle
US Ex-Im
($0.45bn)
Italy's Sace
($0.25bn)
Repsol
(20%)
Asset
(US$3.8
billion)
Debt
(60%)
Equity
(40%)
IDB*
($0.8bn)
The IFC
($0.3bn)
Suppliers(Upstream
Camisea pipeline)
SPV
(PERU LNG)
Offtaker
(Repsol YPF SA)
KR Ex-Im
($0.3bn)
Financial Advisor
(Societe Generale)
SK Energy
(20%)
Legal Advisor
( Skadden Arps Slate
Meager & Flom,
Washington-based law
EPC
Contracts
O&M
Contracts
Project Bond
($0.2bn)
Hunt oil
(50%)
Marubeni
(10%)
Hunt oil,Â
50%Â
Repsol,Â
20%Â
SKÂ Energy,Â
20%Â
Marubeni,Â
10%Â
EquityÂ
StructureÂ
IDB* , $0.80 Â
The IFC,Â
$0.30Â Â
USÂ ExâIm,Â
$0.45Â Â
Italy's Sace,Â
$0.25Â Â
KRÂ ExâIm,Â
$0.30Â Â
Project Bond,Â
$0.10Â Â
DebtÂ
StructureÂ
10. Feb 28
th
, 2015
Reliance's RPL Project Financing Summary
Overall US$6bn, Debt $3.5bn/ Equity US$2.5bn
*25% equity was raised by IPO
Equity Structure
Reliance Industries LTD 75%
Lender - US$ 3.5billion ($2bn Commercial debt + $1.5bn 5 ECAs) Partners, Sponsor (Equity Investor) - US$ 2.5 billion Shevron 5%
Institutional investors and Indian public 20%
Debt Financing Debt Service
Equity Returns
Debt Structure
* HSBC
* ABN AMRO
* Bank of America
* Bank of Tokyo-Mitsubishi UFJ
BNP Paribas
* Calyon EPC - Bechtel Chevron - Supply of crude oil & Off-take of RPL's product
* Citigroup Fast track - 'Intelligent Repeat Design' Early completion will bring advantage since most of the new refining capacity is expected to come
DBS Bechtel & RIL have previous experience together on existing project. on stream in 2010â11
DZ Bank Schedule : 36months <- 48~60 months -> (Early mover advantage) Limited recourse supported by RIL, shortfall in the balance of debt, cost overrun, any other funding
* ICICI Construction started & Long-lead equipment ordered <- Cost overruns Project economics, refining margins for the next 10 years can repay debt?
Mizuho 1/3 completion & ahead of schedule
* Standard Chartered Key infrastructure required for the project sits outside the confines of the project
* SBI Not lump-sum turnkey contract
SMBC
Key Insights
*9 Mandated lead arrangers were responsible of bookrunning. 1) Limited recourse project financing hugely supported by RIL.
Due to tight timeline, both sub-underwriting and general syndication were launched simultaneously. 2) Project economics including refining margins for the coming 10 years to repay the debt.
Total 52 banks from Asia, Europe and Middle-East 3) Finance structure does not include provision like cash waterfall, controls on budget
& finanacial test for distribution, debt service reserve account.
Tranche A Tranche B 4) Key utility required for the project is located outside the confines of the project
Tenture 7.5 yrs 10 yrs
Margins Pre-completion : 80bp Pre-completion : 85bp
Post-completion : 140bo Post-completion : 165bp Ji Won Seo
Step-up provision to encourage RPL to refinance post-completion jwseo2@gmail.com
http://pfcasestudy.blogspot.com
https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile
Source: tp://www.pfie.com/relying-on-reliances-rpl/392274.article
Offtaker
EPC
Bechtel
O&M
Contracts
HSBC
(Documentat
ion Bank)
Citibank
(Technical bank)
ABN-AMRO
(Environmen
tal Bank)
ICICI
(Insurance
Bank)
Institutional
investors and
Indian public (20%)
Other 10
more banks
Reliance
Industries
LTD (75%)
Shevron
(5%)
US$2.5bn
(40%)
US$3.5bn
(60%)
5 ECAs
Suppliers
SPV
Reliance Petroleum LTD (RPL)
US$6
billion
Lender's
technical adviser
(Nexant)
Lender's Legal
Council
(Milbank Tweed
Hadley & McCloy)
Lender's insurance
adviser
(Taylor Risk Consulting)
RelianceÂ
IndustriesÂ
LTD , 75%Â
Shevron, 5%Â
InstitutionalÂ
investorsÂ
and IndianÂ
public , 20%Â
EquityÂ
StructureÂ