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Project Finance: Practical Case Studies, 2nd Edition, Vol 2
Resources and Infrastructure

Description:    Project Finance: Practical Case Studies, 2nd edition, Volume 2 covers case studies on the FLAG
                telecommunications project; the Mega refinery in Argentina; the Petrozuata oilfield in Venezuela;
                and the Golden Pride, Bulyanhulu and Geita gold mines in Tanzania.

                "This book comes at a time of crisis. It makes an important contribution to our understanding of
                what can go wrong and what is needed to implement better the critical power and infrastructure
                facilities that the world needs." Jacob J Worenklein, Managing Director and Global Head, Project
                and Sectorial Finance, Societe Generale

                In Volume II – Resources and Infrastructures, the pipeline project case studies discuss the
                increasing willingness of both the bank and capital markets to take risks in a developing country;
                the requirements for multilateral agency participation; and the need to address environmental,
                social, and sustainability issues. The oil field production project case study demonstrates how the
                credit rating of a solid export-oriented project with strong sponsors can pierce the sovereign ceiling
                of a country with political difficulties.

                Similarly, the refinery case study presents an example of a project with pure emerging-market risk
                that can survive in a difficult economic environment. The mining project case studies demonstrate
                sensitivity to commodity price risk, the negotiation of a basic legal structure with a host
                government, and the construction and operating difficulties involved. The toll road project case
                studies outline bridge construction challenges, and issues related to the respective roles of the
                government and the private sector in assuming construction and traffic risks, a flexible repayment
                mechanism to cope with traffic risks, and problems when traffic does not meet projections. The
                airport case studies present an example of a whole-business securitisation, and describe difficulties
                related to lower-than-projected passenger traffic and ongoing negotiations with the government on
                concession issues.

                Finally, the three telecommunications project case studies discuss topics such as a creative lease
                structure that provided financing for a state-owned telephone company, an aggressive
                multinational network expansion that could not be supported when telecom capital expenditures
                collapsed and an international consortium’s overpayment for a local cellular telephone licence.



Contents:       About the author

                Acknowledgements

                Foreword

                Introduction
                Industry sectors
                Geographical areas
                Content and research method
                The nature of project finance
                Trends in project finance
                Effect of Enron
                Caution among lenders and investors
                Common themes
                Reasons for financial difficulty
                Lessons learned

                Toll roads

                1 Highway 407, Canada
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Sponsors
How the financing was arranged
Lessons learned as at 1999
Subsequent events

2 Rion–Antirion Bridge, Greece
Type of project
Country
Distinctive features
Description of financing
Introduction: Greek build-operate-transfer projects
Project summary
Background
How the financing was arranged
Construction challenges
Improvement of financial market conditions
Lessons learned

3 Athens Ring Road, Greece
Type of project
Country
Distinctive features
Description of financing
Introduction: Greek build-operate-transfer projects
Project summary
Background
Risks
How the financing was arranged
Problems that delayed closing
Lessons learned

4 PYCSA, Panama
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Risk analysis
How the financing was arranged
Contractual relationships and commitments
Credit analysis
Lessons learned

5 A2 Motorway, Poland
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Risk analysis
How the financing was arranged
The future
Lessons learned

Airports
6 SCL Terminal Aéreo Santiago SA, Chile
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Principal contracts
Principal risks
Reserves and guarantees
Structure of financing
Credit ratings
Lessons learned

7 London City Airport, United Kingdom
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
How the financing was arranged
Credit ratings and risk factors
Lessons learned

Telecommunications

8 Ancel, Uruguay
Type of project
Country
Distinctive features
Description of financing
Latin American telecommunications projects
Project summary
Background
Contractual relationships
Risk analysis and credit ratings
Financial projections
Principal problems encountered
Lesson learned

9 Telecommunications projects, Brazil
Type of project
Country
Distinctive features
Description of financing
Introduction
Background
BCP
Telemar

10 FLAG (Fibre-optic Link Around the Globe)
Type of project
Country
Distinctive features
Description of financing
Project summary
FLAG Europe–Asia
FLAG Atlantic-1
FLAG Pacific-1
FLAG North Asia Loop (FNAL)
FLAG Telecom
Principal problems and lessons learned

PFI construction and operating concession

11 Integrated accommodation services for GCHQ, United Kingdom
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
How the financing was arranged
Principal contracts
Risk factors
Credit ratings as of 2000
Lessons learned

Mines

12 El Abra, Collahuasi and Los Pelambres, Chile
Type of project
Country
Distinctive features
Description of financing
Project summary
Ownership and contractual relationships
Structure of financing
Risk and credit analysis
Developments since 1997
Lessons learned
Comparison with two other mining projects in Chile

13 Andacollo Gold Mine, Chile
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
How the financing was arranged
Risk analysis
Current trends in mining project finance
Events since 1996
Lessons learned

14 Gold mines, Tanzania
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Golden Pride
Bulyanhulu
Geita
Gold mine credit risks
Lessons learned

Oilfields

15 Petrozuata, Venezuela
Type of project
Country
            Distinctive features
            Description of financing
            Project summary
            Background
            Project financing
            Contractual relationships
            Sensitivity analysis
            Risk analysis
            Credit analysis
            Lessons learned

            Pipelines

            16 Chad–Cameroon pipeline
            Type of project
            Country
            Distinctive features
            Description of financing
            Project summary
            Background
            Risk analysis
            How the financing was arranged
            Recent developments
            Lessons learned

            17 Centragas, Colombia
            Type of project
            Country
            Distinctive features
            Description of financing
            Project summary
            Background
            Financing
            Ownership and contractual relationships
            Risk analysis
            Debt-service coverage
            Ratings from Standard & Poor’s
            Lessons learned

            18 TransGas, Colombia
            Type of project
            Country
            Distinctive features
            Description of financing
            Project summary
            Background
            Ownership and contractual relationships
            Risk analysis
            Other issues
            Credit ratings
            Lessons learned

            19 Oleoducto Central SA (Ocensa), Colombia
            Type of project
            Country
            Distinctive features
            Description of financing
            Project summary



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Description: Project Reports on Finance document sample