Project financing is an innovative and timely financing technique that has been used on many high-profile corporate projects, including Euro Disneyland and the Eurotunnel Employing a carefully engineered finaбырюцncing mix, it has long been used to fund large-scale natural resource projects, from pipelines and refineries to electric-generating facilities and hydroelectric projects Increasingly, project financing is emerging as the preferred alternative to conventional methods вйбнщof financing infrastructure andother large-scale projects worldwide The intricacies of project financing are formidable, and can easily be misunderstood and, consequently, misused While project financing structures share certain common features, by necessity, they require tailoring the package to the particular circumstances of the project That is where both the benefits and the challenges lie As an investment banker currently with Houlihan Lokey Howard & Zukin, John D Finврхпяnerty has a wealth of experience in project financing Now, he brings his considerable expertise to a comprehensive exploration of the facts, figures—and potential faux pas—surrounding Project Financing What distinguishes project financing from conventional direct financing is thatrather than looking to the firm's entire asset portfolio to generate cash flow, in project financing, the project is "a distinct legal entity" and the financing is tailored to the cash flow characteristics of the project assets Such a structure can yield a more efficient allocation of risks and returns than conventional financing, but careful financial engineering is critical With actual examples and case studies, Project Financing takes you through the process step by step It covers the rationale for project financing, how to prepare the financial plan, assess the risks, design the financing mix, and raise the funds Along with cogent analyses of why some project financing plans haвтэозve succeeded while others have failed, you'll find detailed information on: Designing contractual arrangements to support project financing Issues for the host government—legislative provisions, public/private infrastructure partnerships, public/private financing structures Credit requirements oflenders, and how to determine the project's borrowing capacity How to prepare cash flow projections and use them to measure expected rates of return Tax and accounting considerations Detailed case studies—including Euro Disneyland and the Eurotunnel Project—that illustrate how to apply the analytical techniques described in the book From funding sources and contract options to security arrangements and legal requirements, Project Financing provides the most complete coverage available today Project financing is one of the hottest topics in corporate finance As an effective alternative to conventional direct financing, it is being used more frequently—and more successfullyвухял—on a wide variety of projects In this comprehensive new book, John D Finnerty, Editor of Financial Management, takes an in-depth look at this important financing technique Praise for PROJECT FINANCING "Owing to his teaching as a finance professor and as an experiencedinvestment banker, John Finnerty brings to his book, Project Financing, an insightful perspective, blending the theoretical with the practical"—Zoltan Merszei, Former Chairman, President, and CEO, The Dow Chemical Company "Finnerty has managed to distill the complexities of project financing with its myriad components and variations Clear, practical, and in-depth, Project Financing is a valuable user's guide for project sponsors, regulators, host governments (local and foreign), and financiers alike"—Ricardo M Campoy, Managing Director, ING Capital Corporation "Project Financing warrants a place in the essential libraries of corporate financial managers, their advisors, senioвуьзюr strategists, bankers, large private investors, government officials, and anyone who aspires to master innovation in corporate finance"—Robert F Bruner, Professor of Business Administration, Darden Graduate School of Business Administration, University of Virginia "This book is the first comprehensive treatment of project financing It provides an invaluable contribution to financial management literature and practice"—Andrew H Cohen, Distinguished Professor of Finance, Southern Methodist University Автор Джон Д Финнерти John D Finnerty.