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Project Finance in Theory and Practice, 2nd Edition by Stefano Gatti

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Chapter 6

Financing the Deal

Introduction

Funding a project finance deal is extremely complex. In both the case of bank loans and recourse to the capital market (bond issues), the size of projects means that a large number of banks or very many bond investors must participate. For an example, see the tombstone in Figure 6.1.

image

FIGURE 6.1 Tombstone for a refinancing project finance facility.

This chapter reviews how syndicated loans and bond issues are organized and also analyzes the various alternatives sponsors have for obtaining funds to invest in their projects. The first three sections investigate the structure of syndicated loans, the ...

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