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Project Financing: Asset-Based Financial Engineering

Project Financing: Asset-Based Financial Engineering

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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 financing 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 of financing infrastructure and other 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.Finnerty 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 that rather 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.

Издание на английском языке.
2-nd edition.