工程项目融资建议书解读.ppt
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工程项目融资建议书解读.ppt
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工程项目融资建议书解读,Content,工程项目融资简介,LBFSB融资方案,LBFSB融资建议书条款解读,Content,工程项目融资简介,LBFSB融资方案,LBFSB融资建议书条款解读,工程项目融资,Attention,本文件所阐述的工程项目融资指为某一特定的工程项目而展开的融资活动,并非一般经济管理学所谓的项目融资(ProjectFinancing)。
中国原国家计委于外汇管理局:
境外进行项目融资管理暂行办法(计外资1997612号),指以境内建设项目的名义在境外筹措外汇资金,并仅以项目自身预期收入和资产对外承担债务偿还责任的融资方式。
具有以下特点:
1.债权人对于建设项目以外的资产和收入没有追索权;2.境内机构不以建设项目以外的资产、权益和收入进行抵押、质押或偿债;3.境内机构不提供任何形式的融资担保。
美国财会标准手册,对需要大规模资金的项目而采取的金融活动。
借款人原则上将项目本身拥有的资金及其收益作为还款资金来源,而且将其项目作为抵押条件来处理。
ProjectFinancing定义出处,ProjectFinancing定义内容,1.如需对ProjectFinancing定义有更多的了解,可以参考P.K.Nevit项目融资、法律公司CliffordChance项目融资等。
工程项目融资各参与方,SyndicationCommerciallenderstypicallydonotwanttomakemorethanUS$50millionofdebtforaparticularclient/projectandwillwanttopasssomeofthedebt,andhencesomeoftherisk,tootherlenders.Theprocessofsellingthedebtiscalledsyndication.FacilityAgentAdministertheadministrativedetailsoftheLoanonbehalfoftheSyndicate.,Security,ThirdParty,PermitsLicences,Lender,Bank(s),ProvidePoliticalRiskInsurance,ProvideCommercialRiskInsurance,EPCContractor,EngineeringCompany,EPCContract,HostGovernment,providerawmaterial,goodorservice,ProvideLoan,InstalmentPayment,Security,ProvideGuarantees,Security,Security,BankGroup,ArrangingBankorLeadManager,Bank1,Bank2,Bank3,Technical/EngineeringBank,AccountBank,InsuranceBank,SecurityBank,Content,工程项目融资简介,LBFSB融资交易,LBFSB融资建议书条款解读,Content,工程项目融资简介,LBFSB融资方案,LBFSB融资建议书条款解读,SellandLeaseback,LBFSB融资方案,1.LBFSB=LionBlastFurnaceSendirianBerhand,Sendirian(马来西亚语)私人的,Berhand(马来西亚语)公司2.LBFEnterpriseLimited,aspecialpurposevehicle(SPV)incorporatedinLabuanandwhollyownedbyLBFSB.3.Sinosure,中国出口信用保险公司,简称中国信保,是中国惟一承办出口信用保险业务的政策性保险公司,本项目中主要承保买方商业风险和政治风险。
China,Malaysia,LeasePayment,SinosurePolicy,Secondcharge/pledge143,970,843SharesinParkson,20%,29%,100%51%,Firstcharge/pledgeofshareof99%ofAMSB,Secondcharge/pledgeinrespectof100%equityinterestinLionDRI,EPC1(US$870m),EPC2,GuaranteeofLease,GuaranteeofFacility,PersonalUndertakingImplementationAgreement,LeaseAgreement,LeaseReceivableFacilityAgreement,CorporateGuarantee,Firstcharge/pledgeoverallthesharesinLBFSB,Firstprioritycharge/pledgeoverallofthecharesinLBFEnterpriseLimited,100%,(US$60m),FinancialLease融资租赁(金融租赁),Lessee,Company,1.SPV=specialpurposevehicle,projectcompany2.LBFEnterpriseLimited,aspecialpurposevehicle(SPV)incorporatedinLabuanandwhollyownedbyLBFSB.3.本页文稿省略了相关担保、保险等参与方及其与项目各方的关系。
Lessor,LeasingCompany,LeasePayment,Provideloan,Bank,EPCContractor,EngineeringCompany,ProvideFacility,Lessee,LBFSB(SPV),Lessor,LBFEL,LeasePayment,Provideloan,Bank,EPCContractor,SellandLeaseback,EngineeringCompany,TypicalFinancialLeaseTransaction,LBFSBFinancialLeaseTransaction,Lessee,LBFSB(SPV),Provideloan,Bank,EPCContractor,EngineeringCompany,InstalmentPayment,Loan,TypicalFinancingTransaction,Loan,Instalment,MalaysiaCalculationofTaxableBase,NoFinancialLease,FinancialLease,Allowabledeductions,Interestonloans,rentalpayments,expensesforrepairsofpremises,plantandequipmentorfixturesorfortherenewal,repairoralterationofequipmentemployedintheproductionofincome;,TaxableBase,Deduction,Income,Interestpayment,Rentalpayment(Instalment),Interestpayment,Principalpayment,借助于融资租赁,在财务上以租金的形式实现税前还贷,C,Labuan税收政策,1.WilayahPersekutuanLabuan(闽联邦直辖区),简称Labuan,是马来西亚的一个联邦直辖区,于沙巴州西南部,位于南中国海的岛屿。
2.LubuanIBFC,LubuanInternationalBusiness&FinancialCenter.3.本页资料来自于http:
/www.lawandtax-,LabuanIBFC,CompaniesregisteringintheLabuanoffshoresectorwouldhavetheoptionofhavingtheiroffshorebusinessincometaxedundertheIncomeTaxAct1967,inadditiontoundertheLabuanOffshoreBusinessActivityTaxAct1990.,Chargeableprofitsderivedbyanoffshorecompanyfromanoffshoretradingactivityaresubjecttotaxatarateof3%.,A,Offshorecompanywhichcarriesonanoffshorenon-tradingactivityisexemptfromincometaxaltogether.,B,Alternatively,anoffshorecompanywhichcarriesonanoffshoretradingactivitymay,withinthreemonthsfromthecommencementofanycalendaryear,electtobechargedtotaxofm$20,000(US$6553.72)forthatyearofassessment.,Content,工程项目融资简介,LBFSB融资方案,LBFSB融资建议书条款解读,Content,工程项目融资简介,LBFSB融资方案,LBFSB融资建议书条款解读,贷款发放及偿贷,Year,1,2,3,4,5,6,7,8,9,FacilityMaturityPeriod,SigningdateofFacilityAgreement,AvailabilityPeriod,Drawdown,GracePeriod,2,3,4,1,2,3,4,1,2,3,4,1,2,3,4,1,2,3,4,1,2,3,4,1,2,3,4,1,2,3,4,1,2,3,4,1,Season,FirstRepayment,InterestPeriod,Repayment,1.注意贷款发放及偿贷的时间、条件。
2.除贷款的本金、利息外,一般银行还会收取一些其它费用,在本建议书中,银行提出的费用有:
UpfrontFee,FacilityAgentFee,CollateralAgentFee,OnshoreSecurityAgentFee,CommitmentFee等。
需要注意这些费用的收取比例、付款时间及条件等。
InterestStructure,InterestStructure,3-MonthUS$LIBOR,ApplicableMargin=290bps,200bps,InterestRate,DefaultInterest,LIBOR1,伦敦银行同业拆放利率(LondonInterBankOfferedRate,简称LIBOR)由英国银行家协会(BritishBankersAssociation)按其选定的一批银行,于伦敦货币市场报出的银行同业拆借利率,再以抽样的方式,计算出平均指标利率在一家银行内,有两个利率,拆进利率(BidRate)是成本,拆放利率(OfferedRate)是收入LIBOR已经作为国际金融市场中大多数浮动利率的基础利率,最大量使用的是3个月和6个月的LIBOR从LIBOR变化出来的还有新加坡同业拆借利率(SIBOR),纽约同业拆借利率(NIBOR),香港同业拆借利率(HIBOR),1.资料来自于http:
/zh.wikipedia.org/wiki/LIBOR2.示意图来自于http:
/1bp=0.011%,中长期贷款一般采用浮动利率,通常在LIBOR的基础上,根据国际金融市场上资金的供求、期限长短、贷款金额大小、货币币种风险和客户资信高低加上一定的利差。
利差一般在0.251.25%,FinancialCovenantsontheProject,Minimumdebtservicecoverageratioof1.25xinFYendedJune2014andthereafter;,Maximumdebttoequityratioof70:
30;,MaximumdebttoEBITDAratioof3.5xinFYendedJune2014,3.0xinFYendedJune2015,2.5xinFYendedJune2016and2.0xinFYendedJune2017andthereafter;,Maximumdividendspayoutratioof25%oftheprofitaftertaxwhendebttoEBITDAratioisgreaterthan1.5xbutnomorethan2.0xand50%oftheprofitaftertaxwhendebttoEBITDAratioisnomorethan1.5x,1,2,3,4,Dividendpayoutratio:
股息支付率,=股息/净利润,Debtservicecoverageratio:
债务偿付比率,=EBITDA/税息总和,一般不宜低于1.3,若低于1则表明当年税前利润不足以偿付当期债务。
Debttoequityratio:
资本负债比率,=负债总额/股东权益总额,旨在揭示企业长期偿债能力,一般警戒线为200%,若超过则应格外关注。
EBITDA:
EarningsBeforeInterest,Tax,DepreciationandAmortization税息折旧及摊销前利润,用来计算公司业绩的利润衡量指标。
DebttoEBITDAratio:
=负债总额/EBITDA,*除了对债务人有严格的财务指标要求外,建议书对担保人(Guarantors)也进行了一定的要求,主要集中于资产负债比率等指标,条款举例,TheBorrowershallmaintaintheDebtServiceReserveAccountwiththeOffshoreAccountBankcoveringatleast2quarterlyinstalment(i.e.interestandprincipalrepayments)atleast30daysbeforethenextinstalmentdayuntildebt/EBITDAratioreaches1.5xorloweruponwhichtheBorrowershallonlyneedtomaintain1quarterlyinstalment(i.e.interestandprincipalrepayments)ofatleast30daysbeforethenextinstalmentday.TheFacilityshallbeavailableformultipleDrawdownduringtheAvailabilityPeriodsubjectto(i)compliancewithConditionsPrecedent,(ii)noEventofDefaultorpotentialEventofDefaultexists;(iii)debttoequityratioshallnotexceed70:
30ratioand(iv)notlessthan5businessdayspriorwrittennoticerequestingaDrawdowntotheFacilityAgent.EachDrawdownshallbeinaminimumamountofUS$10millionorsuchotheramountascertifiedbyanindependentengineerreferredtobelow.Drawdownsarerestrictedtoonceamonth.ProceedsfromeachDrawdowncanonlybeusedtomakeorreimbursepaymentsunderEPC1,subjecttoreceiptofrelevantsupportingdocumentscertifiedbyanindependentengineerandtothesatisfactionoftheFacilityAgent.TheMandatedLeadArrangershallbeentitled,afterconsultationwiththeBorrower,toproposechangestothestructure,termsand/orpricingoftheFacilityiftheMandatedLeadArranger,initssoleopinion,determinesthatsuchchangesareadvisableinordertoensureasuccessfulsydicationthereof.,工程项目融资中与担保有关的几个概念,Mortgage,Pledge,FixedCharge,Guarantee,-转移占有-不转移所有权,-不转移占有-通常以不动产为主,-以某特定资产为担保物-担保人(借款人)在担保解除或者担保收益人(债权人)同意之前,不能出售或以其他形式处置该资产,-以法律协议的形式作出承诺,担保人向债权人承担一定的义务。
在被担保人不履行其对债权人所承担的义务的情况下,担保人代其履行义务或承担赔偿责任。
-担保人的信用至关重要,借款人或担保人以自己的有形资产或权益资产为履行债务设定的担保物权,FloatingCharge,Charge,-不转移占有-不转移所有权-为债权人与债务人的协议,-通常以动产为主,EnglishLaw,-转移所有权(较古老、不常用)-不转移所有权,但需登记,-不转移所有权-需法定登记(工商局或公证处,视抵押物是否为担保法中确定的物),中国法律,-不以特定资产为担保物-在借款人违约前,借款人有权在其正常的业务活动中自由使用和处分担保物,无须征得债权人同意。
经借款人处分后的担保物自动退出担保物范围。
反之,借款人在设定担保物之后所取得的财产也自动进入担保范围。
-只有违约事件发生,担保物才具体化,担保财产置于担保收益人控制。
当事人之间的一种合同关系,条款举例,Firstfixed/floatingchargeoverallpresentandfutureassets,propertiesandundertakingsoftheObligors.Firstprioritycharge/pledgeoverallthesharesintheBorrowerbyLBFSB.FirstprioritylegalchargeoveradebtservicereserveaccountoftheBorrower.Firstprioritycharge/pledgeoverallofthesharesinLBFSBbyLDHB,LICBandLFIBFirstpriorityaccountchargeovertheReceiptAccount(s),intowhich,allleaserentalsshallbepaidforthetenoroftheFacility.FirstprioritychargeovertheConstructionPeriodAccount.TheunconditionalandirrevocablecorporateguaranteefromtheGuarantors.TheunconditionalandirrevocableLeasePaymentGuaranteefromeachGuarantortotheLessortobeassignedbytheLessorassecurityfortheFacility.Sinosureoverseasleaseinsurancepolicy.TanSriWilliamChengspersonundertakinginrespectoftheimplementationoftheProjectaccordingtotheProjectPlanning;,条款举例,Firstcharge/pledgeofshareof99%ofAmsteelmillsSBheldbySteelcorpSB(asubsidiaryofLICB),secondcharge/pledgeinrespectof143,970,843sharesinParksonHoldingsBheldbyAmsteelMillsSB,andsecondcharge/pledgeinrespectof100%equityinterestinLionDRISBheldbyLDHB.,*IntheeventAmsteelMillsSBcouldnotobtainitsconsentfromlenders(AMSBLenders)tocreateasecondsharechargeinfavouroftheLendersinrespectofthe143,970,843sharesinParksonHoldingsBthatshallrankaftertheexistingfirstpartyfirstsharechargeinfavourofAMSBLenders(existingFirstCharge),LICBshallprovideanundertakingtotheLenderstoprocureAMSBtocreateathirdpartyfirstsharechargeinfavouroftheLendersoritsagentinrespectof143,970,843sharesinParksonHo
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