a financing is clear and the return is clear; One is that the financing is unclear and the return is even more unclear. The following are the successful cases of project financing that I have compiled for you. Welcome to read!
successful case of project financing 1
1. Power plant financing background
Hengyuan Power Plant Co., Ltd. (Group) was formerly known as Hengyuan Power Plant and was founded in 1977. In October, 1996, it was reorganized into Hengyuan Power Plant Group Co., Ltd. with the approval of the local municipal people's government, with a registered capital of 285 million yuan. The group company has 14 wholly-owned and holding subsidiaries, including power plants, self-provided power plants, cement plants and aluminum companies, with total assets of 1.7 billion yuan, forming a large state-owned enterprise group with distinct industrial chain characteristics and advantages, which is led by electricity and integrates coal, building materials, non-ferrous metals, processing and electronic appliances. Among them, the installed capacity of No.1 Power Plant and its own power plant is * * * 256,111 kilowatts, the annual production capacity of its own coal mine is 451,111 tons, the annual production capacity of aluminum plant is 31,111 tons, and the annual production scale of fly ash cement plant is 311,111 tons. In addition, the aluminum processing plant and the Al-Si-Ti multi-alloy project are planned to be put into production in 1999. In 2119-98, the Group achieved a sales income of 551 million yuan, a profit and tax of 1 billion yuan, and lived among the top enterprises in the city budget, with strong economic strength.
in 1995, Hengyuan Power Plant submitted a proposal to the State Planning Commission to establish a 2? The project proposal of 311 MW thermal power plant was approved in the same year. On September 5 -8, 1997, the General Institute of Electric Power Planning and Design made a supplementary review of the feasibility study, and issued the review opinions of the supplementary feasibility report. In the proposal of Hengyuan Power Plant, the total investment of the planned project is 3,822.6 million yuan. Among them, the capital (including Chinese and foreign investors) is 955.65 million yuan (accounting for 25% of the total investment), and the project financing (including domestic financing and overseas financing) is 2,866.96 million yuan (accounting for 75% of the total investment). The domestic financing of 861.19 million yuan is mainly obtained from China Development Bank, while the overseas financing is planned to be 241.79 million yuan. Hengyuan Power Plant plans to set up SPC bonds overseas, that is, asset securitization.
2. Selection of financing mode for power plant
On May 21th, 1997, the company submitted a bid to salomon brothers Company, Morgan Stanley? Six world-renowned investment banks and commercial banks, including Stanley, Lehman Brothers, JP Morgan, Hong Kong HSBC Investment Bank and BZW Bank of the United Kingdom, issued invitations to provide financing proposal for this project. From July to September, 1997, all investors clarified, analyzed and evaluated the above financing schemes. All six banks put forward the plan of issuing bonds by special SPC, and the latter two banks also put forward the plan of syndicated loans. After careful consideration, for the following reasons, the company decided to choose the way of issuing bonds by ABS special tools, and Lehman Brothers was the financing consultant of Hengyuan Power Plant.
(1) issuing bonds in foreign capital markets mainly refers to issuing bonds in large international capital markets such as the United States, Japan and Europe. Among them, the American capital market is the largest in the world, with the longest issuance period and the largest transaction flow in the world. Because there are a large number of investors in the capital market, there is greater flexibility in issuing bonds in the capital market, and the scale and interest rate of issuing bonds are more competitive. Financing can be completed in a short time, and the financing period is much longer than that of ordinary syndicated loans. In recent years, many large-scale infrastructure projects around the world and large enterprises in the United States have adopted the way of issuing bonds in the capital market to achieve the purpose of financing.
(2) syndicated loan refers to a loan group formed by several commercial banks to lend money to projects or enterprises. At present, commercial banks that lend to China projects are mainly small and medium-sized banks that want to expand their market share in the World Bank, and the amount of financing that projects can obtain is generally small. Due to the financial crisis in Southeast Asia and East Asia, the number of commercial banks willing to lend to Asian countries has decreased. At present, there is no project in China that can successfully obtain syndicated financing, but also adopts domestic equipment, domestic general contractor, limited recourse and no international risk insurance. In addition, syndicated loans are generally led by export credit, and it is very difficult to syndicate loans without export credit. Compared with issuing bonds, syndicates have more requirements for projects, more operations involved in projects, and generally it takes longer to obtain financing.
(3) As Hengyuan Power Plant adopts domestic equipment and domestic general contractor, export credit is not included in the financing consideration of this project. It takes a long time to obtain loans from the World Bank and ADB, and Hengyuan Power Plant is not a loan project of the World Bank and ADB.
(4) The safety financing consultant of each investor in Hengyuan Power Plant has designed a scheme with low cost, high possibility of successful financing and effective financing in a short time (about 6 months). Lehman Brothers has rich experience in issuing bonds and in-depth understanding of Hengyuan project, and put forward practical financing considerations; At the same time, the cost of Lehman Brothers is the lowest among all the companies. Based on the characteristics of the project mentioned above, and the comparison of various financing channels and financing schemes proposed by financing consultants, Hengyuan Power Plant decided to choose Lehman Brothers as the financing consultant to raise funds by issuing bonds in the US capital market.
project financing success case 2
The Eurochannel Tunnel project is the largest bot project in the world at present, with a total length of 51km, including two railway tunnels with a diameter of 7.3m and a service tunnel with a diameter of 4.5m, which connects Britain and France. In February of 1986, a concession agreement was signed, and the project was completed in 1993 with a concession period of 55 years. The project was initiated by the British Channel Tunnel Group. British banking consortium and French builders.
The Eurochannel Tunnel project is the largest bot project in the world at present, with a total length of 51km, including two railway tunnels with a diameter of 7.3m and a service tunnel with a diameter of 4.5m, which connects Britain and France. In February of 1986, a concession agreement was signed, and the project was completed in 1993 with a concession period of 55 years. The project was initiated by the British Channel Tunnel Group. British banking consortium and French builders.
The total investment of the project is USD 11.3 billion, including USD 1.7 billion in equity and USD 8.5 billion in loan. In the capital structure of the project, the debt-equity ratio is 83: 17.
51 international banks participated in the negotiation of the credit agreement. In September, 1987, a syndicate of 215 international banks signed a credit agreement with Eurotunnel. The negotiation of credit agreement goes hand in hand with equity fund-raising. The credit agreement stipulates that the loan repayment period is 2118 years, and it requires strict implementation of franchise agreement, railway use contract and construction contract.
USD 281 million invested by the sponsors before the end of 1986 is used as the first share capital. At the end of 1986, the private sector invested $371 million as the second phase equity, which ensured the funds needed for this phase of the project. In 1987, 1988 and 1989, shares were issued to the public for three times, raising US$ 811 million, US$ 275 million and US$ 275 million respectively.
after the initial share capital was invested by the promoters, some banks made temporary loan commitments before signing the franchise agreement. Between the first and second equity injections, a credit agreement was negotiated, and a loan syndicate was formed before the third equity issuance. In September 1988, the syndicate paid the loan to Eurotunnel for the first time.
from the actual operation process, the cost of the Eurochannel Tunnel project is seriously overspent during the construction process, and its benefits are not ideal due to the competition of other transportation facilities after the project is completed. So far, this project is not a very successful bot case.
project financing success case 3
a catering barge project in Chongqing successfully raised 61 million yuan.
this project is located at Haitangxi Wharf on Nanbin Road, and it is a catering cultural project set up by Chongqing Sentai Noah Food Culture Co., Ltd. with an investment of RMB 51 million, which integrates tourism, sightseeing and leisure, catering, KTV entertainment and high-end business meetings. The ship is 81.32 meters long, 26 meters wide and 31.5 meters high, with a full draft of 4 meters and a full displacement of 4,773 tons. It has 7 floors and a total area of 14,111 square meters. It is divided into four areas: catering, entertainment, tourism and leisure, and high-end business club. Among them, the catering part has 36 luxury private rooms, and the multi-function hall can accommodate 711 people for dining at the same time. The entertainment part is equipped with. The high-end business club covers an area of 2111 square meters, and the tourism and leisure part is 1511 square meters. It is the highest-grade project of all catering barges on the four banks of the two rivers in Chongqing, and it is another landscape that sets off with Hongya Cave.
Highlights of the project:
1. Chongqing Dihang Shipping Technology Consulting Co., Ltd. was hired to carry out the main design, Chongqing Hua Kai Decoration Co., Ltd. was hired to carry out the decoration design, and Chongqing Port Shipping Technology Co., Ltd. was specially hired to supervise the whole construction of the ship, thus ensuring the overall effect of the safety, comfort, luxury and applicability of the Sentai Noah catering barge.
2. The ship's technical requirements and standards have been reviewed in strict accordance with the regulations of government functional departments such as port and shipping, maritime affairs, fire protection and environmental protection, and the procedures are complete. And the maritime administrative department took the lead in organizing expert meetings for demonstration and decision-making for many times.
3. All waste water, waste gas and waste residue generated during the operation of the ship are specially treated according to the requirements of environmental protection. With reference to the highest flood peak water level in the past years, three sets of electric control equipment for anchors are added to ensure the safe operation of the barge. Property insurance is carried out for unpredictable factors such as fire, flood and explosion according to RMB 51 million. In addition, public liability insurance is carried out for people entering and leaving the place, and the risk control ability of the project is absolutely guaranteed.
4. In line with the concept of frugality and no waste advocated by the Party and the government, we should change the traditional way of ordering food and introduce the way of fixed-value side dishes, so that customers of different consumption grades can enjoy the catering services with fair prices, diverse varieties and beautiful colors and smells, and ensure the return rate.
5. on the basis of ensuring the innovation of high-end hardware services, we will do our best to improve the quality of software services, so that high, middle and low-end customers can enjoy super-star services, and Sentenoya's software and hardware services will be well-known throughout the city and become the industry benchmark.
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