Project Finance: Practical Case Studies: Resources and Infrastructure Vol 2

About the author

Acknowledgements

Foreword

Introduction
Industry sectors
Geographical areas
Content and research method
The nature of project finance
Trends in project finance
Effect of Enron
Caution among lenders and investors
Common themes
Reasons for financial difficulty
Lessons learned

Toll roads

1 Highway 407, Canada
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Sponsors
How the financing was arranged
Lessons learned as at 1999
Subsequent events

2 Rion-Antirion Bridge, Greece
Type of project
Country
Distinctive features
Description of financing
Introduction: Greek build-operate-transfer projects
Project summary
Background
How the financing was arranged
Construction challenges
Improvement of financial market conditions
Lessons learned

3 Athens Ring Road, Greece
Type of project
Country
Distinctive features
Description of financing
Introduction: Greek build-operate-transfer projects
Project summary
Background
Risks
How the financing was arranged
Problems that delayed closing
Lessons learned

4 PYCSA, Panama
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Risk analysis
How the financing was arranged
Contractual relationships and commitments
Credit analysis
Lessons learned

5 A2 Motorway, Poland
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Risk analysis
How the financing was arranged
The future
Lessons learned

Airports

6 SCL Terminal Aéreo Santiago SA, Chile
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Principal contracts
Principal risks
Reserves and guarantees
Structure of financing
Credit ratings
Lessons learned

7 London City Airport, United Kingdom
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
How the financing was arranged
Credit ratings and risk factors
Lessons learned

Telecommunications

8 Ancel, Uruguay
Type of project
Country
Distinctive features
Description of financing
Latin American telecommunications projects
Project summary
Background
Contractual relationships
Risk analysis and credit ratings
Financial projections
Principal problems encountered
Lesson learned

9 Telecommunications projects, Brazil
Type of project
Country
Distinctive features
Description of financing
Introduction
Background
BCP
Telemar

10 FLAG (Fibre-optic Link Around the Globe)
Type of project
Country
Distinctive features
Description of financing
Project summary
FLAG Europe-Asia
FLAG Atlantic-1
FLAG Pacific-1
FLAG North Asia Loop (FNAL)
FLAG Telecom
Principal problems and lessons learned

PFI construction and operating concession

11 Integrated accommodation services for GCHQ, United Kingdom
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
How the financing was arranged
Principal contracts
Risk factors
Credit ratings as of 2000
Lessons learned

Mines

12 El Abra, Collahuasi and Los Pelambres, Chile
Type of project
Country
Distinctive features
Description of financing
Project summary
Ownership and contractual relationships
Structure of financing
Risk and credit analysis
Developments since 1997
Lessons learned
Comparison with two other mining projects in Chile

13 Andacollo Gold Mine, Chile
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
How the financing was arranged
Risk analysis
Current trends in mining project finance
Events since 1996
Lessons learned

14 Gold mines, Tanzania
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Golden Pride
Bulyanhulu
Geita
Gold mine credit risks
Lessons learned

Oilfields

15 Petrozuata, Venezuela
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Project financing
Contractual relationships
Sensitivity analysis
Risk analysis
Credit analysis
Lessons learned

Pipelines

16 Chad-Cameroon pipeline
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Risk analysis
How the financing was arranged
Recent developments
Lessons learned

17 Centragas, Colombia
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Financing
Ownership and contractual relationships
Risk analysis
Debt-service coverage
Ratings from Standard & Poor's
Lessons learned

18 TransGas, Colombia
Type of project
Country
Distinctive features
Description of financing
Project summary
Background
Ownership and contractual relationships
Risk analysis
Other issues
Credit ratings
Lessons learned

19 Oleoducto Central SA (Ocensa), Colombia
Type of project
Country
Distinctive features
Description of financing
Project summary