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Contents
Base Case Strategy
Proposed Multisource Strategy
Assumptions
Libor (%)
CIRR (%)
1.65
4.9
Sr. No.
Sources
Amount
(US$ mil)
Tenor
(years)
Base
Lending
Rate
Spread
(bp)
Upfront
Guarantee
Fee (bp)
350
10
LIBOR
110
0
0
ECA
guar./insur
2 ed loans
1200
8.5
12
8.5
12
CIRR
60
600
600
600
600
Total debt
$1,550
Upfront
(AVG)%
Net Cost
(%/yr)
Shareholde
rs' equity
(cash)
Project
total
150
$1,700
SUMMARY:
Amount ($ mil)
Commercial
bank loans
ECA
guar./insure
d loans
Avg Cost
%/yr
350
2.88
0.875
2.963
1200
5.63
6.875
6.316
Shareholder
s' equity
(cash)
150.00
1700.00
n/a
100.000
235.563
n/a
5.559
(US$ mill)
(WT Avg)
Rate
Arranging
Fee (bp)
One Time
(Total)
(bp)
Avg One
Time for
Tenure
(bp)
Net Rate
(%/yr)
se Financing Strategy
25
2.88
75
100
75
100
7.500
10.000
2.950
2.975
2.963 AVG
25
5.63
75
75
100
100
675
675
700
700
79.412
56.250
82.353
58.333
6.419
6.188
6.449
6.208
6.316 AVG
5.559
Shareholders' equity
(cash)
9%
Commercial bank
loans
20%
WT. AVG
ECA guar./insured
loans
71%
Sources
Commercia
l bank
1 loans
Metalslink
2 ed facility
Islamic
3 lease
Amount
Tenor
Base
Spread
Upfront
(US$ mil)
(years)
Lending
Rate
(bp)
Guarantee
Fee (bp)
300
10
10
LIBOR
115
0
0
500
10
10
LIBOR
125
0
0
750
10
10
LIBOR
145
0
0
300
12
12
LIBOR
110
0
0
500
12
12
LIBOR
120
0
0
200
12
12
LIBOR
130
0
0
400
12
12
LIBOR
140
0
0
4 Local bond
200
10
10
LIBOR
100
0
0
ECA
guar./insur
5 ed loans
150
8.5
12
8.5
12
CIRR
60
600
600
600
600
Total debt
$1,550
Upfront
(AVG)%
Net Cost
(%/yr)
Shareholde
rs equity
(cash)
Project
total
150
$1,700
SUMMARY:
Avg
Cost
Amount ($ mil) %/yr
Commercial
bank loans
Metalslink
ed facility
300-750
3.06
0.875
3.190
300-500
2.93
0.875
3.010
0.875
0.875
3.215
2.863
Islamic lease
200-400
Local bond
200
ECA
guar./insure
d loans
150
Shareholders equity (cash)
150
1700.00
3.13
2.78
5.63
n/a
6.875
100
172.563
(US$ mill)
6.314
n/a
Arranging
Rate
Fee (bp)
One Time
(Total)
(bp)
Avg One
Time for
Tenure
(bp)
Net Rate
(%/yr)
25
2.93
75
100
75
100
7.500
10.000
3.000
3.025
3.013 AVG
25
3.03
75
100
75
100
7.500
10.000
3.100
3.125
3.113 AVG
25
3.23
75
100
75
100
7.500
10.000
3.300
3.325
3.313 AVG
3.190 WT. AVG
3.06
25
2.88
75
100
75
100
6.250
8.333
2.938
2.958
2.948 AVG
25
2.98
75
100
75
100
6.250
8.333
3.038
3.058
3.048 AVG
3.010 WT. AVG
2.93
25
3.08
75
100
75
100
6.250
8.333
3.138
3.158
3.148 AVG
25
3.18
75
100
75
100
6.250
8.333
3.238
3.258
3.248 AVG
3.215 WT. AVG
3.13
25
2.78
75
100
75
100
7.500
10.000
2.850
2.875
2.863 AVG
25
5.63
75
100
75
100
675
700
675
700
79.412
58.333
79.412
58.333
6.419
6.208
6.419
6.208
6.314 AVG
Sources
Commercial
bank loans
ECA
guar./insure
d loans
Shareholder
s' equity
(cash)
Amount
(US$ mil) Rate
350
1200
150
Shareholders'
equity (cash)
9%
Commercial
bank loans
20%
ECA
guar./insured
loans
71%