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Infrastructure and Project Finance
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Infrastructure development is essential to sustaining economic growth and improving competitive position in today’s global markets. Often traditional public sector funding sources are severely constrained when it comes to financing infrastructure facilities. Innovative approaches to funding such services, as well as programs for Public Private Partnerships (PPPs), have been endorsed by many countries as means of accelerating their delivery.
An essential element of PPP is the desire to link public sector accountability with private sector discipline, expertise, efficiency and financial resources. This is equally true in both industrialized and emerging markets. In this hands-on program participants will become thoroughly familiar with the array of PPP models from Supply and Service Contracts, Management Agreements, Leasing, DBFO, BOT, BOO, Privatization and a continuum of other approaches. They will see how the concept of balancing risk and ‘value for money” is central to governmental policy and decision-making. They will also consider the outlooks of various stake-holders creditors and guarantors of projects, when approaching PPP transactions.
While differentiating between countries and sectors this program is designed to help participants break the project analysis process into its component parts and evaluate the roles played and sources of support provided by many parties. Techniques for assembling information and making qualitative judgments are described. Tools used to conduct careful quantitative financial analysis are explained thoroughly. Cases and examples from around the world that have successfully weathered difficult markets, as well as some that have deteriorated or failed, are used to ensure understanding and give participants practice in the application of concepts.
Careful attention is given to techniques for sourcing and enhancing the terms of funding both in domestic and international projects. Elements unique to both bank and capital markets approaches to financing of PPP projects in transport, social services, and water sectors are highlighted.
Learn about:- Availability vs, Concession Models of PPP
- Structuring Transactions and Anticipating Problems
- Sources of Finance Banks, Capital Markets
- Rating Agency Considerations
- Credit Enhancement Techniques
- Private Equity and Other Investment Funding
- Distinctive Features of International Projects in Industrializing Countries
- Roads, Rail
- Ports and Airports
- Water and Sanitation
- Hospitals, Schools and Other Social Infrastructure
Who should attend
All professionals involved in infrastructure finance from across government and government agencies, project sponsors, contractors, financial institutions including multilaterals and export credit agencies, as well as consulting and advisory firms.
- Head of Project Finance
- Head of Corporate Finance
- Head of Structured Finance
- Treasurer
- Project Manager
- Accountant
- Analyst
- Sales Manager
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Day 1
PPP Overview; Road and Other Transport Project Financing
What is a Public Private Partnership (PPP)?
- Public Private Partnerships (PPP) Principles
- Roles for the Public and Private Sector
- Different Structures and Degrees of Private Participation
- Contract Services: Operations and Maintenance (O&M), O&M and Management Leasing, Lease Develop Operate (LDO), Lease Purchase, Sale Leaseback
- Availability Models: Design Build: DB, DBM, DBO, DBFO
- Concessions: BOT, BOOT, BOO
- Privatization
Examples: Power, Roads and Other Transport; Social Infrastructure
The PPP Tender Process
- Specifying User Needs in Output Terms
- Private Sector Informational Requirements
- Identifying Bidders and Assessing Risks Negotiating Strategies and Closing
Sources of Finance: Managing and Allocating Risks in PPP; Making a Deal Bankable
- Collecting Information/ Macro and Micro Concerns of Debt Providers
- Risk Allocation in PPP/ Developing a Specialized Matrix
- Risk Mitigation Techniques
- Analyzing Risk Assumptions (Operating and Maintenance, Construction, Financial, Revenues)
- Environmental Considerations
Quantitative Risk Analysis and Cashflow Forecasts
- Debt vs Equity and Key Measurements
- Probabilistic Modeling
- Testing Sensitivities
- Requirements of Creditors vs Investors
- Other Stakeholder Considerations
- “Value for Money” and the Public Sector Comparator (PSC); Unitary Payments (UPs)
Case Study: Financing a Toll-road
Participants will break into groups to evaluate the financing scheme for a toll road. They will assess the allocation of risks, and concession terms, and other contractual agreements. A cash flow model will be used to test qualitative assumptions.
Day 2
Sources of Finance for PPP; Railways, Ports and Airports
Legal and Contractual Issues in PPP Projects
- Regulatory Framework and Enforceability
- Policy Objectives of the Government Concessions and Licensing,
- Process and Oversight
- Consultants in the PPP Process
Case Study: Reviewing a DBFO Term SheetFinancing Issues: Sources of Funds and Credit Enhancement for PPP
- Bank Debt for Construction and Operation
- Refinancing Possibilities
- Club Deals, Syndications and Secondary Market Resale
- Term Sheets, Information Memoranda and Credit Agreements
- Conflict Resolution
Case Example: Canada Line Rapid Transit
- PPP and Rapid Transit Projects
- Phases of the Canadian Selection Process
- Public Sector Comparator and Risk Assessment
- Sensitivity to the Discount Rate
Using Capital Markets for Infrastructure Finance
- Special Consideration in Issuing Bonds
- Sales Process, Covenants, Workout Considerations
- Role of the Rating Agencies
- Tapping Local Markets
Financing Ports and Airports
- Globalization of Production and Changing Technology
- Requirements for Large Ships/Hub Status and Benefits
- Environmental and Safety Concerns/ Dredging
- Information Technology
- Port Administration Models
- Public Financing vs. Private Finance
- Main Terminals, Runways, Periphery Projects
- Nature of Traffic
- Origination and Destination or Hub Facilities?
- Revenue Diversification
- Upgrades or Greenfield?
Case: Financing an Airport
Case focuses on conflicting goals of government and other stakeholders from the concessionaire to the contractor, operator and other stakeholders. Review of term sheet and cash flow projections. Evaluating project risks and their allocation through contracts in an airport transaction. Proposed financing mix, and rating agency considerations in evaluating financing structure are considered.
Day 3
Credit and Political Risk Support; Water and Social Infrastructure
Sources of Credit Support and Risk Support for International Projects
- Official Risk Enhancers and PPP
- Export Credit Agencies
- Development Institutions
- Rating Agencies and Pension Fund Sales
- Private Insurers and Credit Wraps
Water and Sanitation Infrastructure
- Special Features of Water and Sanitation Projects
- Array of Funding Structures for Service Agreements and Concessions
- Who are the Players? Investors? Lenders?
Two Case Studies:
Financing a Water Treatment Plant
Reviewing the structure of a water sanitation project that leveraged development bank political support to access funding in the capital markets.
Non-revenue Water (NRW)
Participants will review the terms of a concession for a municipal wastewater treatment plant. They will also review a service contract for reducing non-revenue water. In each case they will consider the merits of the proposed financing.
PPP and Social Infrastructure
- Financing Hospitals, Schools, Prisons, Others
- Sample Concessions and Contract Terms
- Risk Evaluation and Allocation
- Monitoring Requirements
Case Example: Financing a Hospital
Self-test and Wrap-up -
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Biography
Ms. Osius designs and delivers executive level training sessions as well as providing consulting services to a wide variety of organizations worldwide. Specializing in international project finance, capital markets, and risk management, she works with corporate investors, private and development banks, equipment suppliers, law firms etc., to structure viable financing packages for green-field projects and facility upgrades in the power, oil and gas, transport, social services and telecom sectors. Prior to establishing her own firm Ms. Osius was a banker at JP Morgan Chase Bank where she structured international project transactions and advised clients on risk management. Ms. Osius has published articles in the business press and co-authored several self-study guides covering international project finance, trade and export finance, foreign exchange, and financial futures, as well as financial analysis in frontier markets. She is a primary speaker in a series of video sessions on Sound Banking Principles. Ms. Osius is a Director of British Caribbean Bank and Waterloo Holdings. Previously she was Chair of the Technical Advisory Panel of the Public Private Infrastructure Advancement Fund (PPIAF). The fund supports technical assistance in emerging markets to encourage private involvement in infrastructure development. She received an M.B.A. from INSEAD, the European Institute of Business Administration, in Fontainebleau, France. Her B.A. degree is from Princeton University.
Venue
London
