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Salient Features
Non-sovereign lending opportunity originated directly by ADB Project configured prior to ADBs intervention Bankability assessment (DSCR focus) vis--vis viability estimation (IRRs) Equitable structure for enhancing project financials whenever needed shadow fees Leverage lending of <10% of project cost, robust financial structure comfort to stakeholders and other lenders Validation of assumptions capital and O&M costs , adequacy
Assumptions
Commercial conditions
Organisation GoI GoK GoI GoK JICA ADB (NonSovereign) Commercial Banks
Particulars Equity Sub-debt Other Debt Debt
Type Equity Equity Sub debt Sub debt Debt Debt Debt Total
% of Project Cost 15.00% 15.00% 10.00% 15.00% 14.67% 9.52% 22.17% 100.00%
Cash Flows
Options considered for improving bankability Equity infusion in the initial operation period Longer tenure of debt drawdown Moratorium on interest payments Subordinate-debt financing with bullet repayment of principal and interest SHADOW FEE
Sensitivity Analysis
1.0
8000 6400 4800 3200 1600 Traffic Growth Factor Tariff Escalation
0 0.1 0.05 0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.02
Parameter Project IRR Project NPV @ WACC (Rs.Cr) DSCR (Min) DSCR (Average) LLCR PLCR
.9 .8
.7 .6 .5 .4
Construction Cost Sensitivity Factor Base Traffic Increment Base Tariff Factor O&M - Manpower Cost Factor O&M - Energy Cost Factor
.3 .2 .1 0 100
Description Traffic Growth Factor Tariff Escalation Construction Cost Sensitivity Factor Base Traffic Increment Base Tariff Factor O&M - Manpower Cost Factor O&M - Energy Cost Factor
Sens Low High Low High Base Type Value Value Result Result Swing 0 0.05 0 0 0 0 0 Value Value Value Value Value Value Value 0.05 0.1 0.1 0.1 0.1 0.1 0.1 0.02 0 0.1 0.05 0 0.1 0.1 4914 3158 2560 2744 2758 3467 3472 5496 10410 6992 10151 4636 2077 4030 1286 3601 842 3734 267 3729 258
Project Structure
Commercial Banks
loan Agreement
JICA
GOK
GOI &GOK
Equity/ sub-debt Agreement Trust and retention A/C SPV revenues
BMRCL
ADB
Construction Contracts
Construction Contractors
Maintenance Contractors
Lending Structure*
ADB
De bt
Loan
GoK Support - Shadow Fees and security structure
Se rv ic i ng
Thank You
raghu@idfc.com