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1、6MezzanineandProjectFinanceVeryoftenIhavebeenaskedtodefineordemarcateprojectfinance,andveryoftenIhavedonesobydefiningitincontrasttocorporatefinance.1However,ultimatelyonecouldarguethatcorporatefinanceisabundlingofmanyprojectfinancesputtogetherandrunthroughonebal-ancesheet.Idon’tobjecttoth
2、atapproach.Itisnotpossible,norisitmyintention,tobefullycomprehensivewhenitcomestothefundamentalsandtechniquesofprojectfinanceinthischapter.Thatwouldnotbeinlinewiththeobjectivesofthischapter,northebookingeneralforthatmatter.WhatI’lltrytodoisprovidethecomponentsoftheframeworkwithinwhichproj
3、ectfinanceisactive,inordertobetterunderstandtherolemezzanineproductscanplay(ornot).Asastarter,let’s(tryto)agreeonthefollowingfeaturesforeachofthetechniques(seeTable6.1):Table6.1CorporateversusprojectfinanceCorporatefinanceProjectfinanceCapitalformationWillimpactdebtcapacityWillnotimpactde
4、btcapacity,becauseitisoffbalancesheetRiskexposureCouldimpactoverallcostLimitedstructureandcostoffundingTaxshieldHardtotakeadvantageofEasiertobundleCashflowSubjecttocorporatepolicyonDirectlytotheinvestordividend(corporatetreasury)CostofprojectfinancingNoneHighduetosettingupcostCapitalcostC
5、ompanies’trackrecordsHighduetonohistoryOversightbythesponsorsNoneVerydemandingTheessenceofprojectfinanceisthatallthepartiesinvolvedbasicallyjudgethefinancialviabilityoftheprojectbasedontheprojectedcashflowswhichrelatetotheproject,ratherthanlookingatthebalancesheetofthepartiesinvolvedinthe
6、deal.Sinceprettymuchallprojectfinancedealsarelongterm,theuseofprojectedcashflowscanmeanyouwillendupbeingterriblywrong.Nevertheless,theuseofprojectfinancehasonlyincreasedoverthelasttwodecades.Thereareveryfewfirms,ifany,whosebalancesheetcantolerateaccumulatingprojectbyprojectfordecadesandth
7、enwaittogetapayoffoverthenext15–25years.Itwould1SeeKrishnamurthySubramanian,FrederickTungandXueWang,‘Projectfinanceversuscorporatefinance,’GoizuetaBusinessSchool,WorkingPaperSeries,2007.190MezzanineFinancingmakethefirmunworkable,externalfinancierswouldbecomeworrieda
