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Advanced Project Financing: Structuring the Risks
Euromoney Trading Ltd, Sep 2000, Pages: 294
'...The wealth of information will be appreciated by hardened industry professionals and by relative newcomers. Tinsley is to be congratulated on this outstanding work…' Michael W. Good, Managing Partner, Project Risk Advisors Ltd – London.
This book is an indispensable guide to the risks encountered in a project financing. Written by Richard Tinsley, author of the best-selling self-study guide Project Finance, the book begins by identifying the key risks in project finance. From this the reader is presented with 214 real-world case studies in which each choice of risk structure is explained and assessed. Starting with a cashflow analysis the book looks at the best structures and funding techniques to mitigate and avoid risk. Deal diagrams are used to illustrate the many alternative project finance structures that can be considered. Furthermore, allied financial measures are explained and demystified.
This book is an invaluable guide for the project finance practitioner, enabling them to dissect any project finance and find the appropriate risk structuring.
About the Author
Richard Tinsley is President of International Advisory & Finance, a Project-Finance boutique, headquartered in Sydney, Australia. His career includes 29 business cards from such fields as quantity surveying in the construction industry, to economics and engineering in the resources sector, project analyst and negotiator in the automobile industry, to professional independent director, chief financial officer, and managing director of publicly-listed companies. Australia is the fifth country in which he has lived permanently.
All this culminated in a 25-year career in Project Financing in each sector of the business – commercial bank (United States and Australia), merchant bank (London), investment bank/Wall St (Sydney office), and now international Project-Finance advisor. He usually is at the treasurer's/government's side negotiating against/with the bankers and institutions.
An author on many aspects of minerals economics and Project-Finance, he first expounded the risk
system of this book to a Vancouver conference in 1982. Since then he has been tracking the application of this risk system and has an almost perfect record.
The deals he has declined go wrong! Although some of the deals approved have stumbled, the tight structure inherent in Project Finance has enabled the recovery of the workouts. Because of his extensive knowledge of documentation, he is often referred to by his colleagues as a 'bush lawyer', content to draft just about anything including acts of parliament for the benefit of his project.
A knowledge of the complete structure has also proved invaluable in negotiations as well as in making sense of the myriad inputs to the Project-Finance process. The lawyers he has worked with know that there is no such phrase as 'Let's leave it to the lawyers. 'One Thank You he truly appreciates after a two-week negotiating session against one of Australia's foremost Project-Finance solicitors was 'You never once used 'Trust me' in these negotiations.'
Trained as an engineer and economist and with a background in the construction industry, he nevertheless admits to having to retrain his engineering attitude to analysis. This risk system was the catalyst since it is the trade-offs that count, not so much the precision of the spreadsheet. The deal must have strong incentives for both sides to make it work. In this respect too, he realised early that it is people who do deals, not spreadsheets. However, a good knowledge of spreadsheet mathematics and a better feel after some 50,000 or so spreadsheet runs by now, mean that the solution set that will work in a Project Finance can be identified much more quickly by use of this systematic approach to risk and structure. He no longer leaves the entire modelling job to the analysts either!
This interest has now extended to writing a Practical Introduction to Project Finance and a self training CD-ROM, A Guide to Project Finance, both for Euromoney. The development of generic Project-Finance modelling and risk matrices is the next field of endeavour.
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