Project Finance:
Visiongain
Management Report June 2004
Table of Contents
This report spans the project financing market, deconstructing: • The adoption of the project financing vehicle across the spectrum of industry • The multitude of players necessary to compose a project finance arrangement • The off balance sheet advantages and non and limited recourse benefits of project financing • The frauds associated with off balance sheet financing techniques • The future regulatory treatment of project finance, in the event of the SPV/sponsor relationship being treated as a parent/subsidiary relationship for piercing the corporate veil purposes; and • The risks associated with project financing Central to this discussion is the comparison of project financing, against conventional corporate financing and bond financing, within the global telecoms market. This is examined, according to both individual years and individual regions, considering the macro financial factors that have shaped telecom financing trends, as well as industry-specific events, such as the failure of WAP, GPRS and the repercussions of the debt accruals resulting from the 3G licensing auctions. Moreover, this report forecasts the geographical breakdown and incidence of wireless subscriptions up to 2008. This is to illustrate and mollify speculation as to the success of 3G, and the ability of telecos to satisfy the exorbitant debts accrued during the 3G licensing auctions, with the anticipated profits expected from 3G sales. The discussion goes on to consider the progress of project financing in the context of the biggest project finance deals to have taken place in recent telcos history, focusing specifically on: • MobilCom • Group 3G • Telefonica • Optimus • H3G Italia • Amena Finally, the report consolidates the leading global mandated arrangers, lenders and legal advisers for project financing in telecoms, over the course of the past 5 years.
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