工程項(xiàng)目融資建議書

工程項(xiàng)目融資建議書解讀Content工程項(xiàng)目融資簡(jiǎn)介L(zhǎng)BFSB融資方案LBFSB融資建議書條款解讀Content工程項(xiàng)目融資簡(jiǎn)介L(zhǎng)BFSB融資方案LBFSB融資建議書條款解讀工程項(xiàng)目融資Attention本文件所闡述的工程項(xiàng)目融資指為某一特定的工程項(xiàng)目而展開的融資活動(dòng)，并非一般經(jīng)濟(jì)管理學(xué)所謂的項(xiàng)目融資(ProjectFinancing)。中國(guó)原國(guó)家計(jì)委于外匯管理局:《境外進(jìn)行項(xiàng)目融資管理暫行辦法》（計(jì)外資[1997]612號(hào)）指以境內(nèi)建設(shè)項(xiàng)目的名義在境外籌措外匯資金，并僅以項(xiàng)目自身預(yù)期收入和資產(chǎn)對(duì)外承擔(dān)債務(wù)償還責(zé)任的融資方式。具有以下特點(diǎn)：1.債權(quán)人對(duì)于建設(shè)項(xiàng)目以外的資產(chǎn)和收入沒有追索權(quán)；2.境內(nèi)機(jī)構(gòu)不以建設(shè)項(xiàng)目以外的資產(chǎn)、權(quán)益和收入進(jìn)行抵押、質(zhì)押或償債；3.境內(nèi)機(jī)構(gòu)不提供任何形式的融資擔(dān)保。美國(guó)財(cái)會(huì)標(biāo)準(zhǔn)手冊(cè)對(duì)需要大規(guī)模資金的項(xiàng)目而采取的金融活動(dòng)。借款人原則上將項(xiàng)目本身擁有的資金及其收益作為還款資金來源，而且將其項(xiàng)目作為抵押條件來處理。ProjectFinancing定義出處ProjectFinancing定義內(nèi)容1.如需對(duì)ProjectFinancing定義有更多的了解，可以參考P.K.Nevit《項(xiàng)目融資》、法律公司CliffordChance《項(xiàng)目融資》等。工程項(xiàng)目融資各參與方SyndicationCommerciallenderstypicallydonotwanttomakemorethanUS$50millionofdebtforaparticularclient/projectandwillwanttopasssomeofthedebt,andhencesomeoftherisk,tootherlenders.Theprocessofsellingthedebtiscalledsyndication.FacilityAgentAdministertheadministrativedetailsoftheLoanonbehalfoftheSyndicate.SpecialPurposeVehicle(SPV)BorrowerProjectCompanySecurityThirdPartyPermitsLicencesSponsorSponsorSponsorLenderBank(s)ExportCreditAgenciesECAsInsuranceInsurerProvidePoliticalRiskInsuranceProvideCommercialRiskInsuranceEPCContractorEngineeringCompanyEPCContractHostGovernmentproviderawmaterialSuppliersPurchasersgoodorserviceProvideLoanInstalmentPaymentSecurityProvideGuaranteesSecuritySecurityBankGroupArrangingBankorLeadManagerLenderBank1Bank2Bank3FacilityAgentTechnical/EngineeringBankAccountBankInsuranceBankSecurityBankContent工程項(xiàng)目融資簡(jiǎn)介L(zhǎng)BFSB融資交易LBFSB融資建議書條款解讀Content工程項(xiàng)目融資簡(jiǎn)介L(zhǎng)BFSB融資方案LBFSB融資建議書條款解讀SellandLeasebackLBFSB融資方案LesseeMalaysiaLBFSBLBFEnterpriseLimitedLessorBorrowerLabuan1.LBFSB=LionBlastFurnaceSendirianBerhand,Sendirian(馬來西亞語)私人的,Berhand(馬來西亞語)公司2.LBFEnterpriseLimited,aspecialpurposevehicle(SPV)incorporatedinLabuanandwhollyownedbyLBFSB.3.Sinosure,中國(guó)出口信用保險(xiǎn)公司，簡(jiǎn)稱中國(guó)信保，是中國(guó)惟一承辦出口信用保險(xiǎn)業(yè)務(wù)的政策性保險(xiǎn)公司,本項(xiàng)目中主要承保買方商業(yè)風(fēng)險(xiǎn)和政治風(fēng)險(xiǎn)。LDHBLionDiversifiedHoldingsBerhandLICBLionIndustriesCorporationBerhandLFIBLionForestIndustriesBerhandTanSriWilliamCheng100%equityinterestinLionDRISSBSteelSdnBhdasubsidiaryofLICBAMSBAmsteelMillsSdnBhd143,970,843SharesinParksonHoldingsBhdCHMCChinaNationalHeavyMachineryCorporationSinosureChinaExport&CreditInsuranceCorporationContractorOtherMalaysianContractorsCCBChinaConstructionBankCorporationBanksOffshoreAgentOnshoreAgentChinaMalaysiaLeasePaymentSinosurePolicySecondcharge/pledge143,970,843SharesinParkson20%29%100%→51%Firstcharge/pledgeofshareof99%ofAMSBSecondcharge/pledgeinrespectof100%equityinterestinLionDRIEPC1(US$870m)EPC2GuaranteeofLeaseGuaranteeofFacilityPersonalUndertakingImplementationAgreementLeaseAgreementLeaseReceivableFacilityAgreementCorporateGuaranteeFirstcharge/pledgeoverallthesharesinLBFSBFirstprioritycharge/pledgeoverallofthecharesinLBFEnterpriseLimited100%(US$60m)FinancialLease

融資租賃（金融租賃）LesseeCompany1.SPV=specialpurposevehicle,projectcompany2.LBFEnterpriseLimited,aspecialpurposevehicle(SPV)incorporatedinLabuanandwhollyownedbyLBFSB.3.本頁文稿省略了相關(guān)擔(dān)保、保險(xiǎn)等參與方及其與項(xiàng)目各方的關(guān)系。

LessorLeasingCompanyLeasePaymentProvideloanBankEPCContractorEngineeringCompanyProvideFacilityLesseeLBFSB(SPV)LessorLBFELLeasePaymentSponsorSponsorSponsorProvideloanBankEPCContractorSellandLeasebackEngineeringCompanyTypicalFinancialLeaseTransactionLBFSBFinancialLeaseTransactionLesseeLBFSB(SPV)SponsorSponsorSponsorProvideloanBankEPCContractorEngineeringCompanyInstalmentPaymentLoanTypicalFinancingTransactionLoanInstalmentMalaysiaCalculationofTaxableBaseNoFinancialLease

FinancialLease

AllowabledeductionsInterestonloans,rentalpayments,expensesforrepairsofpremises,plantandequipmentorfixturesorfortherenewal,repairoralterationofequipmentemployedintheproductionofincome;TaxableBase

DeductionIncomeInterestpaymentRentalpayment(Instalment)InterestpaymentPrincipalpayment借助于融資租賃，在財(cái)務(wù)上以租金的形式實(shí)現(xiàn)稅前還貸CLabuan稅收政策1.WilayahPersekutuanLabuan(閩聯(lián)邦直轄區(qū))，簡(jiǎn)稱Labuan,是馬來西亞的一個(gè)聯(lián)邦直轄區(qū)，于沙巴州西南部，位于南中國(guó)海的島嶼。2.LubuanIBFC,LubuanInternationalBusiness&FinancialCenter.3.本頁資料來自于/html/labuan/jlblatdctx.html及/NewShow.aspx?Id=4820LabuanIBFCCompaniesregisteringintheLabuanoffshoresectorwouldhavetheoptionofhavingtheiroffshorebusinessincometaxedundertheIncomeTaxAct1967,inadditiontoundertheLabuanOffshoreBusinessActivityTaxAct1990.Chargeableprofitsderivedbyanoffshorecompanyfromanoffshoretradingactivityaresubjecttotaxatarateof3%.AOffshorecompanywhichcarriesonanoffshorenon-tradingactivityisexemptfromincometaxaltogether.

BAlternatively,anoffshorecompanywhichcarriesonanoffshoretradingactivitymay,withinthreemonthsfromthecommencementofanycalendaryear,electtobechargedtotaxofm$20,000(US$6553.72)

forthatyearofassessment.

Content工程項(xiàng)目融資簡(jiǎn)介L(zhǎng)BFSB融資方案LBFSB融資建議書條款解讀Content工程項(xiàng)目融資簡(jiǎn)介L(zhǎng)BFSB融資方案LBFSB融資建議書條款解讀貸款發(fā)放及償貸Year123456789FacilityMaturityPeriodSigningdateofFacilityAgreementAvailabilityPeriodDrawdownGracePeriod234123412341234123412341234123412341SeasonFirstRepaymentInterestPeriodRepayment1.注意貸款發(fā)放及償貸的時(shí)間、條件。2.除貸款的本金、利息外，一般銀行還會(huì)收取一些其它費(fèi)用，在本建議書中，銀行提出的費(fèi)用有：UpfrontFee,FacilityAgentFee,CollateralAgentFee,OnshoreSecurityAgentFee,CommitmentFee等。需要注意這些費(fèi)用的收取比例、付款時(shí)間及條件等。InterestStructureInterestStructure3-MonthUS$LIBORApplicableMargin=290bps200bpsInterestRateDefaultInterestLIBOR1倫敦銀行同業(yè)拆放利率（LondonInterBankOfferedRate，簡(jiǎn)稱LIBOR）由英國(guó)銀行家協(xié)會(huì)（BritishBanker'sAssociation）按其選定的一批銀行，于倫敦貨幣市場(chǎng)報(bào)出的銀行同業(yè)拆借利率，再以抽樣的方式，計(jì)算出平均指標(biāo)利率在一家銀行內(nèi)，有兩個(gè)利率，拆進(jìn)利率（BidRate）是成本，拆放利率（OfferedRate）是收入LIBOR已經(jīng)作為國(guó)際金融市場(chǎng)中大多數(shù)浮動(dòng)利率的基礎(chǔ)利率，最大量使用的是3個(gè)月和6個(gè)月的LIBOR

從LIBOR變化出來的還有新加坡同業(yè)拆借利率（SIBOR），紐約同業(yè)拆借利率（NIBOR），香港同業(yè)拆借利率（HIBOR）1.資料來自于/wiki/LIBOR2.示意圖來自于/library/3monthlibor.htm3.1bp=0.01×1%中長(zhǎng)期貸款一般采用浮動(dòng)利率，通常在LIBOR的基礎(chǔ)上，根據(jù)國(guó)際金融市場(chǎng)上資金的供求、期限長(zhǎng)短、貸款金額大小、貨幣幣種風(fēng)險(xiǎn)和客戶資信高低加上一定的利差。利差一般在0.25~1.25%FinancialCovenantsontheProjectMinimumdebtservicecoverageratio

of1.25xinFYendedJune2014andthereafter;Maximumdebttoequityratioof70:30;Maximum

debttoEBITDAratioof3.5xinFYendedJune2014,3.0xinFYendedJune2015,2.5xinFYendedJune2016and2.0xinFYendedJune2017andthereafter;Maximumdividendspayoutratioof25%oftheprofitaftertaxwhendebttoEBITDAratioisgreaterthan1.5xbutnomorethan2.0xand50%oftheprofitaftertaxwhendebttoEBITDAratioisnomorethan1.5x1234Dividendpayoutratio:股息支付率，=股息/凈利潤(rùn)Debtservicecoverageratio:債務(wù)償付比率，=EBITDA/稅息總和，一般不宜低于1.3,若低于1則表明當(dāng)年稅前利潤(rùn)不足以償付當(dāng)期債務(wù)。Debttoequityratio:資本負(fù)債比率，=負(fù)債總額/股東權(quán)益總額，旨在揭示企業(yè)長(zhǎng)期償債能力，一般警戒線為200%，若超過則應(yīng)格外關(guān)注。EBITDA:EarningsBeforeInterest,Tax,DepreciationandAmortization稅息折舊及攤銷前利潤(rùn)，用來計(jì)算公司業(yè)績(jī)的利潤(rùn)衡量指標(biāo)。DebttoEBITDAratio:=負(fù)債總額/EBITDA*除了對(duì)債務(wù)人有嚴(yán)格的財(cái)務(wù)指標(biāo)要求外，建議書對(duì)擔(dān)保人(Guarantors)也進(jìn)行了一定的要求，主要集中于資產(chǎn)負(fù)債比率等指標(biāo)條款舉例TheBorrowershallmaintaintheDebtServiceReserveAccountwiththeOffshoreAccountBankcoveringatleast2quarterlyinstalment(erestandprincipalrepayments)atleast30daysbeforethenextinstalmentdayuntildebt/EBITDAratioreaches1.5xorloweruponwhichtheBorrowershallonlyneedtomaintain1quarterlyinstalment(erestandprincipalrepayments)ofatleast30daysbeforethenextinstalmentday.TheFacilityshallbeavailableformultipleDrawdownduringtheAvailabilityPeriodsubjectto(i)compliancewithConditionsPrecedent,(ii)noEventofDefaultorpotentialEventofDefaultexists;(iii)debttoequityratioshallnotexceed70:30ratioand(iv)notlessthan5businessdays’priorwrittennoticerequestingaDrawdowntotheFacilityAgent.EachDrawdownshallbeinaminimumamountofUS$10millionorsuchotheramountascertifiedbyanindependentengineerreferredtobelow.Drawdownsarerestrictedtoonceamonth.ProceedsfromeachDrawdowncanonlybeusedtomakeorreimbursepaymentsunderEPC1,subjecttoreceiptofrelevantsupportingdocumentscertifiedbyanindependentengineerandtothesatisfactionoftheFacilityAgent.TheMandatedLeadArrangershallbeentitled,afterconsultationwiththeBorrower,toproposechangestothestructure,termsand/orpricingoftheFacilityiftheMandatedLeadArranger,initssoleopinion,determinesthatsuchchangesareadvisableinordertoensureasuccessfulsydicationthereof.工程項(xiàng)目融資中與擔(dān)保有關(guān)的幾個(gè)概念 Mortgage PledgeFixedCharge Guarantee

-轉(zhuǎn)移占有-不轉(zhuǎn)移所有權(quán)

-不轉(zhuǎn)移占有-通常以不動(dòng)產(chǎn)為主

-以某特定資產(chǎn)為擔(dān)保物-擔(dān)保人（借款人）在擔(dān)保解除或者擔(dān)保收益人（債權(quán)人）同意之前，不能出售或以其他形式處置該資產(chǎn)

-以法律協(xié)議的形式作出承諾，擔(dān)保人向債權(quán)人承擔(dān)一定的義務(wù)。在被擔(dān)保人不履行其對(duì)債權(quán)人所承擔(dān)的義務(wù)的情況下，擔(dān)保人代其履行義務(wù)或承擔(dān)賠償責(zé)任。

-擔(dān)保人的信用至關(guān)重要物權(quán)擔(dān)保（物的擔(dān)保）借款人或擔(dān)保人以自己的有形資產(chǎn)或權(quán)益資產(chǎn)為履行債務(wù)設(shè)定的擔(dān)保物權(quán)FloatingCharge Charge

-不轉(zhuǎn)移占有-不轉(zhuǎn)移所有權(quán)-為債權(quán)人與債務(wù)人的協(xié)議-通常以動(dòng)產(chǎn)為主EnglishLaw

-轉(zhuǎn)移所有權(quán)（較古老、不常用）-不轉(zhuǎn)移所有權(quán)，但需登記

-不轉(zhuǎn)移所有權(quán)-需法定登記（工商局或公證處，視抵押物是否為《擔(dān)保法》中確定的物）中國(guó)法律

-不以特定資產(chǎn)為擔(dān)保物-在借款人違約前，借款人有權(quán)在其正常的業(yè)務(wù)活動(dòng)中自由使用和處分擔(dān)保物，無須征得債權(quán)人同意。經(jīng)借款人處分后的擔(dān)保物自動(dòng)退出擔(dān)保物范圍。反之，借款人在設(shè)定擔(dān)保物之后所取得的財(cái)產(chǎn)也自動(dòng)進(jìn)入擔(dān)保范圍。

-只有違約事件發(fā)生，擔(dān)保物才具體化，擔(dān)保財(cái)產(chǎn)置于擔(dān)保收益人控制。信用擔(dān)保（人的擔(dān)保）當(dāng)事人之間的一種合同關(guān)系條款舉例Firstfixed/floatingchargeoverallpresentandfutureassets,propertiesandundertakingsoftheObligors.Firstprioritycharge/pledgeoverallthesharesintheBorrowerbyLBFSB.FirstprioritylegalchargeoveradebtservicereserveaccountoftheBorrower.Firstprioritycharge/pledgeoverallofthesharesinLBFSBbyLDHB,LICBandLFIBFirstpriorityaccountchargeovertheReceiptAccount(s),intowhich,allleaserentalsshallbepaidforthetenoroftheFacility.FirstprioritychargeovertheConstructionPeriodAccount.TheunconditionalandirrevocablecorporateguaranteefromtheGuarantors.TheunconditionalandirrevocableLeasePaymentGuaranteefromeachGuarantortotheLessortobeassignedbytheLessorassecurityfortheFacility.Sinosureoverseas