structureofprojectvehicle

ContentsofthecourseAtunnelOtherInvestorsStructureofprojectvehicleOurcompanySourcesoffundingWheredoesthemoneycomefrom?Commercialbanks,WorldBank,bond,commercialpapers,andsoon,ProjectfinancepatternWhichpatterntouse?BOT,ABS,orLeveragedLease?Guaranteestomake.Bysponsors,government,Insurancecompany,ect,.CreditenhancementChapter2:StructureofprojectvehicleAlexandraSpecialpurposevehicle（SPV）-ProjectVehicleDifferentstructureUndividedjointinterestContractualjointventure（契约型结构）Corporatejointventure（公司型结构）corporationPartnership（合伙制结构）Limitedliabilitycompany（有限责任公司）Tenant:〈律〉占用者,占有者Ownershipinterest:所有者权益co-tenancy:共同租赁（人）firstmortgagebond:优先抵押债券Debenture:公司债券negativepledgecovenant:消极担保条款Seniordebt:高级债务juniordebt:次级债务investmenttaxcredit：投资赋税优惠Depreciationdeduction:折旧提成interestdeduction:利息减免Indenture：合同；契约equityaccounting：权益会计Preferredstock:优先股Commonstock:普通股boardofdirectors：董事会Collectively:全体地，共同地Severally：分别地，各自地Steeringcommittee：指导委员会Unlimitedliability：无限责任compositecredit:综合信用评价Capitalization：股本化，股本，股本总额1.UndividedjointinterestWhoownstheassetoftheprojectandhowdoesheowntheproject?Whoraisesfundfortheproject?Wouldyoulikethisstructureifyouhavequitegoodcreditstanding?Whooperatestheproject?Whopaystaxesonprojectrevenue?Isoff-balancesheetfinancingpossible?Isliabilitylimitedorunlimited?AnswersProjectsaredirectlyownedbysponsors.Sponsorsseverallyraisetheirshareofproject’sexternalfinancing.Steeringcommitteecontainingrepresentativesofallco-ownersisrequiredformajordecisions.Projectoperatorrunstheproject.unlimitedliabilityforsponsors.In-balancesheetfinancing.Taxconsolidation.澳大利亚波特兰电解铝厂投资结构美铝澳大利亚公司维州政府中信澳大利亚公司第一国民信托丸红铝业澳大利亚公司合资协议波特兰铝厂项目产品世界铝市场销售收入管理委员会管理公司氧化铝电力45%25%10%10%10%2.CorporationSponsorASponsorBSponsorCSPVLendersLoansCollateralGuaranteeQuestionsAnewcorporationisformedtoown,construct,andoperatetheproject.Thecorporationraisesfundthroughsponsors’equityandseniordebt.Operator（sponsoror）operatestheproject.Taxconsolidationisdifficult.off-balancesheetfinancingispossibleLimitedliabilityEquitytransferiseasierCorporationadvantages1.limitedliability2.easierfinancing3.easierinvestmenttransfer4.offbalancesheetfinancingispossible5.easiermanagment6.clearrelationshipbetweensponsorsdisadvantages1.indirectcontrolonCF2.inflexibletaxstrucutre3.twolevelsoftaxation收购新西兰钢铁联合企业的合资公司结构1989年初，有四家公司（F、C、T、B）在新西兰联合组建了一个投资财团投标收购濒于倒闭的新西兰钢铁联合企业。新西兰钢铁联合公司由于管理不善，连年亏损，留下了超过5亿新西兰元的税务亏损，投资财团希望利用这些税务亏损节约投资成本，但是只有C可以吸收这些亏损。从而设计了公司型合资投资结构。C公司通过将钢铁联合企业的税务亏损合并冲抵其他方面业务的利润，预期获得1.65亿新西兰元的税款节约（当地公司所得税率为33%）.控股公司F公司B公司T公司合资协议C公司新西兰钢铁联合企业100元普通股100%管理公司（F的子公司）100%2亿元可转换公司债券30%50%10%10%国际银团贷款协议抵押+担保资金收购新西兰钢铁联合企业的合资公司结构3.PartnershipMoregenerally,partnershipisarelationship(notalegalentity)oftwoormoreentitiesconductingbusinessformutualbenefit.Forms:GeneralpartnershipLimitedpartnershipParticipants:GeneralpartnerLimitedpartnerQustionsWhoownstheassetoftheproject?Whoraisesfundfortheproject?Whopaystaxesonprojectrevenue?Istaxconsolidationpossible?Isoff-balancesheetfinancingpossible?Isliabilitylimitedorunlimited?Howtoreducetheliabilitytakenbygeneralpartners?3.1generalpartnershipPartnershipagreementGeneralpartnerGeneralpartnerGeneralpartnerprojectlendersfinancingFeaturesofgeneralpartnershipPartnerownstheassetdirectly.Thepartnerhsipraisesfund.Thepartnershiphirespersonneltooperatetheproject.Taxconsolidationispossible.off-balancesheetfinancingispossibleUnlimitedliabilityforgeneralpartner.Generalpartnerisinvolvedinthemanagement.EquitytransferhastobeagreedbyotherpartnersGeneralpartnership:benefitanddisadvantageDisadvantage:Jointandunlimitedliability合伙协议普通合伙人普通合伙人普通合伙人普通合伙制项目项目子公司项目子公司项目子公司因此演化出变形Benefit:TaxconsolidationOff-balancesheetfinancing3.2limitedpartnershippledgeGeneralpartnersGeneralpartnershipagreementLimitedpartnersLimitedpartnershipagreementManagementagreementOperationreportFinancingagreementlenderscollateral;fundlimitedpartnershipUnlimitedliabilityInvolvedinManagementLimitedliabilityExcludedfrommanagement4.LimitedLiabilityCompany(LLC)LegalentityTreatedasacorporationforlegalliabilitypurpose.Treatedaspartnershipforfederalincometaxpurpose.Alltheownersmayparticipateactivelyinthemanagementofthecompany.Offbalancesheetfinancingispossible.LimitedliabilityforinvestorsTaxconsolidationQuestionIfyouareasponsor,youwanttotakelimitedliabilityandrealizetaxconsolidation,whichstructurewouldyouprefer?andifyoualsowanttomanagethecompany,whichstructurewouldyoulike?典型的信托基金投资结构信托单位持有人信托单位持有人协议信托基金信托协议信托基金受托管理人管理协议信托基金经理项目银行融资安排信托基金结构优点1.有限责任2.融资安排较容易3.现金流量控制相对容易缺点1.税务灵活性差澳大利亚波特兰电解铝厂投资结构美铝澳大利亚公司维州政府中信澳大利亚公司第一国民信托丸红铝业澳大利亚公司合资协议波特兰铝厂项目产品世界铝市场销售收入管理委员会管理公司氧化铝电力45%25%10%10%10%信托基金结构2937个信托单位持有人信托单位持有人协议第一国民资源信托基金波特兰铝厂第一国民管理公司永久受托管理公司管理协议信托契约基金经理10%银行融资安排不同投资结构的比较SpvstructuredifferenceCorporationPartnershipUndividedjointinterestLLC