Decode the deal
Project Finance modeling is some of the most sophisticated modeling there is. See it simplified like never before.
Assemble your knowledge step-by-step
Advance your Project Finance skillset with Project Finance Advanced Debt & Equity
PROJECT FINANCE ADVANCED DEBT & EQUITY
Get "transaction level experience" in Project Finance modeling
Build expertise in Project Finance Debt & Equity modeling by extending the Blueprint for Project Finance Modelling. At the conclusion of this course, you will have covered most of the features of financing a real project finance transaction model.
- Model debt based off a term sheet. Learn how to sculpt debt to a target DSCR
- Based on the case study sizing covenants, size debt based off a target DSCR and gearing covenants.
- Break circularities using model structure and learn how to create elegant and fast best practice macro’s
- Build your understanding using For Loop, Do Until, and GoalSeek macros, applied to debt sizing, and calculating a target price.
- Discuss the role of a debt service reserve account and model this
- Discuss the options for refinancing and model a rolling refinance
- Model a shareholder loan, understand capitalised (PIK) interest and its impact on the financial statements, discuss cash sweeps
- Automate the data table to bring rigour to an “Investment Committee” type analysis, and size debt like going through a transaction
WATCH, BUILD, REFRESH
WATCH THE TRAINING
Dive into the 3 hours of 45 minutes of training. Learn all the skills, and get the shortcuts, tools and formula spelled out to you.
BUILD THE CASE STUDY
Get hands on experience building the case study alongside the videos, to make sure you're applying your knowledge
REFRESH YOUR SKILLS
Use the supplementary handouts and dip back into the course content the next time you need to build a DSRA, or create a macro...
Step-by-step training
Complex concepts broken down like never before
WHAT YOU ARE GOING TO GET
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46 step-by-step video tutorials guiding you through updating a PF cashflow model
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Bonus PDF checklists: Macro Cheat Sheet, Features of a Loop Macro, DSRA logic
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3 hours 45 minutes of video content
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.xlsx start model of case study
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LIFETIME Access to all the training material
Course Modules: Build Your Knowledge Step-By-Step
| Overview of the Course | |
| Course Content | 02:57 |
| Intro to model | 05:45 |
| MODULE 1: The Relationship Between Debt Sculpting & Debt Sizing and Debt Sizing to a Term Sheet | |
| Introduction to Debt Sculpting & Debt Sizing | 04:51 |
| Seeing the Relationship Between Debt Sculpting & Sizing with the Mini-model: Setup, Sculpting & Tenor vs Sizing | 03:33 |
| Seeing the Relationship Between Debt Sculpting & Sizing with the Mini-model: Debt sizing | 03:41 |
| Seeing the Relationship Between Debt Sculpting & Sizing with the Mini-model: Resolving Circularities | 02:42 |
| Seeing the Relationship Between Debt Sculpting & Sizing with the Mini-model: Manual Sizing, Bisection Method, Recap | 04:07 |
| Capital Structure - Macro Sheet & Max Permissible Debt Size | 05:29 |
| Capital Structure - The Calculated/Applied Structure and Linking | 05:31 |
| MODULE 2: Writing Elegant & Robust Macros to Size Debt Quickly | |
| Introduction to Macros | 03:19 |
| Recording & Triggering a Macro to Get Started | 06:26 |
| Getting into VBA & Refining Code | 05:23 |
| Using the For Loop to Iterate the Macro | 05:49 |
| Improving Robustness & Using Named Ranges | 02:35 |
| Using the Do While Loop to Iterate the Macro | 02:40 |
| Basic Improvements to Speed up the Macro | 03:57 |
| Recap to Understand the Role of Loops, Using Shortcuts and Speed Improvements | 06:28 |
| MODULE 3: Incorporating a Debt Service Reserve Account to Reduce the Probability of Default | |
| Introduction to the DSRA | 04:30 |
| Overview of the DSRA - The Logic Behind Additions & Releases of Cash | 04:55 |
| Setting up the DSRA & Establishing the Target Balance | 07:42 |
| Funding the DSRA from Sources of Cash | 05:53 |
| How to Break the Circularity & Creating a DSRA Macro | 05:32 |
| Funding from Cashflows to Top-Up the DSRA | 12:17 |
| Release from DSRA in the Event of CFADS Shortfall | 03:52 |
| Release from DSRA for DSRA in Excess of Target Balance | 03:11 |
| Review of DSRA, Linking to Financial Statements and Distribution Lock-Up Flag | 07:56 |
| MODULE 4: Refinancing Debt: the Why and the How | |
| Introduction - Motivations for Refinancing Debt & Types of Refinancing | 02:20 |
| Inputs for Refinancing Debt | 03:49 |
| Timing of Refinancing Debt & Modifying the Senior Debt Structure | 02:31 |
| Calculating the Refinancing Fee | 04:39 |
| Calculating the Refinancing Margin & Incorporating it into the Debt Structure | 05:06 |
| MODULE 5: Sophisticated Equity Structures with Shareholder Loans | |
| Introduction to Shareholder Loan, Purpose and Order of Repayment | 03:19 |
| Creating Inputs for the Shareholder Loan and Building an Account | 04:44 |
| Shareholder Loan Drawdowns: Integrating the SHL into Funding Sources & Updating the Capital Structure | 07:21 |
| Calculating Shareholder Loan Interest Capitalised and Interest Paid | 04:16 |
| Calculating Shareholder Loan Principal Repayment and Updating Distributions | 04:16 |
| Updating the CFW, Testing and Recap | 03:49 |
| MODULE 6: Automate the Data Table with Advanced Macro's to Size & Schedule Debt and Run Equity Upsides | |
| Introduction to Automating Debt Sizing & Equity Calculations with Macro's | 05:22 |
| Introducing the Debt Sizing Switch & Scheduling Repayment | 05:43 |
| Creating a Master Macro to Run All Macro's Once | 09:28 |
| Testing & Updating the Scenario Manager | 05:25 |
| Setting up the Data Table for a Macro | 04:32 |
| Writing the Data Table Macro to Run All Cases AND Run Debt Sizing Macro's Where Required | 09:06 |
| Performing Debt and Equity Analysis | 04:24 |
| Reprofiling Debt In the Case of Gearing Governed Debt Size to Improve Equity Returns | 05:35 |
| Conclusion | |
| Closing of Course and Review of Course Aims | 00:50 |
"Kyle was fantastic – deep understanding of the overarching principals of modeling and finance, but also great knowledge of the nuts and bolts of it."
Gabriel Davies
Project Finance Professional
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