June 2002
Beginner
344 pages
11h 7m
English
Content preview from Principles of Project Finance
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§13.4 INTEREST RATE AND FEES
Apart from the lenders advisors’ fees (and the costs of the rating agency if the
debt is rated), the main financing costs payable by the Project Company are:
• If the loan is on a floating interest rate basis, the base interest rate (e.g.,
LIBOR) plus the interest margin, together with net payments under an inter-
est rate swap (cf. §9.2.1)
• If the loan (or bond) is on a fixed rate basis, the interest rate
• Advisory, arranging and underwriting fees
• Commitment fees
• Agency and security trustee fees
International project finance loans at a floating rate based on LIBOR typically
have interest margins in the range of 1–2% over LIBOR. Pricing is usually higher
until completion of construction, reflecting the higher risk of this ...
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