June 2002
Beginner
344 pages
11h 7m
English
Content preview from Principles of Project Finance
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bond trustee holds the security on behalf of the investors and calls meetings of
bond holders to vote on waivers or amendments of the bond terms.
§5.3 LOANS VERSUS BONDS
Various factors affect whether a project should use commercial bank loans or
bonds (or a combination of the two) for its financing (Table 5.2).
Because of some of the uncertainties about the final availability or terms of
bond financing, Sponsors may arrange a bank loan as an insurance policy in case
the bond issue falls through, or put together a bank loan with the intention of
refinancing it rapidly with a bond. Obviously this involves extra costs.
In general, bonds are suitable for developed markets and “standard” projects.
They are also especially suitable if a project is being refinanced ...
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