Europe 2020 Project Bond Initiative Deal structure credit support and decision making

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1 Europe 2020 Project Bond Initiative Deal structure credit support and decision making Clare Burgess 11 April 2011, All rights reserved

2 The case for Project Bonds Investment requirements in infrastructure Long-term bank lending: Limited capacity Basel III Bond solutions required to replace previous structures 2

3 Credit Support Options Aims: Improve ratings of senior debt Assist accessibility of projects for the broader capital markets investors Decrease overall cost of debt What should support cover? When is support needed? Recycling of support Refinancings 3

4 Credit Support Options: Funded vs. Unfunded Funded options: Equity Mezzanine Debt Drawbacks Unfunded options: Letter of Credit Guarantee Insurance Credit Default Swaps 4

5 Decision making who is in control? Why are control rights important? A principled view? Skininthegame participants Fiduciary duties Independent expert 5

6 Decision making who is in control? Potential candidates: Bondholders Representative Bondholder / BH Committee Trustee Super-Trustee Mezzanine Investor Guarantor of Senior Debt A combination? 6

7 Deal structure credit support and decision making, 10 Upper Bank Street, London, E14 5JJ LLP 2010 LLP is a limited liability partnership registered in England and Wales under number OC Registered office: 10 Upper Bank Street, London, E14 5JJ We use the word 'partner' to refer to a member of LLP, or an employee or consultant with equivalent standing and qualifications UK v1

8 Worldwide contact information 30 offices in 21 countries Abu Dhabi 13th and 14th Floors Al Niyadi Building Airport Road Sector W-14/02 PO Box Abu Dhabi United Arab Emirates Tel +971 (0) Fax +971 (0) Bucharest Badea Excelsior Center Academiei Street 12th Floor, Sector 1 Bucharest, Romania Tel Fax Kyiv 75 Zhylyanska Street Kyiv, Ukraine Tel +38 (044) Fax +38 (044) Munich Theresienstraße Munich Germany Tel Fax Shanghai 40th Floor Bund Centre 222 Yan An East Road Shanghai China Tel Fax Amsterdam Droogbak 1A 1013 GE Amsterdam PO Box AG Amsterdam Tel Fax Dubai 3rd Floor The Exchange Building Dubai International Financial Centre P.O. Box 9380 Dubai, United Arab Emirates Tel Fax London 10 Upper Bank Street London E14 5JJ Tel Fax New York 31 West 52nd Street New York, NY , USA Tel Fax Singapore One George Street 19th Floor Singapore Tel Fax Bangkok Sindhorn Building Tower 3 21st Floor Wireless Road Pathumwan Bangkok Thailand Tel Fax Düsseldorf Königsallee Düsseldorf Germany Tel Fax Luxembourg Kremer Associés & 2-4 place de Paris B.P L-1011 Luxembourg Grand-Duché de Luxembourg Tel Fax Paris 9 Place Vendôme CS Paris Cedex 01 France Tel Fax Tokyo Akasaka Tameike Tower, 7th Floor 17-7 Akasaka 2-Chome Minato-ku, Tokyo Tel +(81 3) Fax +(81 3) Barcelona Av. Diagonal Barcelona Spain Tel Fax Frankfurt Mainzer Landstraße Frankfurt am Main Germany Tel Fax Madrid Paseo de la Castellana Madrid Spain Tel Fax Prague Jungmannova Plaza Jungmannova Prague 1 Czech Republic Tel Fax Warsaw Norway House ul.lwowska Warsaw Poland Tel Fax Beijing 33/F, China World Office 1 No. 1 Jianguomenwai Dajie Chaoyang District Beijing People's Republic Of China Tel Fax Hong Kong 28th Floor Jardine House One Connaught Place Hong Kong Tel Fax Milan Piazzetta M.Bossi, Milan Italy Tel Fax Rome Via Di Villa Sacchetti, Rome Italy Tel Fax Washington, D.C K Street NW Washington, DC , USA Tel Fax Brussels Avenue Louise 65 Box Brussels Belgium Tel Fax Istanbul Kanyon Ofis Binasi Kat. 10 Büyükdere Cad. No Levent, Istanbul Turkey TEL FAX Moscow Ul. Gasheka Moscow Russian Federation Tel Fax São Paulo Rua Funchal th Floor São Paulo SP Brazil Tel Fax Riyadh (Co-operation agreement) Al-Jadaan & Partners Law Firm P.O.Box 3515, Riyadh Fifth Floor, North Tower Al-Umam Commercial Centre Salah-AlDin Al-Ayyubi Street Al-Malaz, Riyadh Kingdom of Saudi Arabia Tel Fax

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