Law of Project and Acquisition Finance
Pre-requisite for "Law of Project and Acquisition Finance II" in summer semester
Course Material Binder
This course focuses in detail on two types of related but distinct financing techniques. Both techniques have in common the fact that they are highly leveraged, cash-f low based, and structured as non- or limited recourse financings. Acquisition finance has developed to become one of the most important forms of finance available to international funds and investors to fund corporate acquisitions in the leveraged buyout market (LBO market). Invariably, LBOs will involve different layers of debt, syndicated loan structures and multijurisdictional elements and raise complex corporate and security law issues. Project finance is a favoured technique for off-balance sheet financing of large infrastructure projects such as motorways, bridges, power plants and mobile telephony networks. In common with acquisition finance, project finance will usually involve syndicated loan structures and will often be multi-jurisdictional in nature. The financing will often be multi-sourced, involving multi-lateral agencies such as the IFC and EBRD and export credit agencies such as COFACE and Hermes. Transactions are invariably cross-border and involve complex corporate and security law issues. The course is designed to give students a thorough understanding of the architecture of such transactions and the economic considerations which drive them.
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