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. Such financing techniques are highly leveraged, cash-flow based, and structured as non- or limited recourse financings. The part of the course is designed to give students a thorough understanding of the architecture of such transactions and the economic considerations which drive them.
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. This second part of the course is designed to give students a thorough understanding of the architecture of such transactions and the economic considerations which drive them.
Prof. Dr. Andreas Cahn