Bills of exchange—structure and partiesBills of exchange are negotiable instruments that represent an unconditional promise by one party to pay...
Term Loan B facilitiesThis Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in...
Invoice discounting and factoringThe popularity of financing business through the invoice discounting and factoring of receivables has grown...
Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum...
Project finance—financial model and assumptionsBefore embarking on a potential project, the proposed sponsor must prepare a 'feasibility study' to assess the project's viability. A feasibility study analyses the key elements of a proposed project (eg issues relating to the economics of the project,
Offtake contracts—key issues for project finance lendersMost projects are underpinned by a complex web of contractual relationships between all the parties involved in the project (eg the project company, equity investors, contractors, sub-contractors, offtakers and suppliers). These documents are
Project finance—meaning of completion and its effectProjects involving the development of a new asset or facility (known as 'greenfield' projects) are generally split into two phases: construction and operation. In a project finance transaction, completion marks the end of the construction phase of
Project finance—conditions precedentMany of the usual conditions precedent for a typical syndicated loan facility will also be applicable to a project finance transaction. For information on those conditions precedent, see Practice Note: Conditions precedent. This Practice Note looks at additional
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