Abstract
The structuring of project financings has developed significantly over the past several years as sponsors, bankers, and investors have become more sophisticated in their allocation and understanding of project risk. This article examines the evolution of financing structures, the catalyst for change, and the resulting enhancements. Based on these trends, it is anticipated that a growing number of project financings will involve innovative structures with below-investment-grade credit profiles sourcing capital from an increasing sophisticated investor base.
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