Presented in association with:

Sessions by Mr. Charles T. "Chip" Haskell, Jr, Managing Director, The Vair Companies Inc; Mr. Matthew Hagopian, Partner, Linklaters LLP; and Mr. James Douglass, Partner, Linklaters LLP

“People do not sign models, they sign the contracts that those models represent.” As project finance evolves and becomes increasingly complex, project participants risk a disconnect between their commercial understanding of the financial model and the actual contractual language. Linklaters LLP and Vair combine their experience and expertise to demonstrate the creation of a sound relationship between project and finance documents and the model and how to identify and avoid potential pitfalls. This is a unique and new approach to the traditional seminar experience. Combining disciplines to present a holistic view of projects, Linklaters LLP and Vair give the delegates a detailed insight into the development process.

After reviewing some basic elements of project finance, the participants are given a full suite of abridged project documents and macroeconomic information that are indicative of any infrastructure project. This is followed by the participants building a complex equity case financial model step-by-step. This phase of the seminar demonstrates how to dove-tail contracts and that nothing in project finance is mutually exclusive. Once completed, the delegates review the financial model for due diligence analysis, usually from a lender or third-party equity perspective. The final phase of this seminar uses sophisticated modeling techniques, coupled with review of contractual language, to price the deal and negotiate off the financial model. Special consideration is given to more advanced project finance issues like off-take clauses, liquidated damages analysis and appropriate covenant definitions. The seminar’s overriding theme is to match the financial model as a highly-developed financial analysis tool with contractual language, deriving an appropriate risk-versus-reward structure. This is an advanced seminar and is geared to the intermediate-to-advanced delegate.

Part 1 – Project Finance versus Corporate Finance
Part 2 – The Role of the Model & Common Rules
Part 3 – The Risk Matrix
Part 4 – Introduction of a Project for Modeling
Part 5 – The Project Documents
Part 6 – The Assumption Page
Part 7 – Operations
Part 8 – Construction
Part 9 – Insurance
Part 10 – Taxes
Part 11 – Depreciation
Part 12 – Financing(s)
Part 13 – The Income Statement
Part 14 – The Balance Sheet
Part 15 – The Statement of Cash Flows
Part 16 – Equity Returns
Part 17 – Loan Values
Part 18 – "Pricing the Deal" and Scenario Analysis
Part 19 – Documenting Changes to the Model
Part 20 – Analysis of Liquidated Damages (“LD”)

Vair Training courses are held at world-class international venues. Registration fees include morning coffee/tea, networking lunches and afternoon refreshments. Course materials are provided electronically on-site. Detailed venue descriptions, times and logistics are included with post-registration materials and documents.