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Enerjisa 2: Project pool
06 May 2011
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[enerjisa]
[verbund]
[sabanci]
The Enerjisa stage 2 Eu700 million ($975 million) 12-year project financing is backed by revenue streams from projects that are already cash generating from the stage 1 financing in 2008. Both deals are part of a wider portfolio financing strategy that has enabled Enerjisa to retain a broad lender base without having exactly the same lenders on every project or multiple projects financed.
It is a hybrid corporate/project strategy where all project revenues go into one account to service debt across the portfolio. Enerjisa retains control of the cash waterfall across the portfolio according to its priorities.
The strategy has paid off. Oversubscribed in syndication at the international level, Enerjisa 2 pulled in tight pricing – only 30bp more over Euribor during construction than Enerjisa 1 in September 2008 – and the majority of the same banks that financed the first Enerjisa deal.
The margin proved too tight for...
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