Companion files · The Infrastructure Debt Investor

The Infrastructure Debt Investor

Underwriting and Structuring Infrastructure Loans: Senior and Holdco Debt, DSCR and LLCR, Covenants, Pricing, Ratings and the Career, With the Models Supplied.

Julian R. Sterling

This is the companion file of the book. One workbook rebuilds the three loans the book follows from the lender's chair: a senior loan to a schools concession paid by a public authority, a senior loan to a wind farm whose contract ends before its debt does, and a loan to a holding company that lives on another company's dividends. It sizes them, stresses them with the signed loan held fixed, prices them after expected loss and reproduces every figure the book prints. No sign-up, no email is asked for, nothing is locked. Amounts are in millions of US dollars; blue type is an input, black type is a formula.

The files

• Chapters 1 to 14 · Appendix A

  Infrastructure_Debt_Investor_Models.xlsx

  Wexmoor Schools: sculpting, the gearing cap, the schedule, the DSCR, LLCR and PLCR, eight stress cases with the debt held fixed, the breakevens and a secondary price. Tarnbeck Wind: P50, P90 and P99, contracted and merchant sizing, a bad wind year, a permanent output loss and the breakeven merchant price. Carrow Heat: the opco waterfall and lock-up, the holdco cover, its reserve, the PIK toggle, equity value, LTV and recovery. Then pricing and expected loss, the fund's portfolio and the interview case, and a Checks sheet that sets each figure the book prints beside the cell that computes it.

  Download the workbook56 KB

• Read first

  00_START_HERE.md

  What the file is, which tab answers which chapter, and the difference between a sizing input and a stress input.

  Download the read-me2 KB

Three numbers to reproduce first

The quiet stress	Wexmoor: costs 15 percent over budget leave the lowest DSCR at 1.12 times; inflation one point lower on everything takes it to 0.97 times
The merchant tail	Tarnbeck: 25.7 percent of the loan is outstanding when the contract ends, and the merchant years cover debt service down to $32.99 per megawatt-hour, 36.6 percent below the adviser
The holdco	Carrow: a 6.5 percent fall in the opco's EBITDA breaches the holdco's covenant; a 28.5 percent fall stops its cash

The file is provided as it is, without warranty of any kind. The model is illustrative: Wexmoor Schools, Tarnbeck Wind, Carrow Heat, the fund and their counterparties are fictional, and the figures are the book's assumptions, not market statistics. Nothing here is legal, tax, accounting or investment advice.