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Structured Financing Techniques in Oil & Gas Project Finance: Future Flow Securitizations, Prepaids, Volumetric Production Payments, and Project Finance Collateralized Debt ObligationsChristopher L. CulpUniversity of Chicago - Booth School of Business; Compass Lexecon J. Paul Forresteraffiliation not provided to SSRN July 3, 2009 ENERGY & ENVIRONMENTAL PROJECT FINANCE LAW & TAXATION: NEW INVESTMENT TECHNIQUES, A. S. Kramer & P. C. Fusaro, eds., Oxford University Press, Forthcoming Abstract: Structured financing techniques in oil-and-gas-related project finance have grown more popular over the past several decades. Securitization, in particular, has played an important role in project finance by increasing oil and gas sponsors’ access to affordable financing from the capital markets and helping banks refinance their project loan exposures. We review the economic benefits of using structured finance techniques in oil & gas project finance, and we explain and provide examples of several of the most common types: future-flow securitizations, prepaids and volumetric production payments, and project finance collateralized debt obligations. We conclude with a discussion of the impact of the credit crisis on these products and markets.
Number of Pages in PDF File: 50 Accepted Paper SeriesDate posted: July 16, 2009Suggested CitationContact Information
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