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The Journal of Structured Finance

The Journal of Structured Finance

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Primary Article

Layered Finance

Robert J. Parra and M. Fouzul Kabir Khan
The Journal of Structured Finance Fall 2001, 7 (3) 49-60; DOI: https://doi.org/10.3905/jsf.2001.320258
Robert J. Parra
Director, PricewaterhouseCoopers Securities LLC and resident advisor to the Infrastructure Development Company Ltd., Dhaka, Bangladesh. He may be contacted at bobparra@dhaka.agni.com
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M. Fouzul Kabir Khan
Chief executive officer, Infrastructure Development Company Ltd. He may be contacted at idcol@dhaka.agni.com
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Abstract

The general objectives of subordinated debt in project finance transactions are to mitigate risk for senior lenders and to mobilize a higher aggregate level of project debt than is otherwise justified by the project's underlying cash flows. This article focuses primarily on three purposes of debt subordination in project finance, 1) replacement by project sponsor or other “insider” of equity with debt, 2) provision by other “investors” of equity-like capital on a hybrid basis, and 3) promoting the participation of senior lenders by improving the margin of debt service coverage.

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The Journal of Structured Finance
Vol. 7, Issue 3
Fall 2001
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Layered Finance
Robert J. Parra, M. Fouzul Kabir Khan
The Journal of Structured Finance Oct 2001, 7 (3) 49-60; DOI: 10.3905/jsf.2001.320258

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Layered Finance
Robert J. Parra, M. Fouzul Kabir Khan
The Journal of Structured Finance Oct 2001, 7 (3) 49-60; DOI: 10.3905/jsf.2001.320258
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