Covenant Protection: Zenith's term loan has several credit-friendly terms including debt incurrence tests, excess cash flow sweeps and a potential GLNG-linked sponsor equity
The existing $100M million repurchase authorization under Taylor Morrison's stock repurchase program will not be reduced by the sponsor equity
repurchase and such authorization will remain in effect thereafter, subject to the existing terms and conditions of such repurchase program.
3 million in sponsor equity
contributed by the co-developers.
The majority of PIC capital for construction and operations does not come from sponsor equity
, but from debt, often in the form of jumbo loans (+US$50 million) made to the PIC by commercial banks (e.
0m, including a first mortgage bridge loan, preferred equity from Pembrook, and sponsor equity
NYSE: MIC), through its MIC Renewable Energy Holdings subsidiary, has agreed to acquire the sponsor equity
in the Iron County, Utah-based 80mw Utah Red Hills solar power facility from Norway-based solar power producer Scatec Solar ASA (SSO: OSL), the company said.
Funding will be made up of a mixture of debt and sponsor equity
Advalurem Group (AG), a real estate investment management firm focused on middle-market real estate, provided sponsor equity
to assist its operating partner, Block RealEstate Services (BRES) in the acquisition of Ranch at Pinnacle Point, a Class A, 392-unit apartment community located in Rogers, Arkansas.
Moody's said delinquent loans and real estate--owned (REO) properties will see the most effect from Sandy, by increasing their already expected losses, while newly originated or seasoned loans supported by significant sponsor equity
will suffer less.
JUHSD is instead relying upon project financing, sponsor equity
, and federal renewable-energy tax credits, as well as a power purchase agreement at a fixed discount with equipment provider Perpetual Energy Systems.
However, the less fortunate, struggling under mountains of buyout debt, were forced to seek additional sponsor equity
injections and pay substantial fees in return for covenant waivers and margin resets.
For successful project-finance structures, many companies must rely on a melange approach -- that is, a blend of sponsor equity
, local borrowing, MFI participation, Export Credit Agency (ECA) involvement, vendor financing, international debt/equity financing, derivative products to hedge exposures and so on.