Avoiding circular references when modelling DSRA with sculpted principal repayments.
In the debt markets, nothing says “unprofessional”, “exercise caution”, ”oh not another developer spruiking their project” quite like a poorly prepared Information Memorandum (“IM”) and Model package. Just like an office, staff, webpage, PowerPoint slides, financial model, if an IM can’t be properly prepared and presented then it raises doubts about a developers ability to deliver a project – arguably more challenging than a Word document!
In the Project Finance industry an Information Memorandum is generally presented to financiers and investors, by project developers along with a Financial Model to bring these parties up to speed with the project. It is often prepared by an advisor or a bank acting in this capacity. They are used for a variety of reasons including the sell down of the initial debt raising.
A point often overlooked though is that it is still a sales document, the IM is your golden opportunity to demonstrate that your team can clearly explain the proposed project, representing the key benefits and that the known risks have been properly addressed.
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