Project Revenue Account Flow of Funds Variable O&M Account EPMI Fin-Buy (“FB”) Buyside Swap Payment Acct. e- FB Fixed O&M Acct. Buyside Swap Revenue Acct. Debt Service Pmt. Acct. Fixed-FB Sellside Swap Revenue Acct. e- FS Sellside Swap Pmt. Acct. EPMI Fin-Sell (“FS”) Fixed-FS Monthly - Blue Arrows Annually - Green Arrows Trustee Depository Acct. - Red Circle - EPMI Contract e- FS - Index Financial Sell Fixed-FS - Fixed Fin. Sell e-FB - Index Fin. Buy Fixed FB - Fixed Fin. Buy Amts owed under either swaps or Reimbursement Agreement Debt Service Reserve Acct. Working Capital Reserve Acct. Equity
Underlying Flow of Funds Project Revenue Account Variable O&M Account Fixed O&M Acct. Debt Service Pmt. Acct. Monthly - Blue Arrows Annually - Green Arrows Trustee Depository Acct. - Red Circle - EPMI Contract e- FS - Index Financial Sell Fixed-FS - Fixed Fin. Sell e-FB - Index Fin. Buy Fixed FB - Fixed Fin. Buy Amts owed under either swaps or Reimbursement Agreement Debt Service Reserve Acct. Working Capital Reserve Acct. Equity
TECO/Mosbacher Delmarva Project Basic Credit Structure Revenues $ Demand = D/S O&M EPMI Fin - Buy $ formula e- EPMI Fin - Sell $ formula e. D/S $ Demand Fin - Sell Equity • $ Formula e-: Positive difference, if any, between the hourly PJM index at the plant bus and a formula equal to: fuel*HR + VOM • Credit Contribution is from inserting contracts on either side of D/S in the flow of funds • Expected result: BBB- / Baa 3
TECO/Mosbacher Delmarva Project Basic Contract Structure e- Trustee e- $ Demand Reimbursement Agreement e- EPMI Fin. Buy guarantee • • LLC $ Demand EPMI Fin Sell ENRON Baa 2/BBB+ guarantee EPMI Financial Buy directly with trustee to make bankrupt remote EPMI Financial Sell with LLC Reimbursement Agreement covers monies owed to Enron under either agreement Bankruptcy treatment of e- revenues from Financial Sell through LLC?
Expanded Delmarva Structure with Financing $ Neg. Loan LLC $ funding loan SPV e D FS D FB $ NL D/S D FS FB e $ FL D/S e Guarantee of $ Neg. Loan ENE Bermuda D Capital Mkts e Ins. Co. “B” EPMI Insurance policy to mitigate risk Ins. Co. “A” Re-insurance reflecting deductible and co-pay Re-insurance, if necessary Enron Re • Because we’ve engineered all defaults in to the FB demand, charge, Ins. Co. “B” is comfortable insuring NL D/S. • The capital markets extends funding loan based off insured cash flows. A much easier sell. • Basically, we sell LLC credit enhanced with EPMI contracts to only one institutional entity (I. e. Ins. Co. “B”).
Скачать презентацию Project Revenue Account Flow of Funds Variable O M
a003a96744cfb8095c4d3bf799a02de3.ppt