{"text_format":"1","workbook":"xlsx","n_sheets":4,"sheets":["E-mail","Summary","Financial Model","Sheet2"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":5,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"E-mail","index":0,"n_rows":15,"n_cols":3,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[null,null,"Hi, my name is Hyeontae Kim from Korea Eximbank(KEXIM)."]
[]
[null,null,"I was the one who asked you many times about the DEBT IRR issues during the class."]
[]
[null,null,"Also, if you could, could you share your thought on DEBT IRRs? \n"]
[]
[null,null,"I am not quite sure which of the two is more logical way of caculating margin IRRs for floating-rate debt. "]
[null,null," ((1) All-in cashflow IRR - Libor cashflow IRR vs (2) Net cashflow IRR). "]
[null,null,"I believe the latter is more sensible because the latter does not fluctuate even if an underlying assumption for Libor curve changes. "]
[]
[null,null,"Objectives"]
[null,null,"    How Does ECA Work"]
[null,null,"    Modelling Practices"]
[null,null,"    Computation of Debt IRR"]
[null,null,"    Measurement of Premium versus Credit Spread"]

{"sheet":"Summary","index":1,"n_rows":11,"n_cols":9,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Approach 1:",null,"Debt IRR"]
[null,null,null,"Less: LIBOR IRR"]
[null,null,null,"Effective Periodic Cost of ECA Debt",null,null,null,null,{"$f":"'Financial Model'!O13","v":2.1480586589074369E-2}]
[]
[null,"Approach 2: ",null,"Credit Spread + Premium IRR",null,null,null,null,{"$f":"'Financial Model'!O14","v":2.0214013064052461E-2}]
[]
[null,"Apporach 3: ",null,"Levelised Cost of Credit Spread %"]
[]
[null,"Approach 4:",null,"Goal Seek on Equity IRRto Find Equivalent Credit Spread",null,null,null,null,{"$f":"'Financial Model'!O10","v":2.1478407672941513E-2}]

{"sheet":"Financial Model","index":2,"n_rows":159,"n_cols":40,"rows_kept":159,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Equity IRR",{"$f":"H106","v":0},"Debt IRR",{"$f":"H116","v":0},"Debt to Capital",null,{"$f":"SUM(I52:I53)","v":0},"Regular CS",{"$f":"O10","v":2.1478407672941513E-2}]
[]
[null,null,null,null,null,"Driver 1","Driver 2","Sum","Start"]
[]
[null,"Time Period",null,null,null,null,null,{"$f":"E116","v":"Regular"},null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,"Operating Period",null,null,null,{"$f":"MAX(5:5)","v":30},null,null,{"$f":"F18","v":false},{"$f":"AND(J5>0,J5<=$F$6)*1","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,"Construction Period",null,null,null,0,null,null,null,{"$f":"(J5=0)*1","v":1},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Inputs",null,null,null,null,null,null,null,null,"ECA Premium and Credit Spread",null,null,null,{"$f":"F15","v":0.1},{"$f":"F17","v":0.01}]
[null,"Project Cost",null,null,"€ 000's",1000,null,null,null,"Regular Debt Credit Spread",null,null,null,null,{"$f":"cs","v":2.1478407672941513E-2}]
[null,"EBITDA",null,null,"€ 000's",60]
[null,"EBITDA Growth",null,null,"%",0.02,null,null,null,null,null,null,null,null,"ECA","Regular Debt"]
[null,null,null,null,null,null,null,null,null,"Credit Spread IRR 1 - Debt IRR less LIBOR IRR",null,null,null,null,{"$f":"J155","v":2.1480586589074369E-2},{"$f":"K155","v":2.1478407672940847E-2}]
[null,"ECA Debt",null,null,null,null,null,null,null,"Credit Spread IRR 2 - Debt Balance x CS + Fees",null,null,null,null,{"$f":"J156","v":2.0214013064052461E-2},2.1478407666615684E-2]
[null,null,"Up-Front Premium",null,"%",0.1,null,null,null,"PV of Credit Spread",null,null,null,null,{"$f":"J157","v":153.76907197343704},153.75263382176831]
[null,null,"Qualifing Assets",null,"%",0.7,null,null,null,"Debt IRR",null,null,null,null,{"$f":"J158","v":3.7480586589074605E-2},3.7478407672941305E-2]
[null,null,"Credit Spread",null,"%",0.01,null,null,null,"Equity IRR",null,null,null,null,{"$f":"J159","v":8.5400687967372324E-2},8.5402762250295083E-2]
[null,null,"Apply ECA Debt",null,"Switch",false]
[null,null,"Tenure of ECA Debt",null,"Years",20,null,null,null,null,"EQ IRR","Debt IRR"]
[null,null,null,null,null,null,null,null,null,"ECA",{"$f":"O17","v":8.5400687967372324E-2},{"$f":"O16","v":3.7480586589074605E-2}]
[null,"Regular Old Debt",null,null,null,null,null,null,null,{"$f":"H5","v":"Regular"},{"$f":"F1","v":0},{"$f":"H1","v":0}]
[null,null,"Financing Percent",null,"%",{"$f":"F16","v":0.7},null,null,null,"Difference",{"$f":"K20-K21","v":8.5400687967372324E-2},{"$f":"L20-L21","v":3.7480586589074605E-2}]
[null,null,"Credit Spread",null,"%",2.1478407672941513E-2,"cs"]
[null,null,"Tenure of Regular Debt",null,"Years",{"$f":"F19","v":20}]
[]
[null,"LIBOR Year",null,null,null,0,1,5,10,15]
[null,null,"Varying LIBOR Rate",null,null,1.4999999999999999E-2,1.6500000000000001E-2,0.02,2.5000000000000001E-2,2.8000000000000001E-2]
[null,null,"Flat LIBOR Rate",null,null,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2]
[]
[null,"LIBOR Rate",null,null,2]
[]
[]
["Operations"]
[null,"EBITDA",null,null,null,{"$f":"F11","v":60},{"$f":"F12","v":0.02},null,null,{"$f":"$F$34*J6","v":0},60,{"$f":"K34*L6*(1+$G$34)","v":61.2},{"$f":"L34*M6*(1+$G$34)","v":62.424000000000007},63.672480000000007,64.945929600000014,66.244848192000021,67.569745155840025,68.921140058956823,70.299562860135964,71.705554117338679,73.139665199685453,74.602458503679159,76.094507673752744,77.6163978272278,79.168725783772359,80.752100299447804,82.367142305436758,84.0144851515455,85.694774854576409,87.408670351667936,89.156843758701299,90.939980633875322,92.758780246552831,94.613955851483894,96.506234968513567,98.436359667883835,100.40508686124151,102.41318859846635,104.46145237043568,106.5506814178444]
[null,"Cap Exp",null,null,null,{"$f":"F10","v":1000},null,null,null,{"$f":"$F$35*J7","v":1000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project Cash Flow"]
[null,"Project IRR",null,null,null,null,null,{"$f":"IRR(36:36)","v":{"$error":"#NUM!"}}]
[]
["Construction Financing"]
[null,"ECA Sizing"]
[null,null,"Capital Expenditures",null,null,null,null,null,null,{"$f":"J35","v":1000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Qualifying Assets",null,null,{"$f":"F16","v":0.7},null,null,null,{"$f":"J41*$F$42","v":700},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Premium",null,null,0.1]
[null,null,"Total ECA Debt",null,null,null,null,null,null,{"$f":"J42+J43","v":700}]
[]
[null,"Uses of Funds"]
[null,null,"Capital Expenditures",null,null,null,null,null,null,{"$f":"J41","v":1000}]
[null,null,"ECA Risk Premium"]
[null,null,null,"Total Sources",null,null,null,null,null,{"$f":"SUM(J47:J48)","v":1000}]
[]
[null,"Sources of Funds",null,null,null,null,null,null,"Result"]
[null,null,"ECA Debt",null,null,{"$f":"F18","v":false},null,null,{"$f":"J52/J55","v":0},{"$f":"J44*F52","v":0}]
[null,null,"Conventional Debt",null,null,{"$f":"NOT(F52)","v":true}]
[null,null,"Equity",null,null,null,null,null,{"$f":"J54/J55","v":1},{"$f":"J49-J52-J53","v":1000}]
[null,null,null,"Total",null,null,null,null,null,{"$f":"SUM(J52:J54)","v":1000}]
[]
["ECA Debt"]
[null,null,"Interest Rate"]
[null,null,null,"LIBOR",null,null,null,null,null,{"$f":"LOOKUP(J5,26:26,30:30)","v":0},{"$f":"LOOKUP(K5,26:26,30:30)","v":0},{"$f":"LOOKUP(L5,26:26,30:30)","v":0},{"$f":"LOOKUP(M5,26:26,30:30)","v":0},{"$f":"LOOKUP(N5,26:26,30:30)","v":0},{"$f":"LOOKUP(O5,26:26,30:30)","v":0},{"$f":"LOOKUP(P5,26:26,30:30)","v":0},{"$f":"LOOKUP(Q5,26:26,30:30)","v":0},{"$f":"LOOKUP(R5,26:26,30:30)","v":0},{"$f":"LOOKUP(S5,26:26,30:30)","v":0},{"$f":"LOOKUP(T5,26:26,30:30)","v":0},{"$f":"LOOKUP(U5,26:26,30:30)","v":0},{"$f":"LOOKUP(V5,26:26,30:30)","v":0},{"$f":"LOOKUP(W5,26:26,30:30)","v":0},{"$f":"LOOKUP(X5,26:26,30:30)","v":0},{"$f":"LOOKUP(Y5,26:26,30:30)","v":0},{"$f":"LOOKUP(Z5,26:26,30:30)","v":0},{"$f":"LOOKUP(AA5,26:26,30:30)","v":0},{"$f":"LOOKUP(AB5,26:26,30:30)","v":0},{"$f":"LOOKUP(AC5,26:26,30:30)","v":0},{"$f":"LOOKUP(AD5,26:26,30:30)","v":0},{"$f":"LOOKUP(AE5,26:26,30:30)","v":0},{"$f":"LOOKUP(AF5,26:26,30:30)","v":0},{"$f":"LOOKUP(AG5,26:26,30:30)","v":0},{"$f":"LOOKUP(AH5,26:26,30:30)","v":0},{"$f":"LOOKUP(AI5,26:26,30:30)","v":0},{"$f":"LOOKUP(AJ5,26:26,30:30)","v":0},{"$f":"LOOKUP(AK5,26:26,30:30)","v":0},{"$f":"LOOKUP(AL5,26:26,30:30)","v":0},{"$f":"LOOKUP(AM5,26:26,30:30)","v":0},{"$f":"LOOKUP(AN5,26:26,30:30)","v":0}]
[null,null,null,"Credit Spread",null,{"$f":"F17","v":0.01},null,null,null,{"$f":"$F$60","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,null,"Total",null,null,null,null,null,{"$f":"SUM(J59:J60)","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[]
[null,null,"Repayment"]
[null,null,null,"Repayment Flag",null,null,null,null,null,{"$f":"AND(J6,J5<=$F$65)*1","v":0},{"$f":"AND(K6,K5<=$F$65)*1","v":1},{"$f":"AND(L6,L5<=$F$65)*1","v":1},{"$f":"AND(M6,M5<=$F$65)*1","v":1},{"$f":"AND(N6,N5<=$F$65)*1","v":1},{"$f":"AND(O6,O5<=$F$65)*1","v":1},{"$f":"AND(P6,P5<=$F$65)*1","v":1},{"$f":"AND(Q6,Q5<=$F$65)*1","v":1},{"$f":"AND(R6,R5<=$F$65)*1","v":1},{"$f":"AND(S6,S5<=$F$65)*1","v":1},{"$f":"AND(T6,T5<=$F$65)*1","v":1},{"$f":"AND(U6,U5<=$F$65)*1","v":1},{"$f":"AND(V6,V5<=$F$65)*1","v":1},{"$f":"AND(W6,W5<=$F$65)*1","v":1},{"$f":"AND(X6,X5<=$F$65)*1","v":1},{"$f":"AND(Y6,Y5<=$F$65)*1","v":1},{"$f":"AND(Z6,Z5<=$F$65)*1","v":1},{"$f":"AND(AA6,AA5<=$F$65)*1","v":1},{"$f":"AND(AB6,AB5<=$F$65)*1","v":1},{"$f":"AND(AC6,AC5<=$F$65)*1","v":1},{"$f":"AND(AD6,AD5<=$F$65)*1","v":1},{"$f":"AND(AE6,AE5<=$F$65)*1","v":0},{"$f":"AND(AF6,AF5<=$F$65)*1","v":0},{"$f":"AND(AG6,AG5<=$F$65)*1","v":0},{"$f":"AND(AH6,AH5<=$F$65)*1","v":0},{"$f":"AND(AI6,AI5<=$F$65)*1","v":0},{"$f":"AND(AJ6,AJ5<=$F$65)*1","v":0},{"$f":"AND(AK6,AK5<=$F$65)*1","v":0},{"$f":"AND(AL6,AL5<=$F$65)*1","v":0},{"$f":"AND(AM6,AM5<=$F$65)*1","v":0},{"$f":"AND(AN6,AN5<=$F$65)*1","v":0}]
[null,null,null,"Repayment Percent from Function",null,{"$f":"F19","v":20},null,{"$f":"SUM(J65:AN65)","v":0}]
[]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I70","v":0},{"$f":"J70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Draws",null,null,null,{"$f":"SUM(J68:AN68)","v":0},null,{"$f":"J52","v":0},{"$f":"K52","v":0},{"$f":"L52","v":0},{"$f":"M52","v":0},{"$f":"N52","v":0},{"$f":"O52","v":0},{"$f":"P52","v":0},{"$f":"Q52","v":0},{"$f":"R52","v":0},{"$f":"S52","v":0},{"$f":"T52","v":0},{"$f":"U52","v":0},{"$f":"V52","v":0},{"$f":"W52","v":0},{"$f":"X52","v":0},{"$f":"Y52","v":0},{"$f":"Z52","v":0},{"$f":"AA52","v":0},{"$f":"AB52","v":0},{"$f":"AC52","v":0},{"$f":"AD52","v":0},{"$f":"AE52","v":0},{"$f":"AF52","v":0},{"$f":"AG52","v":0},{"$f":"AH52","v":0},{"$f":"AI52","v":0},{"$f":"AJ52","v":0},{"$f":"AK52","v":0},{"$f":"AL52","v":0},{"$f":"AM52","v":0},{"$f":"AN52","v":0}]
[null,null,null,"Less: Repayments",null,{"$f":"H68","v":0},null,{"$f":"SUM(J69:AN69)","v":0},null,{"$f":"J65*$F$69","v":0},{"$f":"K65*$F$69","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,null,{"$f":"J67+J68-J69","v":0},{"$f":"K67+K68-K69","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest"]
[null,null,null,"Total Interest"]
[null,null,null,"LIBOR Interest"]
[null,null,null,"Credit Spread Interest"]
[]
["Regular Old Debt without Fee"]
[null,null,"Interest Rate"]
[null,null,null,"LIBOR",null,null,null,null,null,{"$f":"LOOKUP(J5,26:26,30:30)","v":0},{"$f":"LOOKUP(K5,26:26,30:30)","v":0},{"$f":"LOOKUP(L5,26:26,30:30)","v":0},{"$f":"LOOKUP(M5,26:26,30:30)","v":0},{"$f":"LOOKUP(N5,26:26,30:30)","v":0},{"$f":"LOOKUP(O5,26:26,30:30)","v":0},{"$f":"LOOKUP(P5,26:26,30:30)","v":0},{"$f":"LOOKUP(Q5,26:26,30:30)","v":0},{"$f":"LOOKUP(R5,26:26,30:30)","v":0},{"$f":"LOOKUP(S5,26:26,30:30)","v":0},{"$f":"LOOKUP(T5,26:26,30:30)","v":0},{"$f":"LOOKUP(U5,26:26,30:30)","v":0},{"$f":"LOOKUP(V5,26:26,30:30)","v":0},{"$f":"LOOKUP(W5,26:26,30:30)","v":0},{"$f":"LOOKUP(X5,26:26,30:30)","v":0},{"$f":"LOOKUP(Y5,26:26,30:30)","v":0},{"$f":"LOOKUP(Z5,26:26,30:30)","v":0},{"$f":"LOOKUP(AA5,26:26,30:30)","v":0},{"$f":"LOOKUP(AB5,26:26,30:30)","v":0},{"$f":"LOOKUP(AC5,26:26,30:30)","v":0},{"$f":"LOOKUP(AD5,26:26,30:30)","v":0},{"$f":"LOOKUP(AE5,26:26,30:30)","v":0},{"$f":"LOOKUP(AF5,26:26,30:30)","v":0},{"$f":"LOOKUP(AG5,26:26,30:30)","v":0},{"$f":"LOOKUP(AH5,26:26,30:30)","v":0},{"$f":"LOOKUP(AI5,26:26,30:30)","v":0},{"$f":"LOOKUP(AJ5,26:26,30:30)","v":0},{"$f":"LOOKUP(AK5,26:26,30:30)","v":0},{"$f":"LOOKUP(AL5,26:26,30:30)","v":0},{"$f":"LOOKUP(AM5,26:26,30:30)","v":0},{"$f":"LOOKUP(AN5,26:26,30:30)","v":0}]
[null,null,null,"Credit Spread",null,{"$f":"F23","v":2.1478407672941513E-2},null,null,null,{"$f":"$F$80","v":2.1478407672941513E-2},{"$f":"$F$80","v":2.1478407672941513E-2},2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2]
[null,null,null,"Total",null,null,null,null,null,{"$f":"SUM(J79:J80)","v":2.1478407672941513E-2},{"$f":"SUM(K79:K80)","v":2.1478407672941513E-2},2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2,2.1478407672941513E-2]
[]
[null,null,"Repayment Period",null,null,null,null,null,null,{"$f":"AND(J6,J5<=$F$84)*1","v":0},{"$f":"AND(K6,K5<=$F$84)*1","v":1},{"$f":"AND(L6,L5<=$F$84)*1","v":1},{"$f":"AND(M6,M5<=$F$84)*1","v":1},{"$f":"AND(N6,N5<=$F$84)*1","v":1},{"$f":"AND(O6,O5<=$F$84)*1","v":1},{"$f":"AND(P6,P5<=$F$84)*1","v":1},{"$f":"AND(Q6,Q5<=$F$84)*1","v":1},{"$f":"AND(R6,R5<=$F$84)*1","v":1},{"$f":"AND(S6,S5<=$F$84)*1","v":1},{"$f":"AND(T6,T5<=$F$84)*1","v":1},{"$f":"AND(U6,U5<=$F$84)*1","v":1},{"$f":"AND(V6,V5<=$F$84)*1","v":1},{"$f":"AND(W6,W5<=$F$84)*1","v":1},{"$f":"AND(X6,X5<=$F$84)*1","v":1},{"$f":"AND(Y6,Y5<=$F$84)*1","v":1},{"$f":"AND(Z6,Z5<=$F$84)*1","v":1},{"$f":"AND(AA6,AA5<=$F$84)*1","v":1},{"$f":"AND(AB6,AB5<=$F$84)*1","v":1},{"$f":"AND(AC6,AC5<=$F$84)*1","v":1},{"$f":"AND(AD6,AD5<=$F$84)*1","v":1},1,{"$f":"AND(AF6,AF5<=$F$84)*1","v":0},{"$f":"AND(AG6,AG5<=$F$84)*1","v":0},{"$f":"AND(AH6,AH5<=$F$84)*1","v":0},{"$f":"AND(AI6,AI5<=$F$84)*1","v":0},{"$f":"AND(AJ6,AJ5<=$F$84)*1","v":0},{"$f":"AND(AK6,AK5<=$F$84)*1","v":0},{"$f":"AND(AL6,AL5<=$F$84)*1","v":0},{"$f":"AND(AM6,AM5<=$F$84)*1","v":0},{"$f":"AND(AN6,AN5<=$F$84)*1","v":0}]
[null,null,"Repayment Percent",null,null,20,null,{"$f":"SUM(J84:AM84)","v":0}]
[]
[null,null,"Debt Balance"]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I90","v":0},{"$f":"J90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Draws",null,{"$f":"J53","v":0},null,null,null,{"$f":"J53","v":0},{"$f":"K53","v":0},{"$f":"L53","v":0},{"$f":"M53","v":0},{"$f":"N53","v":0},{"$f":"O53","v":0},{"$f":"P53","v":0},{"$f":"Q53","v":0},{"$f":"R53","v":0},{"$f":"S53","v":0},{"$f":"T53","v":0},{"$f":"U53","v":0},{"$f":"V53","v":0},{"$f":"W53","v":0},{"$f":"X53","v":0},{"$f":"Y53","v":0},{"$f":"Z53","v":0},{"$f":"AA53","v":0},{"$f":"AB53","v":0},{"$f":"AC53","v":0},{"$f":"AD53","v":0},{"$f":"AE53","v":0},{"$f":"AF53","v":0},{"$f":"AG53","v":0},{"$f":"AH53","v":0},{"$f":"AI53","v":0},{"$f":"AJ53","v":0},{"$f":"AK53","v":0},{"$f":"AL53","v":0},{"$f":"AM53","v":0},{"$f":"AN53","v":0}]
[null,null,null,"Less: Repayments",null,{"$f":"J53","v":0},null,null,null,{"$f":"$F$89*J84","v":0},{"$f":"$F$89*K84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,null,{"$f":"J87+J88-J89","v":0},{"$f":"K87+K88-K89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest"]
[null,null,null,"Total Interest",null,null,null,null,null,{"$f":"J87*J81","v":0},{"$f":"K87*K81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LIBOR Interest",null,null,null,null,null,{"$f":"J87*J79","v":0},{"$f":"K87*K79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Spread Interest",null,null,null,null,null,{"$f":"J87*J80","v":0},{"$f":"K87*K80","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Waterfall"]
[null,null,"EBITDA",null,null,null,null,null,null,{"$f":"J34","v":0},{"$f":"K34","v":60},{"$f":"L34","v":61.2},{"$f":"M34","v":62.424000000000007},{"$f":"N34","v":63.672480000000007},{"$f":"O34","v":64.945929600000014},{"$f":"P34","v":66.244848192000021},{"$f":"Q34","v":67.569745155840025},{"$f":"R34","v":68.921140058956823},{"$f":"S34","v":70.299562860135964},{"$f":"T34","v":71.705554117338679},{"$f":"U34","v":73.139665199685453},{"$f":"V34","v":74.602458503679159},{"$f":"W34","v":76.094507673752744},{"$f":"X34","v":77.6163978272278},{"$f":"Y34","v":79.168725783772359},{"$f":"Z34","v":80.752100299447804},{"$f":"AA34","v":82.367142305436758},{"$f":"AB34","v":84.0144851515455},{"$f":"AC34","v":85.694774854576409},{"$f":"AD34","v":87.408670351667936},{"$f":"AE34","v":89.156843758701299},{"$f":"AF34","v":90.939980633875322},{"$f":"AG34","v":92.758780246552831},{"$f":"AH34","v":94.613955851483894},{"$f":"AI34","v":96.506234968513567},{"$f":"AJ34","v":98.436359667883835},{"$f":"AK34","v":100.40508686124151},{"$f":"AL34","v":102.41318859846635},{"$f":"AM34","v":104.46145237043568},{"$f":"AN34","v":106.5506814178444}]
[null,null,"Less: Interest on ECA",null,null,null,null,null,null,{"$f":"J73","v":0},{"$f":"K73","v":0},{"$f":"L73","v":0},{"$f":"M73","v":0},{"$f":"N73","v":0},{"$f":"O73","v":0},{"$f":"P73","v":0},{"$f":"Q73","v":0},{"$f":"R73","v":0},{"$f":"S73","v":0},{"$f":"T73","v":0},{"$f":"U73","v":0},{"$f":"V73","v":0},{"$f":"W73","v":0},{"$f":"X73","v":0},{"$f":"Y73","v":0},{"$f":"Z73","v":0},{"$f":"AA73","v":0},{"$f":"AB73","v":0},{"$f":"AC73","v":0},{"$f":"AD73","v":0},{"$f":"AE73","v":0},{"$f":"AF73","v":0},{"$f":"AG73","v":0},{"$f":"AH73","v":0},{"$f":"AI73","v":0},{"$f":"AJ73","v":0},{"$f":"AK73","v":0},{"$f":"AL73","v":0},{"$f":"AM73","v":0},{"$f":"AN73","v":0}]
[null,null,"Less: Interest on Regular",null,null,null,null,null,null,{"$f":"J93","v":0},{"$f":"K93","v":0},{"$f":"L93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of ECA",null,null,null,null,null,null,{"$f":"J69","v":0},{"$f":"K69","v":0},{"$f":"L69","v":0},{"$f":"M69","v":0},{"$f":"N69","v":0},{"$f":"O69","v":0},{"$f":"P69","v":0},{"$f":"Q69","v":0},{"$f":"R69","v":0},{"$f":"S69","v":0},{"$f":"T69","v":0},{"$f":"U69","v":0},{"$f":"V69","v":0},{"$f":"W69","v":0},{"$f":"X69","v":0},{"$f":"Y69","v":0},{"$f":"Z69","v":0},{"$f":"AA69","v":0},{"$f":"AB69","v":0},{"$f":"AC69","v":0},{"$f":"AD69","v":0},{"$f":"AE69","v":0},{"$f":"AF69","v":0},{"$f":"AG69","v":0},{"$f":"AH69","v":0},{"$f":"AI69","v":0},{"$f":"AJ69","v":0},{"$f":"AK69","v":0},{"$f":"AL69","v":0},{"$f":"AM69","v":0},{"$f":"AN69","v":0}]
[null,null,"Less: Repayment of Regular",null,null,null,null,null,null,{"$f":"J89","v":0},{"$f":"K89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow"]
[]
[null,"Equity Cash Flow"]
[null,"Equity IRR"]
[]
[null,"NPV of Equity Cash Flow",null,null,null,{"$f":"M21","v":0},null,{"$f":"NPV(F108,105:105)","v":0},"NPVatECA"]
[]
[null,"Debt Cash Flow"]
[null,null,"Debt Service"]
[null,null,"Less: Debt Funded"]
[null,null,"Add: Premium"]
[null,null,"Net Debt Cash Flow"]
[]
[null,null,"Debt IRR",null,{"$f":"IF(F18,\"ECA\",\"Regular\")","v":"Regular"}]
[]
["Alternative Methods of Computing Effective Credit Spread"]
[null,"NPV of Credit Spread"]
[null,null,"ECA Debt"]
[null,null,null,"Total Spread and Premium Cash Paid"]
[null,null,null,"Closing Balance of Debt",null,null,null,null,null,{"$f":"J70","v":0},{"$f":"K70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LIBOR",null,null,null,null,null,{"$f":"J79","v":0},{"$f":"K79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Compounded",null,null,null,null,1,{"$f":"I124*(1+J123)","v":1},{"$f":"J124*(1+K123)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"NPV of Credit Spread"]
[]
[null,null,"Conventional Debt"]
[null,null,null,"Total Spread and Premium Cash Paid",null,null,null,null,null,{"$f":"J95","v":0},{"$f":"K95","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance of Debt",null,null,null,null,null,{"$f":"J90","v":0},{"$f":"K90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LIBOR",null,null,null,null,null,{"$f":"J123","v":0},{"$f":"K123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Compounded",null,null,null,null,1,{"$f":"I131*(1+J130)","v":1},{"$f":"J131*(1+K130)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"NPV of Credit Spread",null,null,null,{"$f":"SUM(J132:AN132)","v":0},null,{"$f":"J128/J131","v":0},{"$f":"K128/K131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LIBOR Cash Flow"]
[null,null,null,"LIBOR Interest Payment"]
[null,null,null,"Debt Repayment"]
[null,null,null,"Cash Outflow"]
[null,null,null,"LIBOR Cash Flow"]
[]
[null,null,null,"LIBOR IRR"]
[null,null,null,"Debt IRR"]
[null,null,null,"Method 1 Spread IRR"]
[]
[null,null,"Credit Spread and Fee Cash Flow"]
[null,null,null,"Credit Spread and Fee Payment"]
[null,null,null,"Debt Repayment"]
[null,null,null,"Cash Outflow"]
[null,null,null,"Credit Spread and Fee Cash Flow"]
[]
[null,null,null,"Method 2 Spread IRR"]
[]
["Data Table"]
[null,null,null,null,null,null,null,null,null,"ECA","Regular"]
[null,null,null,null,null,null,null,null,null,true,false]
[null,null,null,"Credit Spread IRR 1 - Debt IRR less LIBOR IRR",null,null,null,null,{"$f":"H142","v":0},2.1480586589074369E-2,2.1478407672940847E-2]
[null,null,null,"Credit Spread IRR 2 - Debt Balance x CS + Fees",null,null,null,null,{"$f":"H150","v":0},2.0214013064052461E-2,2.1478407666615684E-2]
[null,null,null,"PV of Credit Spread",null,null,null,null,{"$f":"H125+H132","v":0},153.76907197343704,153.75263382176831]
[null,null,null,"Debt IRR",null,null,null,null,{"$f":"H116","v":0},3.7480586589074605E-2,3.7478407672941305E-2]
[null,null,null,"Equity IRR",null,null,null,null,{"$f":"H106","v":0},8.5400687967372324E-2,8.5402762250295083E-2]

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