{"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 of the credit spread + premiumn 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,{"$f":"'Financial Model'!O13","v":2.1363800757551843E-2}]
[]
[null,"Approach 2: ",null,"Credit Spread + Premium IRR",null,null,null,null,{"$f":"'Financial Model'!O14","v":2.0121554833533395E-2}]
[]
[null,"Apporach 3: ",null,"Levelised Cost of Credit Spread %"]
[]
[null,"Approach 4:",null,"Goal Seek on Equity IRR to Find Equivalent Credit Spread",null,null,null,null,{"$f":"'Financial Model'!O10","v":2.1625670001403155E-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",{"$f":"H106","v":8.1737235182696599E-2},"Debt IRR",{"$f":"H116","v":4.187645454720923E-2},"Debt to Capital",null,{"$f":"SUM(I52:I53)","v":0.7},"Regular CS",{"$f":"O10","v":2.1625670001403155E-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,null,{"$f":"AND(J5>0,J5<=$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,{"$f":"cs","v":2.1625670001403155E-2}]
[null,"EBITDA",null,null,"€ 000's",60]
[null,"EBITDA Growth",null,null,"%",0.02,null,null,null,null,null,null,null,null,"ECA","Regular Debt"]
[null,null,null,null,null,null,null,null,null,"Credit Spread IRR 1 - Debt IRR less LIBOR IRR",null,null,null,null,{"$f":"J155","v":2.1363800757551843E-2},{"$f":"K155","v":2.1259088856097064E-2}]
[null,"ECA Debt",null,null,null,null,null,null,null,"Credit Spread IRR 2 - Debt Balance x CS + Fees",null,null,null,null,{"$f":"J156","v":2.0121554833533395E-2},2.1625669993525998E-2]
[null,null,"Up-Front Premium",null,"%",0.1,null,null,null,"PV of Credit Spread",null,null,null,null,{"$f":"J157","v":152.75891309249423},152.54794838397589]
[null,null,"Qualifing Assets",null,"%",0.7,null,null,null,"Debt IRR",null,null,null,null,{"$f":"J158","v":4.189548116255315E-2},4.187645454720923E-2]
[null,null,"Credit Spread",null,"%",0.01,null,null,null,"Equity IRR",null,null,null,null,{"$f":"J159","v":8.1736515821924094E-2},8.1737235182696599E-2]
[null,null,"Apply ECA Debt",null,"Switch",false]
[null,null,"Tenure of ECA Debt",null,"Years",20,null,null,null,null,"EQ IRR","Debt IRR"]
[null,null,null,null,null,null,null,null,null,"ECA",{"$f":"O17","v":8.1736515821924094E-2},{"$f":"O16","v":4.189548116255315E-2}]
[null,"Regular Old Debt",null,null,null,null,null,null,null,{"$f":"H5","v":"Regular"},{"$f":"F1","v":8.1737235182696599E-2},{"$f":"H1","v":4.187645454720923E-2}]
[null,null,"Financing Percent",null,"%",0.7,null,null,null,"Difference",{"$f":"K20-K21","v":-7.193607725053397E-7},{"$f":"L20-L21","v":1.9026615343920028E-5}]
[null,null,"Credit Spread",null,"%",2.1625670001403155E-2,"cs"]
[null,null,"Tenure of Regular Debt",null,"Years",{"$f":"F19","v":20}]
[]
[null,"LIBOR Year",null,null,null,0,1,5,10,15]
[null,null,"Varying LIBOR Rate",null,null,1.4999999999999999E-2,1.6500000000000001E-2,0.02,2.5000000000000001E-2,2.8000000000000001E-2]
[null,null,"Flat LIBOR Rate",null,null,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2]
[]
[null,"LIBOR Rate",null,null,1,{"$f":"INDEX(F27:F28,$E$30)","v":1.4999999999999999E-2},{"$f":"INDEX(G27:G28,$E$30)","v":1.6500000000000001E-2},{"$f":"INDEX(H27:H28,$E$30)","v":0.02},{"$f":"INDEX(I27:I28,$E$30)","v":2.5000000000000001E-2},{"$f":"INDEX(J27:J28,$E$30)","v":2.8000000000000001E-2}]
[]
[]
["Operations"]
[null,"EBITDA",null,null,null,{"$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$35*J7","v":1000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project Cash Flow",null,null,null,null,null,null,null,{"$f":"J34-J35","v":-1000},60,61.2,62.424000000000007,63.672480000000007,64.945929600000014,66.244848192000021,67.569745155840025,68.921140058956823,70.299562860135964,71.705554117338679,73.139665199685453,74.602458503679159,76.094507673752744,77.6163978272278,79.168725783772359,80.752100299447804,82.367142305436758,84.0144851515455,85.694774854576409,87.408670351667936,89.156843758701299,90.939980633875322,92.758780246552831,94.613955851483894,96.506234968513567,98.436359667883835,100.40508686124151,102.41318859846635,104.46145237043568,106.5506814178444]
[null,"Project IRR",null,null,null,null,null,{"$f":"IRR(36:36)","v":6.2237217935576128E-2}]
[]
["Construction Financing"]
[null,"ECA Sizing"]
[null,null,"Capital Expenditures",null,null,null,null,null,null,{"$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$42","v":700},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Premium",null,null,0.1,{"$f":"1/(1-F43)-1","v":0.11111111111111116},{"$f":"F18","v":false},null,{"$f":"J42*$G$43*H43","v":0}]
[null,null,"Total ECA Debt",null,null,null,null,null,null,{"$f":"J42+J43","v":700}]
[]
[null,"Uses of Funds"]
[null,null,"Capital Expenditures",null,null,null,null,null,null,{"$f":"J41","v":1000}]
[null,null,"ECA Risk Premium",null,null,null,null,null,null,{"$f":"J43","v":0}]
[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,{"$f":"NOT(F52)","v":true},{"$f":"F22","v":0.7},null,{"$f":"J53/J55","v":0.7},{"$f":"J49*G53*F53","v":700}]
[null,null,"Equity",null,null,null,null,null,{"$f":"J54/J55","v":0.3},{"$f":"J49-J52-J53","v":300}]
[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":1.4999999999999999E-2},1.6500000000000001E-2,1.6500000000000001E-2,1.6500000000000001E-2,1.6500000000000001E-2,0.02,0.02,0.02,0.02,0.02,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2]
[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":2.5000000000000001E-2},2.6500000000000003E-2,2.6500000000000003E-2,2.6500000000000003E-2,2.6500000000000003E-2,0.03,0.03,0.03,0.03,0.03,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2]
[]
[null,null,"Repayment"]
[null,null,null,"Repayment Flag",null,null,null,null,null,{"$f":"AND(J6,J5<=$F$65)*1","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Repayment Percent from Function",null,{"$f":"F19","v":20},null,{"$f":"SUM(J65:AN65)","v":1.0000000000000002},null,{"$f":"repayment_varying_rate(F65,61:61,64:64)","v":0},3.8559555229597052E-2,3.9581383443181378E-2,4.0630290104425683E-2,4.1706992792192948E-2,4.1649388404815135E-2,4.2898870056959588E-2,4.4185836158668376E-2,4.5511411243428439E-2,4.6876753580731276E-2,4.7055235058185596E-2,4.87021682852221E-2,5.0406744175204882E-2,5.2170980221337038E-2,5.3996964529083841E-2,5.5467151165033243E-2,5.7574902909304497E-2,5.9762749219858066E-2,6.2033733690212658E-2,6.4391015570440774E-2,6.6837874162117519E-2,0,0,0,0,0,0,0,0,0,0]
[]
[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},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,"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},{"$f":"K67+K68-K69","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest"]
[null,null,null,"Total Interest",null,null,null,null,null,{"$f":"J67*J61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LIBOR Interest",null,null,null,null,null,{"$f":"J67*J59","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Credit Spread Interest",null,null,null,null,null,{"$f":"J60*J67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Regular Old Debt without Fee"]
[null,null,"Interest Rate"]
[null,null,null,"LIBOR",null,null,null,null,null,{"$f":"LOOKUP(J5,26:26,30:30)","v":1.4999999999999999E-2},1.6500000000000001E-2,1.6500000000000001E-2,1.6500000000000001E-2,1.6500000000000001E-2,0.02,0.02,0.02,0.02,0.02,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2]
[null,null,null,"Credit Spread",null,{"$f":"F23","v":2.1625670001403155E-2},null,null,null,{"$f":"$F$80","v":2.1625670001403155E-2},{"$f":"$F$80","v":2.1625670001403155E-2},2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2,2.1625670001403155E-2]
[null,null,null,"Total",null,null,null,null,null,{"$f":"SUM(J79:J80)","v":3.6625670001403154E-2},{"$f":"SUM(K79:K80)","v":3.8125670001403156E-2},3.8125670001403156E-2,3.8125670001403156E-2,3.8125670001403156E-2,4.1625670001403159E-2,4.1625670001403159E-2,4.1625670001403159E-2,4.1625670001403159E-2,4.1625670001403159E-2,4.6625670001403156E-2,4.6625670001403156E-2,4.6625670001403156E-2,4.6625670001403156E-2,4.6625670001403156E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2,4.9625670001403152E-2]
[]
[null,null,"Repayment Period",null,null,null,null,null,null,{"$f":"AND(J6,J5<=$F$84)*1","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"AND(AF6,AF5<=$F$84)*1","v":0},0,0,0,0,0,0,0,0]
[null,null,"Repayment Percent",null,null,20,null,{"$f":"SUM(J84:AM84)","v":1},null,{"$f":"repayment_varying_rate(F84,81:81,83:83)","v":0},3.4240034366526423E-2,3.554545861762131E-2,3.6900653042925259E-2,3.8307515163676101E-2,3.8669112698543215E-2,4.0278740422979846E-2,4.1955369979898981E-2,4.3701790365469034E-2,4.5520906669692551E-2,4.6198670552701777E-2,4.8352714520395579E-2,5.060719223129561E-2,5.2966786475969571E-2,5.5436398383232929E-2,5.7584891962081566E-2,6.0442580807658269E-2,6.3442084376852267E-2,6.6590440320339103E-2,6.9895035536924388E-2,7.336362350521615E-2,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt Balance"]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I90","v":0},{"$f":"J90","v":700},676.03197594343146,651.15015491109659,625.31969778104894,598.50443716647567,571.43605827749536,543.2409399814095,513.87218099548022,483.28092773965187,451.41629307086708,419.07722368397583,385.23032351969891,349.80528895779196,312.72853842461325,273.92305955635021,233.61363518289312,191.30382861753233,146.89436955373574,100.28106132949837,51.354536453651299,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Draws",null,{"$f":"J53","v":700},null,null,null,{"$f":"J53","v":700},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Repayments",null,{"$f":"J53","v":700},null,null,null,{"$f":"$F$89*J84","v":0},{"$f":"$F$89*K84","v":23.968024056568495},24.881821032334916,25.83045713004768,26.815260614573269,27.068378888980252,28.195118296085891,29.368758985929286,30.591253255828324,31.864634668784785,32.339069386891246,33.846900164276903,35.425034561906926,37.076750533178696,38.805478868263052,40.309424373457098,42.309806565360788,44.409459063796589,46.613308224237372,48.926524875847072,51.354536453651306,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,null,{"$f":"J87+J88-J89","v":700},{"$f":"K87+K88-K89","v":676.03197594343146},651.15015491109659,625.31969778104894,598.50443716647567,571.43605827749536,543.2409399814095,513.87218099548022,483.28092773965187,451.41629307086708,419.07722368397583,385.23032351969891,349.80528895779196,312.72853842461325,273.92305955635021,233.61363518289312,191.30382861753233,146.89436955373574,100.28106132949837,51.354536453651299,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest"]
[null,null,null,"Total Interest",null,null,null,null,null,{"$f":"J87*J81","v":0},{"$f":"K87*K81","v":26.687969000982211},25.774172025215783,24.825535927503012,23.840732442977426,24.913148195867247,23.786408788761605,22.61276809891821,21.390273829019176,20.116892416062715,21.047587113978942,19.539756336593271,17.961621938963258,16.309905967691485,14.581177632607144,13.593615359318138,11.593233167414439,9.4935806689786446,7.2897315085378525,4.9765148569281568,2.5485032791239277,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LIBOR Interest",null,null,null,null,null,{"$f":"J87*J79","v":0},{"$f":"K87*K79","v":11.55},11.154527603066621,10.743977556033094,10.317775013387308,11.970088743329514,11.428721165549907,10.864818799628191,10.277443619909604,9.6656185547930384,11.285407326771677,10.476930592099396,9.6307580879924739,8.7451322239447986,7.8182134606153317,7.6698456675778059,6.5411817851210072,5.3565072012909054,4.1130423475046012,2.8078697172259544,1.4379270207022363,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Spread Interest",null,null,null,null,null,{"$f":"J87*J80","v":0},{"$f":"K87*K80","v":15.137969000982208},14.619644422149165,14.081558371469919,13.522957429590118,12.943059452537732,12.357687623211696,11.747949299290019,11.112830209109569,10.451273861269675,9.7621797872072644,9.0628257444938765,8.3308638509707844,7.5647737437466835,6.762964171991813,5.9237696917403326,5.0520513822934321,4.1370734676877392,3.1766891610332522,2.1686451397022029,1.1105762584216916,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Waterfall"]
[null,null,"EBITDA",null,null,null,null,null,null,{"$f":"J34","v":0},60,61.2,62.424000000000007,63.672480000000007,64.945929600000014,66.244848192000021,67.569745155840025,68.921140058956823,70.299562860135964,71.705554117338679,73.139665199685453,74.602458503679159,76.094507673752744,77.6163978272278,79.168725783772359,80.752100299447804,82.367142305436758,84.0144851515455,85.694774854576409,87.408670351667936,89.156843758701299,90.939980633875322,92.758780246552831,94.613955851483894,96.506234968513567,98.436359667883835,100.40508686124151,102.41318859846635,104.46145237043568,106.5506814178444]
[null,null,"Less: Interest on ECA",null,null,null,null,null,null,{"$f":"J73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest on Regular",null,null,null,null,null,null,{"$f":"J93","v":0},{"$f":"K93","v":26.687969000982211},{"$f":"L93","v":25.774172025215783},24.825535927503012,23.840732442977426,24.913148195867247,23.786408788761605,22.61276809891821,21.390273829019176,20.116892416062715,21.047587113978942,19.539756336593271,17.961621938963258,16.309905967691485,14.581177632607144,13.593615359318138,11.593233167414439,9.4935806689786446,7.2897315085378525,4.9765148569281568,2.5485032791239277,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of ECA",null,null,null,null,null,null,{"$f":"J69","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of Regular",null,null,null,null,null,null,{"$f":"J89","v":0},{"$f":"K89","v":23.968024056568495},24.881821032334916,25.83045713004768,26.815260614573269,27.068378888980252,28.195118296085891,29.368758985929286,30.591253255828324,31.864634668784785,32.339069386891246,33.846900164276903,35.425034561906926,37.076750533178696,38.805478868263052,40.309424373457098,42.309806565360788,44.409459063796589,46.613308224237372,48.926524875847072,51.354536453651306,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,null,null,{"$f":"J98-J99-J100-J101-J102","v":0},{"$f":"K98-K99-K100-K101-K102","v":9.3440069424492975},10.544006942449304,11.768006942449315,13.016486942449312,12.964402515152511,14.263321107152525,15.588218070992529,16.93961297410932,18.318035775288468,18.31889761646849,19.753008698815279,21.215802002808971,22.707851172882563,24.229741326357605,25.265686050997125,26.849060566672577,28.464102572661517,30.111445418770273,31.791735121801175,33.50563061889271,89.156843758701299,90.939980633875322,92.758780246552831,94.613955851483894,96.506234968513567,98.436359667883835,100.40508686124151,102.41318859846635,104.46145237043568,106.5506814178444]
[]
[null,"Equity Cash Flow",null,null,null,null,null,null,null,{"$f":"J103-J54","v":-300},9.3440069424492975,10.544006942449304,11.768006942449315,13.016486942449312,12.964402515152511,14.263321107152525,15.588218070992529,16.93961297410932,18.318035775288468,18.31889761646849,19.753008698815279,21.215802002808971,22.707851172882563,24.229741326357605,25.265686050997125,26.849060566672577,28.464102572661517,30.111445418770273,31.791735121801175,33.50563061889271,89.156843758701299,90.939980633875322,92.758780246552831,94.613955851483894,96.506234968513567,98.436359667883835,100.40508686124151,102.41318859846635,104.46145237043568,106.5506814178444]
[null,"Equity IRR",null,null,null,null,null,{"$f":"IRR(105:105)","v":8.1737235182696599E-2}]
[]
[null,"NPV of Equity Cash Flow",null,null,null,{"$f":"M21","v":0},null,{"$f":"NPV(F108,105:105)","v":1081.2016237546197},"NPVatECA"]
[]
[null,"Debt Cash Flow"]
[null,null,"Debt Service",null,null,null,null,null,null,{"$f":"SUM(J99:J102)","v":0},50.655993057550702,50.655993057550702,50.655993057550688,50.655993057550695,51.9815270848475,51.9815270848475,51.9815270848475,51.9815270848475,51.9815270848475,53.386656500870188,53.386656500870174,53.386656500870188,53.386656500870181,53.386656500870195,53.903039732775234,53.903039732775227,53.903039732775234,53.903039732775227,53.903039732775227,53.903039732775234,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Debt Funded",null,null,null,null,null,null,{"$f":"J52+J53","v":700}]
[null,null,"Add: Premium",null,null,null,null,null,null,{"$f":"J48","v":0}]
[null,null,"Net Debt Cash Flow",null,null,null,null,null,null,{"$f":"J111-J112+J113","v":-700},{"$f":"K111-K112+K113","v":50.655993057550702},50.655993057550702,50.655993057550688,50.655993057550695,51.9815270848475,51.9815270848475,51.9815270848475,51.9815270848475,51.9815270848475,53.386656500870188,53.386656500870174,53.386656500870188,53.386656500870181,53.386656500870195,53.903039732775234,53.903039732775227,53.903039732775234,53.903039732775227,53.903039732775227,53.903039732775234,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt IRR",null,{"$f":"IF(F18,\"ECA\",\"Regular\")","v":"Regular"},null,null,{"$f":"IRR(114:114)","v":4.187645454720923E-2}]
[]
["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,null,null,{"$f":"J75+J48","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance of Debt",null,null,null,null,null,{"$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":1.4999999999999999E-2},{"$f":"K79","v":1.6500000000000001E-2},1.6500000000000001E-2,1.6500000000000001E-2,1.6500000000000001E-2,0.02,0.02,0.02,0.02,0.02,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2]
[null,null,null,"Compounded",null,null,null,null,1,{"$f":"I124*(1+J123)","v":1.0149999999999999},{"$f":"J124*(1+K123)","v":1.0317474999999998},1.0487713337499998,1.0660760607568747,1.0836663157593631,1.1053396420745505,1.1274464349160416,1.1499953636143625,1.1729952708866498,1.1964551763043827,1.226366555711992,1.2570257196047918,1.2884513625949114,1.3206626466597842,1.3536792128262787,1.3915822307854144,1.4305465332474061,1.4706018361783335,1.5117786875913268,1.554108490843884,1.5976235285875129,1.6423569873879633,1.6883429830348264,1.7356165865598017,1.7842138509834762,1.8341718388110135,1.885528650297722,1.9383234525060582,1.9925965091762279,2.0483892114331623,2.1057441093532909]
[null,null,null,"NPV of Credit Spread",null,null,null,{"$f":"SUM(J125:AN125)","v":0},null,{"$f":"J121/J124","v":0},{"$f":"K121/K124","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,"Conventional Debt"]
[null,null,null,"Total Spread and Premium Cash Paid",null,null,null,null,null,{"$f":"J95","v":0},{"$f":"K95","v":15.137969000982208},14.619644422149165,14.081558371469919,13.522957429590118,12.943059452537732,12.357687623211696,11.747949299290019,11.112830209109569,10.451273861269675,9.7621797872072644,9.0628257444938765,8.3308638509707844,7.5647737437466835,6.762964171991813,5.9237696917403326,5.0520513822934321,4.1370734676877392,3.1766891610332522,2.1686451397022029,1.1105762584216916,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance of Debt",null,null,null,null,null,{"$f":"J90","v":700},{"$f":"K90","v":676.03197594343146},651.15015491109659,625.31969778104894,598.50443716647567,571.43605827749536,543.2409399814095,513.87218099548022,483.28092773965187,451.41629307086708,419.07722368397583,385.23032351969891,349.80528895779196,312.72853842461325,273.92305955635021,233.61363518289312,191.30382861753233,146.89436955373574,100.28106132949837,51.354536453651299,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LIBOR",null,null,null,null,null,{"$f":"J123","v":1.4999999999999999E-2},{"$f":"K123","v":1.6500000000000001E-2},1.6500000000000001E-2,1.6500000000000001E-2,1.6500000000000001E-2,0.02,0.02,0.02,0.02,0.02,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2,2.8000000000000001E-2]
[null,null,null,"Compounded",null,null,null,null,1,{"$f":"I131*(1+J130)","v":1.0149999999999999},{"$f":"J131*(1+K130)","v":1.0317474999999998},1.0487713337499998,1.0660760607568747,1.0836663157593631,1.1053396420745505,1.1274464349160416,1.1499953636143625,1.1729952708866498,1.1964551763043827,1.226366555711992,1.2570257196047918,1.2884513625949114,1.3206626466597842,1.3536792128262787,1.3915822307854144,1.4305465332474061,1.4706018361783335,1.5117786875913268,1.554108490843884,1.5976235285875129,1.6423569873879633,1.6883429830348264,1.7356165865598017,1.7842138509834762,1.8341718388110135,1.885528650297722,1.9383234525060582,1.9925965091762279,2.0483892114331623,2.1057441093532909]
[null,null,null,"NPV of Credit Spread",null,null,null,{"$f":"SUM(J132:AN132)","v":152.54794838397589},null,{"$f":"J128/J131","v":0},{"$f":"K128/K131","v":14.672164459794873},13.939782631047878,13.208774579810498,12.478894317310312,11.709576821333959,10.960775820921324,10.215649272156158,9.4738917410208696,8.7351988342360034,7.9602462589495788,7.2097377190843988,6.465796143202966,5.7280137080271674,4.9959873121430007,4.2568592503491036,3.5315533363497407,2.8131839400111112,2.1012924623871889,1.3954271226744435,0.69514265316533719,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LIBOR Cash Flow"]
[null,null,null,"LIBOR Interest Payment",null,null,null,null,null,{"$f":"J94+J74","v":0},11.55,11.154527603066621,10.743977556033094,10.317775013387308,11.970088743329514,11.428721165549907,10.864818799628191,10.277443619909604,9.6656185547930384,11.285407326771677,10.476930592099396,9.6307580879924739,8.7451322239447986,7.8182134606153317,7.6698456675778059,6.5411817851210072,5.3565072012909054,4.1130423475046012,2.8078697172259544,1.4379270207022363,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Repayment",null,null,null,null,null,{"$f":"J101+J102","v":0},23.968024056568495,24.881821032334916,25.83045713004768,26.815260614573269,27.068378888980252,28.195118296085891,29.368758985929286,30.591253255828324,31.864634668784785,32.339069386891246,33.846900164276903,35.425034561906926,37.076750533178696,38.805478868263052,40.309424373457098,42.309806565360788,44.409459063796589,46.613308224237372,48.926524875847072,51.354536453651306,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Cash Outflow",null,null,null,null,null,{"$f":"J52+J53","v":700}]
[null,null,null,"LIBOR Cash Flow",null,null,null,null,null,{"$f":"J135+J136-J137","v":-700},{"$f":"K135+K136-K137","v":35.518024056568493},36.036348635401538,36.574434686080778,37.133035627960581,39.038467632309768,39.623839461635797,40.233577785557479,40.868696875737925,41.530253223577823,43.624476713662922,44.323830756376296,45.055792649899402,45.821882757123497,46.623692328878384,47.979270041034901,48.850988350481792,49.765966265087492,50.726350571741975,51.734394593073027,52.792463474353539,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"LIBOR IRR",null,null,null,{"$f":"IRR(138:138)","v":2.0617365691112166E-2}]
[null,null,null,"Debt IRR",null,null,null,{"$f":"H116","v":4.187645454720923E-2}]
[null,null,null,"Method 1 Spread IRR",null,null,null,{"$f":"H141-H140","v":2.1259088856097064E-2}]
[]
[null,null,"Credit Spread and Fee Cash Flow"]
[null,null,null,"Credit Spread and Fee Payment",null,null,null,null,null,{"$f":"J75+J48+J95","v":0},15.137969000982208,14.619644422149165,14.081558371469919,13.522957429590118,12.943059452537732,12.357687623211696,11.747949299290019,11.112830209109569,10.451273861269675,9.7621797872072644,9.0628257444938765,8.3308638509707844,7.5647737437466835,6.762964171991813,5.9237696917403326,5.0520513822934321,4.1370734676877392,3.1766891610332522,2.1686451397022029,1.1105762584216916,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Repayment",null,null,null,null,null,{"$f":"J136","v":0},{"$f":"K136","v":23.968024056568495},24.881821032334916,25.83045713004768,26.815260614573269,27.068378888980252,28.195118296085891,29.368758985929286,30.591253255828324,31.864634668784785,32.339069386891246,33.846900164276903,35.425034561906926,37.076750533178696,38.805478868263052,40.309424373457098,42.309806565360788,44.409459063796589,46.613308224237372,48.926524875847072,51.354536453651306,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Cash Outflow",null,null,null,null,null,{"$f":"J137","v":700}]
[null,null,null,"Credit Spread and Fee Cash Flow",null,null,null,null,null,{"$f":"J145+J146-J147","v":-700},{"$f":"K145+K146-K147","v":39.105993057550705},39.501465454484077,39.912015501517601,40.338218044163384,40.011438341517987,40.552805919297583,41.116708285219303,41.704083464937895,42.315908530054458,42.101249174098513,42.909725908770781,43.755898412877713,44.641524276925381,45.568443040254863,46.233194065197431,47.361857947654222,48.546532531484331,49.789997385270624,51.095170015549272,52.465112712073001,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Method 2 Spread IRR",null,null,null,{"$f":"IRR(148:148)","v":2.1625669993525998E-2}]
[]
["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,{"$f":"H142","v":2.1259088856097064E-2},2.1363800757551843E-2,2.1259088856097064E-2]
[null,null,null,"Credit Spread IRR 2 - Debt Balance x CS + Fees",null,null,null,null,{"$f":"H150","v":2.1625669993525998E-2},2.0121554833533395E-2,2.1625669993525998E-2]
[null,null,null,"PV of Credit Spread",null,null,null,null,{"$f":"H125+H132","v":152.54794838397589},152.75891309249423,152.54794838397589]
[null,null,null,"Debt IRR",null,null,null,null,{"$f":"H116","v":4.187645454720923E-2},4.189548116255315E-2,4.187645454720923E-2]
[null,null,null,"Equity IRR",null,null,null,null,{"$f":"H106","v":8.1737235182696599E-2},8.1736515821924094E-2,8.1737235182696599E-2]

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