{"text_format":"1","workbook":"xlsx","n_sheets":7,"sheets":["Strategy Considerations","Issues and Term Sheet","Debt Sizing Exercise","Simple Separate DSCR Gear","Taxes with Copy and Paste Macro","Analysis with No Taxes","Sheet3"],"not_rendered":{"charts":4,"images":9,"macros":1,"external_links":0,"defined_names":18,"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":"Strategy Considerations","index":0,"n_rows":20,"n_cols":4,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"The sponsor and the bank size the debt to correspond to a particular bid and the debt to capital is 80% while the DSCR is 1.20. The bid is reduced. What should be negotiated"]
[]
[null,"The sponsor and the bank size the debt to correspond to a particular bid and the debt to capital is 80% while the DSCR is 1.20. The tax rate is reduced. What can be done."]
[]
[null,"The debt to capital constraint is driving the maximum debt. Should the sponsor worry more about development fees or getting the consultant to adjust the forecast"]
[]
[null,"Try to Make the Following Table"]
[]
[]
[null,null,"DSCR Constraint Matters More When"]
[]
[null,null,"EBITDA","Lower or Higher"]
[null,null,"Debt Tenor","Longer or Shorter"]
[null,null,"Project IRR","Lower or Higher"]
[null,null,"Tax Rate","Lower or Higher"]
[null,null,"Interest Rate","Lower or Higher"]
[]
[null,"Name Some Strategies when DSCR Constraint Applies"]

{"sheet":"Issues and Term Sheet","index":1,"n_rows":7,"n_cols":14,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
[]
["Key Question:",null,null,null,null,null,null,null,null,null,"Debt to Cap",null,null,"DSCR Constraint"]
[null,"How to achieve high Equity IRR from Low Project IRR",null,null,null,null,null,null,null,null,"Higher PR IRR",null,null,"Lower PR IRR"]
[null,null,null,null,null,null,null,null,null,null,"Longer Tenor",null,null,"Shorter-tenor"]
[null,"When does Debt/Cap Matter and When does DSCR Matter",null,null,null,null,null,null,null,null,"Lower Interest Rate",null,null,"Higher Interest Rate"]
[null,null,null,null,null,null,null,null,null,null,"Lower DSCR",null,null,"Higher DSCR"]
[null,null,null,null,null,null,null,null,null,null,"Lower Taxes",null,null,"Higher Taxes"]

{"sheet":"Debt Sizing Exercise","index":2,"n_rows":117,"n_cols":37,"rows_kept":117,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods",null,null,null,{"$f":"F104","v":0},null,"EBITDA",{"$f":"E101","v":80},"Equity IRR",{"$f":"N107","v":9.6210842680091169E-2},null,"Pre-tax IRR",{"$f":"E11","v":8.8670850846841676E-2},null,"Pre-tax Debt IRR",{"$f":"E93","v":3.4235117447300345E-2},null,null,{"$f":"E37","v":"DSCR Constraint"}]
[null,null,null,"Go to Output",null,null,"Target DSCR",{"$f":"E24","v":1.4},"DSCR",{"$f":"F85","v":1.3999999999999997},null,"Post-tax IRR",{"$f":"E20","v":6.7969019695979016E-2},null,"After-tax Debt IRR",{"$f":"E95","v":2.4007767389005341E-2}]
[null,null,null,null,null,null,"Max Debt/Cap",{"$f":"E23","v":0.75},"Debt/Cap",{"$f":"G60/G62","v":0.6446358642578125}]
[null,null,"Period",null,null,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,null,"Repayment Switch",null,{"$f":"E27","v":0},{"$f":"E5+E28","v":15},{"$f":"COUNTIF(H5:AK5,TRUE)","v":15},{"$f":"AND(H4>$E$5,H4<=$F$5)","v":true},{"$f":"AND(I4>$E$5,I4<=$F$5)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
["Operations"]
[null,null,"Capital Expenditures",null,null,null,1000]
[null,null,"Growth",null,null,null,0.02]
[null,null,"EBITDA",null,null,null,null,80,{"$f":"H9*(1+$G$8)","v":81.599999999999994},83.231999999999999,84.896640000000005,86.594572800000009,88.326464256000008,90.092993541120009,91.894853411942407,93.732750480181252,95.607405489784881,97.519553599580576,99.469944671572193,101.45934356500364,103.48853043630371,105.55830104502978,107.66946706593038,109.82285640724899,112.01931353539398,114.25969980610186,116.5448938022239,118.87579167826837,121.25330751183374,123.67837366207041,126.15194113531183,128.67497995801807,131.24847955717843,133.87344914832201,136.55091813128846,139.28193649391423,142.06757522379252]
[null,null,"Net Pre-ta Cash Flow",null,null,null,{"$f":"G9-G7","v":-1000},{"$f":"H9-H7","v":80},81.599999999999994,83.231999999999999,84.896640000000005,86.594572800000009,88.326464256000008,90.092993541120009,91.894853411942407,93.732750480181252,95.607405489784881,97.519553599580576,99.469944671572193,101.45934356500364,103.48853043630371,105.55830104502978,107.66946706593038,109.82285640724899,112.01931353539398,114.25969980610186,116.5448938022239,118.87579167826837,121.25330751183374,123.67837366207041,126.15194113531183,128.67497995801807,131.24847955717843,133.87344914832201,136.55091813128846,139.28193649391423,142.06757522379252]
[null,null,"Pre-tax Project IRR",null,{"$f":"IRR(10:10)","v":8.8670850846841676E-2}]
[]
["Taxes"]
[null,null,"Depreciation",null,30,null,null,{"$f":"H4<=$E$14","v":true},{"$f":"I4<=$E$14","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,"Tax Rate",null,0.3]
[null,null,"Depreciation Expense",null,null,null,null,{"$f":"$G$7/$E$14*H14","v":33.333333333333336},33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336]
[null,null,"EBIT",null,null,null,null,{"$f":"H10-H16","v":46.666666666666664},{"$f":"I10-I16","v":48.266666666666659},49.898666666666664,51.563306666666669,53.261239466666673,54.993130922666673,56.759660207786673,58.561520078609071,60.399417146847917,62.274072156451545,64.186220266247233,66.136611338238851,68.126010231670307,70.155197102970362,72.224967711696451,74.336133732597034,76.489523073915649,78.685980202060648,80.926366472768535,83.211560468890553,85.542458344935028,87.919974178500411,90.34504032873707,92.818607801978487,95.341646624684728,97.915146223845085,100.54011581498867,103.21758479795511,105.94860316058089,108.73424189045917]
[null,null,"Taxes on EBIT",null,{"$f":"E15","v":0.3},null,null,{"$f":"$E$18*H17","v":13.999999999999998},{"$f":"$E$18*I17","v":14.479999999999997},14.969599999999998,15.468992,15.978371840000001,16.4979392768,17.027898062336,17.568456023582719,18.119825144054374,18.682221646935464,19.255866079874171,19.840983401471654,20.43780306950109,21.046559130891108,21.667490313508935,22.30084011977911,22.946856922174693,23.605794060618194,24.277909941830561,24.963468140667164,25.662737503480507,26.375992253550123,27.10351209862112,27.845582340593545,28.602493987405417,29.374543867153523,30.162034744496598,30.965275439386531,31.784580948174266,32.620272567137754]
[null,null,"After-tax Cash Flow",null,null,null,{"$f":"G10-G18","v":-1000},{"$f":"H10-H18","v":66},67.12,68.2624,69.427648000000005,70.616200960000015,71.828524979200012,73.065095478784002,74.32639738835968,75.612925336126878,76.925183842849421,78.263687519706409,79.628961270100547,81.021540495502549,82.441971305412594,83.890810731520844,85.368626946151267,86.875999485074303,88.413519474775782,89.981789864271306,91.581425661556736,93.213054174787857,94.877315258283616,96.574861563449289,98.306358794718278,100.07248597061266,101.87393569002491,103.71141440382542,105.58564269190192,107.49735554573996,109.44730265665476]
[null,null,"After-tax Project IRR",null,{"$f":"IRR(19:19)","v":6.7969019695979016E-2}]
[]
[null,"Financing Assumptions"]
[null,null,"Max Debt to Capital",null,{"$f":"G23/100","v":0.75},null,75]
[null,null,"Target DSCR",null,{"$f":"G24/10","v":1.4},null,14]
[null,null,null,null,0,1,5,10]
[null,null,"Interest Rate",null,{"$f":"J26/1000","v":0.03},{"$f":"E26+0.25%","v":3.2500000000000001E-2},{"$f":"F26+0.25%","v":3.5000000000000003E-2},3.7500000000000006E-2,null,30]
[null,null,"Grace Period",null,0]
[null,null,"Tenor",null,15]
[]
[null,null,"Sculpting",null,true]
[null,null,"Equal Instrallment",null,{"$f":"NOT(E30)","v":false}]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E23*G7","v":750}]
[null,null,"DSCR Target",null,{"$f":"Comp_1","v":644.6358642578125}]
[null,null,null,"Final",{"$f":"MIN(E34:E35)","v":644.6358642578125}]
[null,null,null,"Method",{"$f":"IF(ABS(E36-E34)>1,\"DSCR Constraint\",\"Max Gear Constraint\")","v":"DSCR Constraint"}]
[]
[null,"Debt Size from Sculpting"]
[null,null,"EBITDA",null,null,null,null,{"$f":"H10","v":80},81.599999999999994,83.231999999999999,84.896640000000005,86.594572800000009,88.326464256000008,90.092993541120009,91.894853411942407,93.732750480181252,95.607405489784881,97.519553599580576,99.469944671572193,101.45934356500364,103.48853043630371,105.55830104502978,107.66946706593038,109.82285640724899,112.01931353539398,114.25969980610186,116.5448938022239,118.87579167826837,121.25330751183374,123.67837366207041,126.15194113531183,128.67497995801807,131.24847955717843,133.87344914832201,136.55091813128846,139.28193649391423,142.06757522379252]
[null,null,"Less: Taxes",null,null,null,null,{"$f":"H79","v":7.7148003234863269},{"$f":"I79","v":8.493946117461066},9.2981308129605189,10.128096653362906,10.600471127742917,11.501767802155847,12.433045809483135,13.395233549867278,14.389287032724454,15.182902751181311,16.271591051107304,17.397683472461974,18.562388634932113,19.766952899999584,21.012661525589994,22.300839855594422,22.946856657990004,23.605793796433506,24.277909677645869,24.963467876482476,25.662737239295819,26.375991989365435,27.103511834436432,27.845582076408856,28.602493723220729,29.374543602968835,30.16203448031191,30.965275175201842,31.784580683989574,32.620272302953062]
[null,null,"CFADS",null,null,null,null,{"$f":"H40-H41","v":72.28519967651367},{"$f":"I40-I41","v":73.10605388253893},73.933869187039477,74.768543346637102,75.994101672257088,76.824696453844155,77.659947731636876,78.499619862075122,79.343463447456799,80.424502738603564,81.247962548473268,82.072261199110216,82.89695493007153,83.721577536304125,84.545639519439789,85.368627210335958,86.875999749258995,88.413519738960474,89.981790128455998,91.581425925741428,93.213054438972549,94.877315522468308,96.574861827633981,98.30635905890297,100.07248623479734,101.8739359542096,103.71141466801009,105.58564295608662,107.49735580992466,109.44730292083946]
[]
[null,null,"Cash Flow over Repayment Period",null,null,null,null,{"$f":"IF(H5,H42)","v":72.28519967651367},73.10605388253893,73.933869187039477,74.768543346637102,75.994101672257088,76.824696453844155,77.659947731636876,78.499619862075122,79.343463447456799,80.424502738603564,81.247962548473268,82.072261199110216,82.89695493007153,83.721577536304125,84.545639519439789,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,{"$f":"LOOKUP(H4,25:25,26:26)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G46*(1+H45*H5)","v":1.0325},1.0660562499999999,1.1007030781249998,1.1364759281640622,1.1762525856498043,1.2174214261475473,1.2600311760627114,1.3041322672249063,1.3497768965777779,1.4003935301994446,1.4529082875819239,1.5073923483662461,1.5639195614299806,1.6225665449836051,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905,1.6834127904204905]
[null,null,"NPV of Cash Flow over Repayment Period",null,{"$f":"SUMPRODUCT(H44:AK44/H46:AK46)","v":902.49019043137446}]
[null,null,"Target DSCR ",null,{"$f":"E24","v":1.4}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"F55","v":1.2033202648162842}]
[null,null,"Target DSCR Applied",null,{"$f":"MAX(E49,E24)","v":1.4}]
[]
[null,null,"Target Debt Service",null,null,{"$f":"E50","v":1.4},null,{"$f":"IF(H5,H44/$F$52)","v":51.632285483224052},52.21860991609924,52.809906562171058,53.406102390455075,54.28150119446935,54.874783181317255,55.471391236883484,56.07115704433938,56.673902462469144,57.446073384716833,58.034258963195192,58.623043713650155,59.212110664336812,59.801126811645808,60.389742513885565,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"NPV of Debt Service",null,{"$f":"E55","v":644.6358642578125},{"$f":"SUMPRODUCT(H52:AK52/H46:AK46)","v":644.63585030812453}]
[]
[null,null,null,"Function Outputs",{"$f":"debt_sculpt(4:4,E48,E34,45:45,5:5,40:40,E15,16:16)","v":644.6358642578125},1.2033202648162842]
[]
["Project Finance Model"]
[null,"Capital Expenditures - Uses",null,null,null,null,{"$f":"G7","v":1000}]
[]
[null,"Debt",null,null,null,null,{"$f":"E36","v":644.6358642578125}]
[null,"Equity",null,null,null,null,{"$f":"G58-G60","v":355.3641357421875}]
[null,null,"Total Sources",null,null,null,{"$f":"SUM(G60:G61)","v":1000}]
[]
[null,"Debt Schedule"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G67","v":644.6358642578125},{"$f":"H67","v":613.9542443629673},581.68914738866454,547.78413811662506,512.18102021496031,475.82585472801458,437.60497646217783,397.4497594014706,355.28934393618272,311.05056851147998,265.26889144594367,217.18221591197135,166.70350529502014,113.74277607924658,58.207003370572522,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5]
[null,null,"Less: Repayment",null,null,null,null,{"$f":"(H52-H69)*H5","v":30.681619894845145},32.265096974302807,33.905009272039464,35.60311790166476,36.355165486945737,38.220878265836745,40.155217060707258,42.160415465287905,44.238775424702752,45.781677065536329,48.086675533972304,50.478710616951226,52.960729215773554,55.53577270867406,58.206979887489098,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G60","v":644.6358642578125},{"$f":"H65-H66","v":613.9542443629673},{"$f":"I65-I66","v":581.68914738866454},547.78413811662506,512.18102021496031,475.82585472801458,437.60497646217783,397.4497594014706,355.28934393618272,311.05056851147998,265.26889144594367,217.18221591197135,166.70350529502014,113.74277607924658,58.207003370572522,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5,2.3483083424480355E-5]
[null,null,"Interest Rate",null,null,null,null,{"$f":"LOOKUP(H4,25:25,26:26)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H68*H65","v":20.950665588378907},{"$f":"I68*I65","v":19.953512941796436},18.904897290131597,17.802984488790315,17.926335707523613,16.653904915480513,15.316174176176226,13.910741579051473,12.435127037766396,11.664396319180501,9.9475834292228882,8.1443330966989276,6.2513814485632562,4.2653541029717479,2.1827626263964701,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7]
[]
[null,null,"Ending Balance Test",null,{"$f":"\">\"&F5","v":">15"},{"$f":"ROUND(SUMIF(4:4,E71,67:67),2)=0","v":true}]
[]
["Profit and Loss"]
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[null,"Less: Depreciation",null,null,null,null,null,{"$f":"H16","v":33.333333333333336},33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336]
[null,"EBIT ",null,null,null,null,null,{"$f":"H74-H75","v":46.666666666666664},{"$f":"I74-I75","v":48.266666666666659},49.898666666666664,51.563306666666669,53.261239466666673,54.993130922666673,56.759660207786673,58.561520078609071,60.399417146847917,62.274072156451545,64.186220266247233,66.136611338238851,68.126010231670307,70.155197102970362,72.224967711696451,74.336133732597034,76.489523073915649,78.685980202060648,80.926366472768535,83.211560468890553,85.542458344935028,87.919974178500411,90.34504032873707,92.818607801978487,95.341646624684728,97.915146223845085,100.54011581498867,103.21758479795511,105.94860316058089,108.73424189045917]
[null,"Less: Interest Expense",null,null,null,null,null,{"$f":"H69","v":20.950665588378907},{"$f":"I69","v":19.953512941796436},18.904897290131597,17.802984488790315,17.926335707523613,16.653904915480513,15.316174176176226,13.910741579051473,12.435127037766396,11.664396319180501,9.9475834292228882,8.1443330966989276,6.2513814485632562,4.2653541029717479,2.1827626263964701,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7]
[null,"EBT",null,null,null,null,null,{"$f":"H76-H77","v":25.716001078287757},{"$f":"I76-I77","v":28.313153724870222},30.993769376535067,33.760322177876354,35.33490375914306,38.339226007186156,41.443486031610448,44.650778499557596,47.964290109081517,50.609675837271041,54.238636837024345,57.992278241539921,61.874628783107049,65.889842999998621,70.042205085299983,74.336132851981404,76.489522193300019,78.685979321445018,80.926365592152905,83.211559588274923,85.542457464319398,87.919973297884781,90.34503944812144,92.818606921362857,95.341645744069098,97.915145343229455,100.54011493437304,103.21758391733948,105.94860227996526,108.73424100984354]
[null,"Taxes",null,null,null,{"$f":"E15","v":0.3},null,{"$f":"$F$79*H78","v":7.7148003234863269},{"$f":"$F$79*I78","v":8.493946117461066},9.2981308129605189,10.128096653362906,10.600471127742917,11.501767802155847,12.433045809483135,13.395233549867278,14.389287032724454,15.182902751181311,16.271591051107304,17.397683472461974,18.562388634932113,19.766952899999584,21.012661525589994,22.300839855594422,22.946856657990004,23.605793796433506,24.277909677645869,24.963467876482476,25.662737239295819,26.375991989365435,27.103511834436432,27.845582076408856,28.602493723220729,29.374543602968835,30.16203448031191,30.965275175201842,31.784580683989574,32.620272302953062]
[null,"Income",null,null,null,null,null,{"$f":"H78-H79","v":18.001200754801431},{"$f":"I78-I79","v":19.819207607409155},21.695638563574548,23.632225524513448,24.734432631400143,26.837458205030309,29.010440222127315,31.255544949690318,33.575003076357063,35.426773086089732,37.967045785917037,40.594594769077943,43.312240148174936,46.12289009999904,49.029543559709992,52.035292996386985,53.542665535310014,55.080185525011515,56.648455914507039,58.248091711792448,59.879720225023576,61.543981308519349,63.241527613685008,64.973024844953997,66.739152020848366,68.540601740260627,70.37808045406112,72.252308742137643,74.164021595975683,76.113968706890489]
[]
["DSCR"]
[null,"Cash Flow",null,null,null,null,null,{"$f":"H42","v":72.28519967651367},73.10605388253893,73.933869187039477,74.768543346637102,75.994101672257088,76.824696453844155,77.659947731636876,78.499619862075122,79.343463447456799,80.424502738603564,81.247962548473268,82.072261199110216,82.89695493007153,83.721577536304125,84.545639519439789,85.368627210335958,86.875999749258995,88.413519738960474,89.981790128455998,91.581425925741428,93.213054438972549,94.877315522468308,96.574861827633981,98.30635905890297,100.07248623479734,101.8739359542096,103.71141466801009,105.58564295608662,107.49735580992466,109.44730292083946]
[null,"Debt Service",null,null,null,null,null,{"$f":"H66+H69","v":51.632285483224052},{"$f":"I66+I69","v":52.21860991609924},52.809906562171065,53.406102390455075,54.28150119446935,54.874783181317255,55.471391236883484,56.07115704433938,56.673902462469144,57.446073384716826,58.034258963195192,58.623043713650155,59.212110664336812,59.801126811645808,60.389742513885565,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7]
[null,null,"DSCR",null,null,{"$f":"MIN(H85:AK85)","v":1.3999999999999997},null,{"$f":"IF(H84>0.1,H83/H84)","v":1.4},{"$f":"IF(I84>0.1,I83/I84)","v":1.4},1.3999999999999997,1.4,1.4,1.4,1.4,1.4,1.4,1.4000000000000001,1.4,1.4,1.4,1.4,1.4,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Equity Return"]
[null,"Equity Cash Flow",null,null,null,null,{"$f":"-G61","v":-355.3641357421875},{"$f":"H9-H66-H69-H79","v":20.652914193289625},20.887443966439683,21.123962624868419,21.362440956182024,21.712600477787742,21.949913272526906,22.188556494753392,22.428462817735749,22.669560984987655,22.978429353886746,23.213703585278079,23.449217485460064,23.684844265734711,23.920450724658313,24.15589700555422,85.368626329720328,86.875998868643364,88.413518858344844,89.981789247840368,91.581425045125798,93.213053558356918,94.877314641852678,96.574860947018351,98.30635817828734,100.07248535418171,101.87393507359397,103.71141378739446,105.58564207547099,107.49735492930903,109.44730204022383]
[null,"Equity IRR",null,null,{"$f":"IRR(88:88)","v":9.6210842680091169E-2}]
[]
["Debt IRR"]
[null,"Pre-tax Debt Cash Flow",null,null,null,null,{"$f":"-G67","v":-644.6358642578125},{"$f":"H84","v":51.632285483224052},{"$f":"I84","v":52.21860991609924},52.809906562171065,53.406102390455075,54.28150119446935,54.874783181317255,55.471391236883484,56.07115704433938,56.673902462469144,57.446073384716826,58.034258963195192,58.623043713650155,59.212110664336812,59.801126811645808,60.389742513885565,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7,8.8061562841801344E-7]
[null,"Pre-tax Debt IRR",null,null,{"$f":"IRR(92:92)","v":3.4235117447300345E-2}]
[null,"After-tax Debt Cash Flow",null,null,null,null,{"$f":"G92","v":-644.6358642578125},{"$f":"H92-H77*$F$79","v":45.347085806710382},{"$f":"I92-I77*$F$79","v":46.232556033560307},47.138437375131588,48.065207043817978,48.903600482212269,49.878611706673098,50.876538984030617,51.897934570623939,52.943364351139223,53.946754488962675,55.049983934428326,56.179743784640479,57.336696229767838,58.521520580754284,59.734913725966621,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7,6.1643093989260939E-7]
[null,"After-tax Debt IRR",null,null,{"$f":"IRR(94:94)","v":2.4007767389005341E-2}]
[]
[null,"Debt Sizing Method Applied:"]
[null,{"$f":"E37","v":"DSCR Constraint"}]
[]
[null,null,null,"Project IRR",{"$f":"E11","v":8.8670850846841676E-2},null,null,null,null,null,null,null,"DSCR Constraint",{"$f":"E24","v":1.4}]
[null,null,null,"EBITDA",{"$f":"H9","v":80},null,null,null,null,null,null,null,"Debt/Cap  Constraint",{"$f":"E23","v":0.75}]
[null,null,null,"Debt Size",{"$f":"E36","v":644.6358642578125},null,null,null,null,null,null,null,"Grace Period",{"$f":"E27","v":0}]
[null,null,null,"Equity IRR",{"$f":"E89","v":9.6210842680091169E-2},null,null,null,null,null,null,null,"Loan Tenor",{"$f":"E28","v":15}]
[]
[null,null,null,"Resulting DSCR",{"$f":"J2","v":1.3999999999999997}]
[null,null,null,"Resulting Debt to Cap",{"$f":"J3","v":0.6446358642578125},null,null,null,null,null,null,null,"Target Equity IRR",{"$f":"Y106/100","v":0.11},null,null,null,null,null,null,null,null,null,null,11]
[null,null,null,null,null,null,null,null,null,null,null,null,"Actual IRR",{"$f":"E89","v":9.6210842680091169E-2}]
[null,null,null,"Project IRR",{"$f":"M1","v":8.8670850846841676E-2},null,null,null,null,null,null,null,"Differ",{"$f":"N106-N107","v":1.3789157319908832E-2}]
[null,null,null,"Interest Rate",{"$f":"E26","v":0.03}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"Method:"]

{"sheet":"Simple Separate DSCR Gear","index":3,"n_rows":95,"n_cols":37,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods",null,null,null,null,null,null,"Debt to Capital",null,{"$f":"E18","v":0.86},"Target DSCR",null,{"$f":"E19","v":1.2},"Min DSCR",{"$f":"E63","v":1.1913023870662636}]
[null,null,null,null,null,null,null,"Project IRR",null,{"$f":"E11","v":6.2237217935576128E-2},"Equity IRR",null,{"$f":"E75","v":0.10682058227053792},"Debt/Cap",{"$f":"F47","v":0.86}]
[null,null,"Period",null,null,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,null,"Repayment Switch",null,{"$f":"E23","v":0},{"$f":"E4+E24","v":23},{"$f":"COUNTIF(H4:AK4,TRUE)","v":23},{"$f":"AND(H3>$E$4,H3<=$F$4)","v":true},{"$f":"AND(I3>$E$4,I3<=$F$4)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false]
[]
["Operations"]
[null,null,"Capital Expenditures",null,null,null,1000]
[null,null,"Growth",null,null,null,0.02]
[null,null,"EBITDA",null,null,null,null,60,{"$f":"H9*(1+$G$8)","v":61.2},{"$f":"I9*(1+$G$8)","v":62.424000000000007},63.672480000000007,64.945929600000014,66.244848192000021,67.569745155840025,68.921140058956823,70.299562860135964,71.705554117338679,73.139665199685453,74.602458503679159,76.094507673752744,77.6163978272278,79.168725783772359,80.752100299447804,82.367142305436758,84.0144851515455,85.694774854576409,87.408670351667936,89.156843758701299,90.939980633875322,92.758780246552831,94.613955851483894,96.506234968513567,98.436359667883835,100.40508686124151,102.41318859846635,104.46145237043568,106.5506814178444]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G9-G7","v":-1000},{"$f":"H9-H7","v":60},61.2,62.424000000000007,63.672480000000007,64.945929600000014,66.244848192000021,67.569745155840025,68.921140058956823,70.299562860135964,71.705554117338679,73.139665199685453,74.602458503679159,76.094507673752744,77.6163978272278,79.168725783772359,80.752100299447804,82.367142305436758,84.0144851515455,85.694774854576409,87.408670351667936,89.156843758701299,90.939980633875322,92.758780246552831,94.613955851483894,96.506234968513567,98.436359667883835,100.40508686124151,102.41318859846635,104.46145237043568,106.5506814178444]
[null,null,"Project IRR",null,{"$f":"IRR(10:10)","v":6.2237217935576128E-2}]
[]
["Financing Assumptions"]
[null,null,"Debt to Project Cost Constraint",null,true]
[null,null,"Target DSCR Constraint",null,false]
[]
[]
[null,null,"Max Debt to Capital",null,{"$f":"G18/100","v":0.86},null,86]
[null,null,"Target DSCR",null,{"$f":"G19/10","v":1.2},null,12]
[null,null,null,null,0,1,5,10]
[null,null,"Interest Rate",null,0.04,{"$f":"E21+0.25%","v":4.2500000000000003E-2},{"$f":"F21+0.25%","v":4.5000000000000005E-2},4.7500000000000007E-2]
[]
[null,null,"Grace Period",null,0]
[null,null,"Tenor",null,23]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E18*G7","v":860}]
[null,null,"DSCR Target",null,{"$f":"F41","v":860.00000000000023}]
[null,null,null,"Final",{"$f":"IF(E14,E27,E28)","v":860}]
[]
[]
[null,"Sculpted Debt Sizing"]
[null,null,"Cash Flow over Repayment",null,null,null,null,{"$f":"IF(H4,H9)","v":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,false,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,{"$f":"LOOKUP(H3,20:20,21:21)","v":4.2500000000000003E-2},4.2500000000000003E-2,4.2500000000000003E-2,4.2500000000000003E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G35*(1+H34*H4)","v":1.0425},1.08680625,1.132995515625,1.1811478250390626,1.2342994771658202,1.2898429536382821,1.3478858865520047,1.4085407514468449,1.4719250852619528,1.5418415268118957,1.6150789993354608,1.6917952518038955,1.7721555262645807,1.8563329137621485,1.9445087271658508,2.0368728917062286,2.1336243540622748,2.234971510880233,2.3411326576470444,2.4523364588852794,2.5688224406823306,2.6908415066147415,2.818656478178942,2.818656478178942,2.818656478178942,2.818656478178942,2.818656478178942,2.818656478178942,2.818656478178942,2.818656478178942]
[null,null,"NPV of Cash Flow over Repayment Period",null,{"$f":"SUMPRODUCT(H33:AK33/H35:AK35)","v":1024.5200528769869}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"E36/E27","v":1.1913023870662638}]
[null,null,"Target DSCR Applied",null,{"$f":"IF(E14,E37,E19)","v":1.1913023870662638}]
[]
[null,null,"Target Debt Service",null,null,{"$f":"IF(E14,E37,E38)","v":1.1913023870662638},null,{"$f":"IF(H4,H9/$F$40)","v":50.365046399141164},51.37234732712399,52.399794273666473,53.447790159139799,54.516745962322602,55.607080881569061,56.719222499200441,57.853606949184453,59.010679088168146,60.1908926699315,61.394710523330133,62.622604733796734,63.875056828472673,65.152557965042121,66.455609124342971,67.784721306829823,69.140415732966417,70.52322404762576,71.933688528578273,73.372362299149827,74.839809545132837,76.336605736035494,77.863337850756196,false,false,false,false,false,false,false]
[null,null,"NPV of Debt Service",null,null,{"$f":"SUMPRODUCT(H40:AK40/H35:AK35)","v":860.00000000000023}]
[]
["Project Finance Model"]
[null,"Capital Expenditue - Uses",null,null,null,null,{"$f":"G7","v":1000}]
[]
[null,"Sources"]
[null,null,"Debt",null,null,{"$f":"G47/G49","v":0.86},{"$f":"E29","v":860}]
[null,null,"Equity",null,null,{"$f":"G48/G49","v":0.14000000000000001},{"$f":"G44-G47","v":140}]
[null,null,null,"Total",null,null,{"$f":"SUM(G47:G48)","v":1000}]
[]
[null,"Debt Schedule"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G54","v":860},{"$f":"H54","v":846.18495360085888},830.77546680177136,813.68362986718012,794.81739397739545,776.06743074405563,755.38338424596907,732.65641403783729,707.77234572035547,680.61142218960333,652.749572073678,622.36046622384754,589.29998363568359,553.41667602990583,514.55141017628421,472.53699303531471,427.19777889766232,378.34925766233488,325.79762335367002,269.33932193439108,208.76057742712482,143.8368953097804,74.332542100959472,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12]
[null,null,"Less: Repayment",null,null,null,null,{"$f":"(H40-H56)*H4","v":13.81504639914116},15.409486799087482,17.091836934591186,18.86623588978464,18.749963233339805,20.684046498086552,22.726970208131831,24.88406831748177,27.160923530752147,27.861850115925336,30.389105849830422,33.060482588163971,35.883307605777702,38.865265853621594,42.014417140969471,45.33921413765237,48.848521235327453,52.551634308664852,56.458301419278946,60.578744507266251,64.923682117344413,69.50435320882093,74.332542100960623,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G47","v":860},{"$f":"H52-H53","v":846.18495360085888},{"$f":"I52-I53","v":830.77546680177136},813.68362986718012,794.81739397739545,776.06743074405563,755.38338424596907,732.65641403783729,707.77234572035547,680.61142218960333,652.749572073678,622.36046622384754,589.29998363568359,553.41667602990583,514.55141017628421,472.53699303531471,427.19777889766232,378.34925766233488,325.79762335367002,269.33932193439108,208.76057742712482,143.8368953097804,74.332542100959472,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12,-1.1510792319313623E-12]
[null,null,"Interest Rate",null,null,null,null,{"$f":"LOOKUP(H3,20:20,21:21)","v":4.2500000000000003E-2},4.2500000000000003E-2,4.2500000000000003E-2,4.2500000000000003E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.5000000000000005E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2,4.7500000000000007E-2]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H55*H52","v":36.550000000000004},{"$f":"I55*I52","v":35.962860528036508},35.307957339075287,34.581554269355159,35.766782728982797,34.923034383482509,33.99225229106861,32.969538631702683,31.849755557416,32.329042554006165,31.005604673499711,29.562122145632763,27.991749222694974,26.28729211142053,24.441191983373503,22.445507169177453,20.291894497638964,17.971589738960908,15.475387109299328,12.793617791883579,9.9161274277884299,6.8322525272145702,3.5307957497955753,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14]
[]
[null,null,"Ending Balance Test",null,null,{"$f":"ROUND(SUMIF(3:3,G58,54:54),3)=0","v":true},{"$f":"\">\"&F4","v":">23"}]
[]
["DSCR"]
[null,"Cash Flow",null,null,null,null,null,{"$f":"H9","v":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,"Debt Service",null,null,null,null,null,{"$f":"H53+H56","v":50.365046399141164},{"$f":"I53+I56","v":51.37234732712399},52.399794273666473,53.447790159139799,54.516745962322602,55.607080881569061,56.719222499200441,57.853606949184453,59.010679088168146,60.1908926699315,61.394710523330133,62.622604733796734,63.87505682847268,65.152557965042121,66.455609124342971,67.784721306829823,69.140415732966417,70.52322404762576,71.933688528578273,73.372362299149827,74.839809545132837,76.336605736035494,77.863337850756196,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14,-5.4676263516739718E-14]
[null,null,null,null,{"$f":"MIN(H63:AK63)","v":1.1913023870662636},null,null,{"$f":"IF(H62>0.1,H61/H62)","v":1.1913023870662638},{"$f":"IF(I62>0.1,I61/I62)","v":1.1913023870662638},1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662636,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,1.1913023870662638,false,false,false,false,false,false,false]
["Equity Return"]
[null,"Equity Cash Flow",null,null,null,null,{"$f":"-G48","v":-140},{"$f":"H9-H53-H56","v":9.6349536008588359},9.8276526728760132,10.024205726333534,10.224689840860208,10.429183637677411,10.637767310430959,10.850522656639583,11.06753310977237,11.288883771967821,11.514661447407178,11.74495467635532,11.979853769882425,12.219450845280068,12.463839862185676,12.713116659429385,12.967378992617981,13.226726572470341,13.49126110391974,13.761086325998134,14.036308052518107,14.317034213568457,14.603374897839821,14.895442395796632,94.613955851483951,96.506234968513624,98.436359667883892,100.40508686124157,102.41318859846641,104.46145237043574,106.55068141784446]
[null,"Equity IRR",null,null,{"$f":"IRR(65:65)","v":0.10682058227053792}]
[]
["Summary of Results"]
[]
[null,null,null,"Actual DSCR",{"$f":"E63","v":1.1913023870662636},null,null,null,"DSCR",null,{"$f":"E19","v":1.2}]
[null,null,null,"Actual Debt/Cap",{"$f":"O2","v":0.86},null,null,null,"Debt to Capital",null,{"$f":"E18","v":0.86}]
[null,null,null,"Project IRR",{"$f":"E11","v":6.2237217935576128E-2},null,null,null,"Grace Period",null,{"$f":"E23","v":0}]
[null,null,null,"EBITDA",{"$f":"H9","v":60},null,null,null,"Tenor",null,{"$f":"E24","v":23}]
[null,null,null,"Debt Size",{"$f":"E29","v":860}]
[null,null,null,"Equity IRR",{"$f":"E66","v":0.10682058227053792}]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,"Tenor"]
[null,null,null,null,null,null,{"$f":"E66","v":0.10682058227053792},7,10,15,20,25]
[null,null,null,null,null,null,80,0.10982685873201081,0.12250983078092537,0.15437926152779458,0.20285335603699339,0.25337739224139177]
[null,null,null,null,"EBITDA",null,{"$f":"G84-5","v":75},9.9591447411295997E-2,0.10959957708152435,0.13416688327757131,0.17279049171468186,0.21827755501082269]
[null,null,null,null,null,null,{"$f":"G85-5","v":70},8.9475093000290773E-2,9.7129221968073054E-2,0.11545584161070988,0.14475862938391137,0.18362136279572949]
[null,null,null,null,null,null,65,7.9420115006266778E-2,8.4993140346240947E-2,9.7985547278286234E-2,0.11884726843928162,0.14965073369666348]
[null,null,null,null,null,null,60,6.9363676777882688E-2,7.3086278745644995E-2,8.1496494096733096E-2,9.4925326977221891E-2,0.11663387599782271]
[null,null,null,null,null,null,55,5.9235102306267384E-2,6.130067231679881E-2,6.573846965258312E-2,7.2694850677664569E-2,8.4766921429471065E-2]
[null,null,null,null,null,null,50,4.8952028378142831E-2,4.9520673636815005E-2,5.0469549470704589E-2,5.1765269383582613E-2,5.4047959304799331E-2]
[null,null,null,null,null,null,45,3.8414665355712474E-2,3.7616172377844093E-2,3.54483792812188E-2,3.1705776475914549E-2,2.419548655903303E-2]
[null,null,null,null,null,null,40,2.7496844109533791E-2,2.5432415854323542E-2,2.0420360119351777E-2,1.206310607081873E-2,-5.3556163173454907E-3]
[null,null,null,null,null,null,35,1.6031300617494137E-2,1.2773703293890826E-2,5.0957550506591787E-3,-7.6527136091838477E-3,-3.5424660807141795E-2]
[]
[null,null,null,"Method:",{"$f":"E30","v":0}]

{"sheet":"Taxes with Copy and Paste Macro","index":4,"n_rows":97,"n_cols":38,"rows_kept":97,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods"]
[null,"Operations"]
[null,null,"Period",null,null,null,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,null,"Repayment Switch",null,{"$f":"E20","v":0},{"$f":"E4+E21","v":6},null,{"$f":"COUNTIF(I4:AL4,TRUE)","v":6},{"$f":"AND(I3>$E$4,I3<=$F$4)","v":true},{"$f":"AND(J3>$E$4,J3<=$F$4)","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Capital Expenditures",null,null,null,null,1000]
[null,null,"Growth",null,null,null,null,0.02]
[null,null,"EBITDA",null,null,null,null,null,85,{"$f":"I7*(1+$H$6)","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,null,"Net Cash Flow",null,null,null,null,{"$f":"H7-H5","v":-1000},{"$f":"I7-I5","v":85},86.7,88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,null,"Project IRR",null,{"$f":"IRR(8:8)","v":9.4839653387606804E-2}]
[]
["Taxes"]
[null,null,"Depreciation",null,5,null,null,null,{"$f":"I3<=$E$12","v":true},{"$f":"J3<=$E$12","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Taxes",null,0]
[null,null,"Depreciation Expense",null,null,null,null,null,{"$f":"$H$5/$E$12*I12","v":200},200,200,200,200,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Financing Assumptions"]
[null,null,"Target DSCR",null,{"$f":"H17/10","v":1.5},null,null,15]
[null,null,null,null,0,1,null,5,10]
[null,null,"Interest Rate",null,0.03,3.2500000000000001E-2,null,3.5000000000000003E-2,3.7499999999999999E-2]
[null,null,"Grace Period",null,0]
[null,null,"Tenor",null,6]
[null,null,"Max Debt to Capital",null,{"$f":"H22/100","v":0.77},null,null,77]
[null,null,"Sculpting",null,true]
[null,null,"Equal Instrallment",null,{"$f":"NOT(E23)","v":false}]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E22*H5","v":770}]
[null,null,"DSCR Target",null,{"$f":"F46","v":319.11517615971292}]
[null,null,null,"Final",{"$f":"MIN(E27:E28)","v":319.11517615971292}]
[null,null,null,"Method",{"$f":"IF(E29<>E27,\"Sculpt\",\"Max Gear\")","v":"Sculpt"}]
[]
[]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I8","v":85},{"$f":"J8","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,null,"Less: Taxes",null,null,null,null,null,{"$f":"I68","v":0},{"$f":"J68","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,"CFADS",null,null,null,null,null,{"$f":"I33-I34","v":85},{"$f":"J33-J34","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[]
[null,null,"Cash Flow over Repayment Period",null,null,null,null,null,{"$f":"IF(I4,I35)","v":85},{"$f":"IF(J4,J35)","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,null,{"$f":"LOOKUP(I3,18:18,19:19)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Rate Index",null,null,null,null,1,{"$f":"H39*(1+I38*I4)","v":1.0325},{"$f":"I39*(1+J38*J4)","v":1.0660562499999999},1.1007030781249998,1.1364759281640622,1.1762525856498043,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473]
[null,null,"NPV of Cash Flow over Repayment Period",null,null,{"$f":"SUMPRODUCT(I37:AL37/I39:AL39)","v":478.67276423956946}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"F40/E27","v":0.62165294057086939}]
[null,null,"Target DSCR Applied",null,{"$f":"MAX(E41,E17)","v":1.5}]
[null,null,null,null,"Computed","Fixed","Difference"]
[null,null,"Target Debt Service",null,{"$f":"E42","v":1.5},1.5,{"$f":"E44-F44","v":0},null,{"$f":"IF(I4,I37/$F$44)","v":56.666666666666664},{"$f":"IF(J4,J37/$F$44)","v":57.800000000000004},58.955999999999996,60.135120000000001,61.3378224,62.564578848000004,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Comp 1","Fix 1","Diff 1","Total Dif"]
[null,null,"NPV of Debt Service",null,{"$f":"SUMPRODUCT(I44:AL44/I39:AL39)","v":319.11517615971292},319.11517615971292,{"$f":"F46-E46","v":0},{"$f":"ABS(Diff_1)+ABS(Difference)","v":0}]
[]
["Project Finance Model"]
[null,"Cap Exp",null,null,null,null,null,{"$f":"H5","v":1000}]
[null,"Debt",null,null,null,null,null,{"$f":"E29","v":319.11517615971292}]
[null,"Equity",null,null,null,null,null,{"$f":"H49-H50","v":680.88482384028703}]
[]
[null,"Debt"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H56","v":319.11517615971292},{"$f":"I56","v":272.81975271823694},223.88639468157965,172.20670250873098,117.66830034026475,60.448868452174018,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13]
[null,null,"Less: Repayment",null,null,null,null,null,{"$f":"(I44-I58)*I4","v":46.295423441475997},{"$f":"(J44-J58)*J4","v":48.933358036657303},51.679692172848661,54.538402168466241,57.219431888090732,60.448868452173912,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H50","v":319.11517615971292},{"$f":"I54-I55","v":272.81975271823694},{"$f":"J54-J55","v":223.88639468157965},172.20670250873098,117.66830034026475,60.448868452174018,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13]
[null,null,"Interest Rate",null,null,null,null,null,{"$f":"LOOKUP(I3,18:18,19:19)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Expense",null,null,null,null,null,{"$f":"I57*I54","v":10.371243225190669},{"$f":"J57*J54","v":8.8666419633427012},7.2763078271513386,5.5967178315337573,4.1183905119092667,2.115710395826091,3.7303493627405261E-15,3.7303493627405261E-15,3.7303493627405261E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15]
[null,null,null,null,null,{"$f":"\">\"&F4","v":">6"}]
[null,null,"Ending Balance Test",null,null,{"$f":"ROUND(SUMIF(3:3,F59,56:56),3)=0","v":true}]
[]
["Profit and Loss"]
[null,"EBITDA",null,null,null,null,null,null,{"$f":"I7","v":85},{"$f":"J7","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"I14","v":200},{"$f":"J14","v":200},200,200,200,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EBIT ",null,null,null,null,null,null,{"$f":"I63-I64","v":-115},{"$f":"J63-J64","v":-113.3},-111.566,-109.79732,-107.9932664,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Less: Interest Expense",null,null,null,null,null,null,{"$f":"I58","v":10.371243225190669},{"$f":"J58","v":8.8666419633427012},7.2763078271513386,5.5967178315337573,4.1183905119092667,2.115710395826091,3.7303493627405261E-15,3.7303493627405261E-15,3.7303493627405261E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15]
[null,"EBT",null,null,null,null,null,null,{"$f":"I65-I66","v":-125.37124322519067},{"$f":"J65-J66","v":-122.1666419633427},-118.84230782715134,-115.39403783153375,-112.11165691190926,91.731157876173924,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Taxes",null,null,null,{"$f":"E13","v":0},null,null,{"$f":"$F$68*I67","v":0},{"$f":"$F$68*J67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["DSCR"]
[null,"Cash Flow",null,null,null,null,null,null,{"$f":"I35","v":85},{"$f":"J35","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Debt Service",null,null,null,null,null,null,{"$f":"I55+I58","v":56.666666666666664},{"$f":"J55+J58","v":57.800000000000004},58.956000000000003,60.135120000000001,61.3378224,62.564578848000004,3.7303493627405261E-15,3.7303493627405261E-15,3.7303493627405261E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15]
[null,null,"DSCR",null,null,null,null,null,{"$f":"IF(I73>0.1,I72/I73)","v":1.5},{"$f":"IF(J73>0.1,J72/J73)","v":1.5},1.4999999999999998,1.5,1.5,1.5,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Equity Return"]
[null,"Equity Cash Flow",null,null,null,null,null,{"$f":"-H51","v":-680.88482384028703},{"$f":"I7-I55-I58","v":28.333333333333336},{"$f":"J7-J55-J58","v":28.9},29.477999999999998,30.06756,30.668911200000004,31.282289424000005,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Equity IRR",null,null,{"$f":"IRR(77:77)","v":0.1016552616542028}]
[]
[null,null,null,"Project IRR",{"$f":"E9","v":9.4839653387606804E-2},null,null,null,null,"DSCR",null,{"$f":"E17","v":1.5}]
[null,null,null,"EBITDA",{"$f":"I7","v":85},null,null,null,null,"Debt to Capital",null,{"$f":"E22","v":0.77}]
[null,null,null,"Debt Size",{"$f":"E29","v":319.11517615971292},null,null,null,null,"Grace Period",null,{"$f":"E20","v":0}]
[null,null,null,"Equity IRR",{"$f":"E78","v":0.1016552616542028},null,null,null,null,"Tenor",null,{"$f":"E21","v":6}]
[]
[]
[]
[null,null,null,null,"EBITDA"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"Method:",{"$f":"E30","v":"Sculpt"}]

{"sheet":"Analysis with No Taxes","index":5,"n_rows":83,"n_cols":37,"rows_kept":83,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods"]
[null,null,"Period",null,null,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,null,"Repayment Switch",null,{"$f":"E21","v":0},{"$f":"E3+E22","v":19},{"$f":"COUNTIF(H3:AK3,TRUE)","v":19},{"$f":"AND(H2>$E$3,H2<=$F$3)","v":true},{"$f":"AND(I2>$E$3,I2<=$F$3)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false]
[]
["Operations"]
[null,null,"Capital Expenditures",null,null,null,1000]
[null,null,"Growth",null,null,null,0.02]
[null,null,"EBITDA",null,null,null,null,70,{"$f":"H8*(1+$G$7)","v":71.400000000000006},{"$f":"I8*(1+$G$7)","v":72.828000000000003},74.284559999999999,75.770251200000004,77.285656224000007,78.83136934848001,80.407996735449615,82.016156670158608,83.65647980356178,85.329609399633014,87.036201587625669,88.77692561937819,90.55246413176576,92.363513414401083,94.210783682689112,96.094999356342896,98.01689934346976,99.97723733033915,101.97678207694594,104.01631771848486,106.09664407285456,108.21857695431166,110.38294849339789,112.59060746326585,114.84241961253117,117.1392680047818,119.48205336487743,121.87169443217498,124.30912832081847]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G8-G6","v":-1000},{"$f":"H8-H6","v":70},71.400000000000006,72.828000000000003,74.284559999999999,75.770251200000004,77.285656224000007,78.83136934848001,80.407996735449615,82.016156670158608,83.65647980356178,85.329609399633014,87.036201587625669,88.77692561937819,90.55246413176576,92.363513414401083,94.210783682689112,96.094999356342896,98.01689934346976,99.97723733033915,101.97678207694594,104.01631771848486,106.09664407285456,108.21857695431166,110.38294849339789,112.59060746326585,114.84241961253117,117.1392680047818,119.48205336487743,121.87169443217498,124.30912832081847]
[null,null,"Project IRR",null,{"$f":"IRR(9:9)","v":7.5861023641333736E-2}]
[]
["Taxes"]
[null,null,"Depreciation",null,18,null,null,{"$f":"H2<=$E$13","v":true},{"$f":"I2<=$E$13","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Taxes",null,0]
[null,null,"Depreciation Expense",null,null,null,null,{"$f":"$G$6/$E$13*H13","v":55.555555555555557},55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,0,0,0,0,0,0,0,{"$f":"$G$6/$E$13*AG13","v":0},0,0,0,0]
[]
[null,"Financing Assumptions"]
[null,null,"Target DSCR",null,{"$f":"G18/10","v":1.3},null,13]
[null,null,null,null,0,1,5,10]
[null,null,"Interest Rate",null,0.03,3.2500000000000001E-2,3.5000000000000003E-2,3.7499999999999999E-2]
[null,null,"Grace Period",null,0]
[null,null,"Tenor",null,19]
[null,null,"Max Debt to Capital",null,{"$f":"G23/100","v":1.28},null,128]
[null,null,"Sculpting",null,true]
[null,null,"Equal Instrallment",null,{"$f":"NOT(E24)","v":false}]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E23*G6","v":1280}]
[null,null,"DSCR Target",null,{"$f":"F42","v":871.6914775312888}]
[null,null,null,"Final",{"$f":"MIN(E28:E29)","v":871.6914775312888}]
[null,null,null,"Method",{"$f":"IF(E30<>E28,\"Sculpt\",\"Max Gear\")","v":"Sculpt"}]
[]
[]
[null,null,"Cash Flow over Repayment",null,null,null,null,{"$f":"IF(H3,H8)","v":70},{"$f":"IF(I3,I8)","v":71.400000000000006},72.828000000000003,74.284559999999999,75.770251200000004,77.285656224000007,78.83136934848001,80.407996735449615,82.016156670158608,83.65647980356178,85.329609399633014,87.036201587625669,88.77692561937819,90.55246413176576,92.363513414401083,94.210783682689112,96.094999356342896,98.01689934346976,99.97723733033915,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,{"$f":"LOOKUP(H2,19:19,20:20)","v":3.2500000000000001E-2},{"$f":"LOOKUP(I2,19:19,20:20)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G36*(1+H35*H3)","v":1.0325},{"$f":"H36*(1+I35*I3)","v":1.0660562499999999},1.1007030781249998,1.1364759281640622,1.1762525856498043,1.2174214261475473,1.2600311760627114,1.3041322672249063,1.3497768965777779,1.4003935301994446,1.4529082875819239,1.5073923483662461,1.5639195614299806,1.6225665449836051,1.6834127904204905,1.746540770061259,1.8120360489385563,1.8799874007737523,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682,1.9504869283027682]
[null,null,"NPV of Cash Flow over Repayment Period",null,{"$f":"SUMPRODUCT(H34:AK34/H36:AK36)","v":1133.1989207906754}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"E37/E28","v":0.88531165686771518}]
[null,null,"Target DSCR Applied",null,{"$f":"MAX(E38,E18)","v":1.3}]
[]
[null,null,"Target Debt Service",null,null,{"$f":"E39","v":1.3},null,{"$f":"IF(H3,H8/$F$41)","v":53.846153846153847},{"$f":"IF(I3,I8/$F$41)","v":54.923076923076927},56.021538461538462,57.141969230769227,58.28480861538462,59.45050478769231,60.639514883446161,61.852305181115085,63.08935128473739,64.351138310432134,65.638161076640785,66.950924298173589,68.289942784137068,69.655741639819809,71.048856472616222,72.469833602068547,73.919230274109921,75.397614879592126,76.905567177183954,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"NPV of Debt Service",null,null,{"$f":"SUMPRODUCT(H41:AK41/H36:AK36)","v":871.6914775312888}]
[]
["Project Finance Model"]
[null,"Cap Exp",null,null,null,null,{"$f":"G6","v":1000}]
[null,"Debt",null,null,null,null,{"$f":"E30","v":871.6914775312888}]
[null,"Equity",null,null,null,null,{"$f":"G45-G46","v":128.3085224687112}]
[]
[null,"Debt"]
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[null,null,"Ending Balance Test",null,null,{"$f":"ROUND(SUMIF(2:2,F55,52:52),3)=0","v":true}]
[]
["DSCR"]
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[]
["Equity Return"]
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[null,"Equity IRR",null,null,{"$f":"IRR(63:63)","v":0.16840106253829168}]
[]
[null,null,null,"Project IRR",{"$f":"E10","v":7.5861023641333736E-2},null,null,null,"DSCR",null,{"$f":"E18","v":1.3}]
[null,null,null,"EBITDA",{"$f":"H8","v":70},null,null,null,"Debt to Capital",null,{"$f":"E23","v":1.28}]
[null,null,null,"Debt Size",{"$f":"E30","v":871.6914775312888},null,null,null,"Grace Period",null,{"$f":"E21","v":0}]
[null,null,null,"Equity IRR",{"$f":"E64","v":0.16840106253829168},null,null,null,"Tenor",null,{"$f":"E22","v":19}]
[null,null,null,null,null,null,null,"Tenor"]
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[]
[null,null,null,"Method:",{"$f":"E31","v":"Sculpt"}]

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