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{"sheet":"Introduction","index":0,"n_rows":7,"n_cols":2,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
["Cash Sweep, Re-Financing and Merchant Prices"]
[]
[null,"Website Link Describing Re-financing"]
[]
[null,"Video Describing Re-financing and Cash Sweep"]
[]
[null,"Powerpoint Slides Reference"]

{"sheet":"FM with Re-financing","index":1,"n_rows":201,"n_cols":40,"rows_kept":201,"cut":false,"hidden":false,"merged":[]}
["Timeline"]
[null,"Period",null,null,null,{"$f":"AN2","v":33},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33]
[]
["Operating assumptions"]
[null,"EPC cost",null,null,"USD mn",13655]
[]
[null,"Capacity",null,null,"BCF",800]
[null,null,null,null,null,null,1,5,10,15]
[null,"Volumes",null,null,null,null,450,600,700,700]
[]
[null,"Conversion",null,null,"Barrel to BCF",{"$f":"1/6","v":0.16666666666666666}]
[null,"Operating cost",null,null,"USD per BCF",2.4]
[]
[null,"Price",null,null,"USD/barrel",{"$f":"Sensitivity!D3","v":25.7}]
[null,"Cash Flow Sensitivity",null,null,"%",{"$f":"Sensitivity!D5","v":1}]
[]
["Financing assumptions"]
[null,"Debt size",null,null,"%",{"$f":"P19/100","v":0.9}]
[null,"Debt tenure",null,null,"yrs",{"$f":"P20","v":25},null,null,null,null,null,null,null,"Actual",{"$f":"F173","v":1.3},90]
[null,"Interest rate",null,null,"% p.a.",0.05,null,null,null,null,null,null,null,"Target",{"$f":"F22","v":1.5},25]
[null,"Cash flow Sweep",null,null,"%",{"$f":"G21/100","v":0},0,null,null,null,null,null,null,"Difference",{"$f":"O19-O20","v":-0.19999999999999996}]
[null,"Target DSCR",null,null,null,1.5]
[null,"Size from Debt to Capital",null,null,"switch",true]
[null,"Sculpted/Level",null,null,"switch",true]
[]
["Re-financing Assumptions",null,null,null,null,null,"First","Second","Third"]
[null,"Date of Re-financing",null,null,null,null,{"$f":"first","v":10},{"$f":"second","v":99},{"$f":"third","v":99}]
[null,"DSCR for Re-financing",null,null,null,null,1.3,1.25,1.2]
[null,"Tail for Re-financing",null,null,null,null,4,2,0]
[null,"End of Repayment",null,null,null,null,{"$f":"F2-G29","v":29},{"$f":"F2-H29","v":31},{"$f":"F2-I29","v":33}]
[null,"Interest Rate",null,null,null,null,0.04,0.04,0.04]
[null,"Sweep",null,null,null,null,0,0,0]
[]
["Operating analysis and pre-tax cash flow"]
[null,"Project volumes",null,null,"BCF",{"$f":"F7","v":800},null,{"$f":"LOOKUP(H2,8:8,9:9)","v":450},450,450,450,600,600,600,600,600,700,700,700,700,700,700,700,700,700,700,700,{"$f":"LOOKUP(AB2,8:8,9:9)","v":700},700,700,700,700,700,700,700,700,700,700,700,700]
[null,"Capital expenditures",null,null,"USD mn",null,{"$f":"F5","v":13655}]
[]
[null,"Revenues"]
[null,null,"Oil price",null,"USD per barrel",{"$f":"F14","v":25.7},null,{"$f":"$F$39","v":25.7},{"$f":"$F$39","v":25.7},25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7,25.7]
[null,null,"Gas to oil conversion",null,"Barrel per BCF",{"$f":"F11","v":0.16666666666666666},null,{"$f":"$F$40","v":0.16666666666666666},{"$f":"$F$40","v":0.16666666666666666},0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666,0.16666666666666666]
[null,null,"Gas price",null,"USD per BCF",null,null,{"$f":"H39*H40","v":4.2833333333333332},{"$f":"I39*I40","v":4.2833333333333332},4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,{"$f":"AB39*AB40","v":4.2833333333333332},4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332,4.2833333333333332]
[null,null,null,"Revenues","USD mn",null,null,{"$f":"H41*H35","v":1927.5},{"$f":"I41*I35","v":1927.5},1927.5,1927.5,2570,2570,2570,2570,2570,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,{"$f":"AB41*AB35","v":2998.333333333333},2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333,2998.333333333333]
[]
[null,"Operating costs"]
[null,null,"Operating costs per BCF",null,"USD per BCF",{"$f":"F12","v":2.4},null,{"$f":"$F$45","v":2.4},{"$f":"$F$45","v":2.4},2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4,2.4]
[null,null,null,"Total operating costs","USD mn",null,null,{"$f":"H45*H35","v":1080},{"$f":"I45*I35","v":1080},1080,1080,1440,1440,1440,1440,1440,1680,1680,1680,1680,1680,1680,1680,1680,1680,1680,1680,{"$f":"AB45*AB35","v":1680},1680,1680,1680,1680,1680,1680,1680,1680,1680,1680,1680,1680]
[]
[null,null,null,"Cash Flow Before Senstivity","USD mn",null,null,{"$f":"H42-H46","v":847.5},{"$f":"I42-I46","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB42-AB46","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,null,null,"Cash Flow After Sensitivity","USD mn",{"$f":"F15","v":1},null,{"$f":"H48*$F$49","v":847.5},{"$f":"I48*$F$49","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB48*$F$49","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[]
[null,null,null,"Pre-tax cash flow","USD mn",null,{"$f":"G42-G46-G36","v":-13655},{"$f":"H49","v":847.5},{"$f":"I49","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB49","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[]
[null,null,null,"Project IRR","%",null,{"$f":"IRR(51:51)","v":7.6028710473880157E-2}]
[null,null,null,"NPV of operating costs","USD mn",0.1,{"$f":"NPV(F54,46:46)","v":13553.329082942673}]
[]
["Project financing"]
[null,"Uses and sources of funds"]
[null,null,"Uses of funds"]
[null,null,null,"EPC cost",null,null,{"$f":"F5","v":13655}]
[]
[null,null,"Sources of funds"]
[null,null,null,"Debt (True is Debt/Cap)",{"$f":"F23","v":true},{"$f":"F18","v":0.9},{"$f":"IF(E62,F62*G59,G67)","v":12289.5},{"$f":"G62/G64","v":0.9}]
[null,null,null,"Equity",null,null,{"$f":"G59-G62","v":1365.5}]
[null,null,null,"Total sources",null,null,{"$f":"SUM(G62:G63)","v":13655}]
[]
[null,null,"PV of CFADS",null,null,{"$f":"F67","v":0.05},{"$f":"E76","v":16240.146153230166}]
[null,null,"PV of Debt Service from Sculpting",null,null,{"$f":"F20","v":0.05},{"$f":"NPV(F67,H77:AA77)","v":10661.632937055221}]
[null,null,"Debt",null,null,null,{"$f":"G62","v":12289.5}]
[null,null,"LLCR from Debt",null,null,null,{"$f":"G66/G62","v":1.3214651656479244}]
[]
[null,null,"DSCR Input",null,null,null,{"$f":"F22","v":1.5}]
[null,null,"DSCR Applied in Sculpting",null,{"$f":"F23","v":true},null,{"$f":"IF(E72,G69,G71)","v":1.3214651656479244}]
[]
[null,"Debt Switch",null,null,null,{"$f":"F19","v":25},null,{"$f":"H2<=$F$74","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AB2<=$F$74","v":true},true,true,true,true,false,false,false,false,false,false,false,false]
[null,"Sculpted"]
[null,null,"CFADS",null,{"$f":"NPV(F76,H76:AN76)","v":16240.146153230166},{"$f":"F20","v":0.05},null,{"$f":"H51*H74","v":847.5},847.5,847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB51*AB74","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,0,0,0,0,0,0,0,0]
[null,null,"Debt Service",null,null,{"$f":"G72","v":1.3214651656479244},null,{"$f":"H76/$F$77","v":641.33359094975788},641.33359094975788,641.33359094975788,641.33359094975788,855.11145459967724,855.11145459967724,855.11145459967724,855.11145459967724,855.11145459967724,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,{"$f":"AB76/$F$77","v":997.63003036628982},997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,0,0,0,0,0,0,0,0]
[null,null,"Repayment",null,null,null,null,{"$f":"H77-H91","v":26.858590949757854},{"$f":"I77-I91","v":28.201520497245724},29.611596522108016,31.092176348213457,246.42464881554349,258.74588125632067,271.68317531913669,285.26733408509347,299.5307007893482,457.02581159542819,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,{"$f":"AB77-AB91","v":997.63003036628982},997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,0,0,0,0,0,0,0,0]
[]
[null,"Level"]
[null,null,"Repayment",null,{"$f":"G62","v":12289.5},{"$f":"F74","v":25},null,{"$f":"$E$81/$F$81*H74","v":491.58},{"$f":"$E$81/$F$81*I74","v":491.58},491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,491.58,{"$f":"$E$81/$F$81*AB74","v":491.58},491.58,491.58,491.58,491.58,0,0,0,0,0,0,0,0]
[]
[null,"Repayment Applied (Scuplt =true)",null,null,{"$f":"F24","v":true},null,null,{"$f":"IF($E$83,H78,H81)","v":26.858590949757854},{"$f":"IF($E$83,I78,I81)","v":28.201520497245724},29.611596522108016,31.092176348213457,246.42464881554349,258.74588125632067,271.68317531913669,285.26733408509347,299.5307007893482,457.02581159542819,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,{"$f":"IF($E$83,AB78,AB81)","v":997.63003036628982},997.63003036628982,997.63003036628982,997.63003036628982,997.63003036628982,0,0,0,0,0,0,0,0]
[]
[null,"Debt schedule"]
[null,null,"Opening balance",null,null,null,null,{"$f":"G90","v":12289.5},{"$f":"H90","v":12262.641409050242},12234.439888552997,12204.828292030888,12173.736115682676,11927.311466867131,11668.565585610811,11396.882410291675,11111.615076206581,10812.084375417233,0,0,0,0,0,0,0,0,0,0,{"$f":"AA90","v":0},{"$f":"AB90","v":0},{"$f":"AC90","v":0},{"$f":"AD90","v":0},{"$f":"AE90","v":0},{"$f":"AF90","v":0},{"$f":"AG90","v":0},{"$f":"AH90","v":0},{"$f":"AI90","v":0},{"$f":"AJ90","v":0},{"$f":"AK90","v":0},{"$f":"AL90","v":0},{"$f":"AM90","v":0}]
[null,null,"Scheduled Repayment",null,null,{"$f":"F19","v":25},null,{"$f":"MIN(H83,H86)","v":26.858590949757854},{"$f":"MIN(I83,I86)","v":28.201520497245724},29.611596522108016,31.092176348213457,246.42464881554349,258.74588125632067,271.68317531913669,285.26733408509347,299.5307007893482,457.02581159542819,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(AB83,AB86)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Pre-payment from Sweep",null,null,null,null,{"$f":"H157","v":0},{"$f":"I157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB157","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayment at Re-financing",null,null,null,null,{"$f":"(H86-H87-H88)*H103","v":0},{"$f":"(I86-I87-I88)*I103","v":0},0,0,0,0,0,0,0,10355.058563821805,0,0,0,0,0,0,0,0,0,0,{"$f":"(AB86-AB87-AB88)*AB103","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing balance",null,null,null,{"$f":"G62","v":12289.5},{"$f":"H86-H87-H88-H89","v":12262.641409050242},{"$f":"I86-I87-I88-I89","v":12234.439888552997},12204.828292030888,12173.736115682676,11927.311466867131,11668.565585610811,11396.882410291675,11111.615076206581,10812.084375417233,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB86-AB87-AB88-AB89","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest",null,null,{"$f":"$F$20","v":0.05},null,{"$f":"H86*$F$91","v":614.47500000000002},613.13207045251215,611.72199442764986,610.24141460154442,608.68680578413375,596.36557334335657,583.42827928054055,569.84412051458378,555.58075381032904,540.60421877086162,0,0,0,0,0,0,0,0,0,0,{"$f":"AB86*$F$91","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Defaulted Debt"]
[null,null,"Opening Debt",null,null,null,null,{"$f":"G98","v":0},{"$f":"H98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AA98","v":0},{"$f":"AB98","v":0},{"$f":"AC98","v":0},{"$f":"AD98","v":0},{"$f":"AE98","v":0},{"$f":"AF98","v":0},{"$f":"AG98","v":0},{"$f":"AH98","v":0},{"$f":"AI98","v":0},{"$f":"AJ98","v":0},{"$f":"AK98","v":0},{"$f":"AL98","v":0},{"$f":"AM98","v":0}]
[null,null,"Add: Default",null,null,null,null,{"$f":"H159","v":0},{"$f":"I159","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB159","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of Default",null,null,null,null,{"$f":"H160","v":0},{"$f":"I160","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB160","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayment at Re-financing",null,null,null,null,{"$f":"(H94+H95-H96)*H103","v":0},{"$f":"(I94+I95-I96)*I103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AB94+AB95-AB96)*AB103","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H94+H95-H96","v":0},{"$f":"I94+I95-I96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB94+AB95-AB96","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest on Default",null,null,{"$f":"F20","v":0.05},null,{"$f":"$F$99*H94","v":0},{"$f":"$F$99*I94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$99*AB94","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"Re-financing 1"]
[null,null,"Re-financing Switch",null,null,{"$f":"MIN(G27,H27,I27)","v":10},null,{"$f":"H2=$F$103","v":false},{"$f":"I2=$F$103","v":false},false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,{"$f":"AB2=$F$103","v":false},false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Repayment Switch",null,null,{"$f":"G30","v":29},null,{"$f":"AND(H2>$F$103,H2<=$F$104)","v":false},{"$f":"AND(I2>$F$103,I2<=$F$104)","v":false},false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AB2>$F$103,AB2<=$F$104)","v":true},true,true,true,true,true,true,true,true,false,false,false,false]
[null,null,"CFADS",null,null,null,null,{"$f":"IF(H104,H49*H104)","v":false},{"$f":"IF(I104,I49*I104)","v":false},false,false,false,false,false,false,false,false,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"IF(AB104,AB49*AB104)","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,false,false,false,false]
[null,null,"Debt Service",null,null,{"$f":"G28","v":1.3},null,{"$f":"IF(H104,H105/$F$106)","v":false},{"$f":"IF(I104,I105/$F$106)","v":false},false,false,false,false,false,false,false,false,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,{"$f":"IF(AB104,AB105/$F$106)","v":1014.1025641025639},1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,false,false,false,false]
[]
[null,null,"PV of Debt Service",null,{"$f":"NPV(F108,H106:AN106)","v":13319.161621056684},{"$f":"G31","v":0.04}]
[]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G114","v":0},{"$f":"H114","v":0},0,0,0,0,0,0,0,0,13319.161621056684,12837.825521796389,12337.235978565681,11816.622853605744,11275.18520364741,10712.090047690743,10126.471085495808,9517.4273648130766,8884.0218953030362,8225.2802070125945,{"$f":"AA114","v":7540.1888511905345},{"$f":"AB114","v":6827.6938411355923},{"$f":"AC114","v":6086.6990306784519},{"$f":"AD114","v":5316.0644278030259},{"$f":"AE114","v":4514.6044408125836},{"$f":"AF114","v":3681.0860543425233},{"$f":"AG114","v":2814.2269324136605},{"$f":"AH114","v":1912.6934456076431},{"$f":"AI114","v":975.09861932938497},{"$f":"AJ114","v":0},{"$f":"AK114","v":0},{"$f":"AL114","v":0},{"$f":"AM114","v":0}]
[null,null,"Add: Draws at Re-financing",null,{"$f":"E108","v":13319.161621056684},null,null,{"$f":"H103*$E$111","v":0},{"$f":"I103*$E$111","v":0},0,0,0,0,0,0,0,13319.161621056684,0,0,0,0,0,0,0,0,0,0,{"$f":"AB103*$E$111","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,{"$f":"MIN(H106-H115,H110)","v":0},{"$f":"MIN(I106-I115,I110)","v":0},0,0,0,0,0,0,0,0,481.33609926029646,500.58954323070827,520.61312495993661,541.43764995833408,563.09515595666744,585.61896219493417,609.04372068273153,633.4054695100408,658.74168829044243,685.09135582206,{"$f":"MIN(AB106-AB115,AB110)","v":712.49501005494244},740.99481045714015,770.6346028754258,801.45998699044276,833.51838647006048,866.85912192886292,901.53348680601744,937.5948262782581,975.09861932938497,0,0,0,0]
[null,null,"Less: Repayment at Re-financing",null,null,null,null,{"$f":"(H110+H111-H112)*H118","v":0},{"$f":"(I110+I111-I112)*I118","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AB110+AB111-AB112)*AB118","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H110+H111-H112-H113","v":0},{"$f":"I110+I111-I112-I113","v":0},0,0,0,0,0,0,0,13319.161621056684,12837.825521796389,12337.235978565681,11816.622853605744,11275.18520364741,10712.090047690743,10126.471085495808,9517.4273648130766,8884.0218953030362,8225.2802070125945,7540.1888511905345,{"$f":"AB110+AB111-AB112-AB113","v":6827.6938411355923},6086.6990306784519,5316.0644278030259,4514.6044408125836,3681.0860543425233,2814.2269324136605,1912.6934456076431,975.09861932938497,0,0,0,0,0]
[null,null,"Interest on Re-financing",null,null,{"$f":"F108","v":0.04},null,{"$f":"H110*$F$115","v":0},{"$f":"I110*$F$115","v":0},0,0,0,0,0,0,0,0,532.7664648422674,513.51302087185559,493.48943914262725,472.66491414422978,451.00740814589642,428.48360190762969,405.05884341983233,380.69709459252306,355.36087581212144,329.01120828050381,{"$f":"AB110*$F$115","v":301.60755404762136},273.10775364542371,243.46796122713809,212.64257711212105,180.58417763250335,147.24344217370094,112.56907729654642,76.507737824305721,39.003944773175398,0,0,0,0]
[]
[null,"Re-financing 2"]
[null,null,"Re-financing Switch",null,null,{"$f":"MIN(MAX(H27,G27),I27)","v":99},null,{"$f":"H2=$F$118","v":false},{"$f":"I2=$F$118","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AB2=$F$118","v":false},false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Repayment Switch",null,null,{"$f":"H30","v":31},null,{"$f":"AND(H2>$F$118,H2<=$F$119)","v":false},{"$f":"AND(I2>$F$118,I2<=$F$119)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(AB2>$F$118,AB2<=$F$119)","v":false},false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"CFADS",null,null,null,null,{"$f":"H51","v":847.5},{"$f":"I51","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB51","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,null,"Debt Service",null,null,{"$f":"H28","v":1.25},null,{"$f":"IF(H119,H120/$F$121)","v":false},{"$f":"IF(I119,I120/$F$121)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(AB119,AB120/$F$121)","v":false},false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"PV of Debt Service",null,{"$f":"NPV(F123,H121:AN121)","v":0},{"$f":"H31","v":0.04}]
[]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G129","v":0},{"$f":"H129","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AA129","v":0},{"$f":"AB129","v":0},{"$f":"AC129","v":0},{"$f":"AD129","v":0},{"$f":"AE129","v":0},{"$f":"AF129","v":0},{"$f":"AG129","v":0},{"$f":"AH129","v":0},{"$f":"AI129","v":0},{"$f":"AJ129","v":0},{"$f":"AK129","v":0},{"$f":"AL129","v":0},{"$f":"AM129","v":0}]
[null,null,"Add: Draws at Re-financing",null,{"$f":"E123","v":0},null,null,{"$f":"$E$126*H118","v":0},{"$f":"$E$126*I118","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$126*AB118","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,{"$f":"MIN(H121-H130,H125)","v":0},{"$f":"MIN(I121-I130,I125)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(AB121-AB130,AB125)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment at Re-financing",null,null,null,null,{"$f":"(H125+H126-H127)*H133","v":0},{"$f":"(I125+I126-I127)*I133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AB125+AB126-AB127)*AB133","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H125+H126-H127-H128","v":0},{"$f":"I125+I126-I127-I128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB125+AB126-AB127-AB128","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest on Re-financing",null,null,{"$f":"F123","v":0.04},null,{"$f":"$F$130*H125","v":0},{"$f":"$F$130*I125","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$130*AB125","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Re-financing 3"]
[null,null,"Re-financing Switch",null,null,{"$f":"MAX(I27,F118,F103)","v":99},null,{"$f":"H2=$F$133","v":false},{"$f":"I2=$F$133","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AB2=$F$133","v":false},false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Repayment Switch",null,null,{"$f":"I30","v":33},null,{"$f":"AND(H2>$F$133,H2<=$F$134)","v":false},{"$f":"AND(I2>$F$133,I2<=$F$134)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(AB2>$F$133,AB2<=$F$134)","v":false},false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"CFADS",null,null,null,null,{"$f":"H120","v":847.5},{"$f":"I120","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB120","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,null,"Debt Service",null,null,{"$f":"I28","v":1.2},null,{"$f":"IF(H134,H135/$F$136)","v":false},{"$f":"IF(I134,I135/$F$136)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(AB134,AB135/$F$136)","v":false},false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"PV of Debt Service",null,{"$f":"NPV(F138,H136:AN136)","v":0},{"$f":"I31","v":0.04}]
[]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G144","v":0},{"$f":"H144","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AA144","v":0},{"$f":"AB144","v":0},{"$f":"AC144","v":0},{"$f":"AD144","v":0},{"$f":"AE144","v":0},{"$f":"AF144","v":0},{"$f":"AG144","v":0},{"$f":"AH144","v":0},{"$f":"AI144","v":0},{"$f":"AJ144","v":0},{"$f":"AK144","v":0},{"$f":"AL144","v":0},{"$f":"AM144","v":0}]
[null,null,"Add: Draws at Re-financing",null,{"$f":"E138","v":0},null,null,{"$f":"$E$141*H133","v":0},{"$f":"$E$141*I133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$141*AB133","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,{"$f":"H136-H145","v":0},{"$f":"I136-I145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB136-AB145","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment at Re-financing"]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H140+H141-H142-H143","v":0},{"$f":"I140+I141-I142-I143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB140+AB141-AB142-AB143","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest on Re-financing",null,null,{"$f":"F138","v":0.04},null,{"$f":"H140*$F$145","v":0},{"$f":"I140*$F$145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB140*$F$145","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Interest",null,null,null,null,{"$f":"H145+H130+H115+H99+H91","v":614.47500000000002},{"$f":"I145+I130+I115+I99+I91","v":613.13207045251215},611.72199442764986,610.24141460154442,608.68680578413375,596.36557334335657,583.42827928054055,569.84412051458378,555.58075381032904,540.60421877086162,532.7664648422674,513.51302087185559,493.48943914262725,472.66491414422978,451.00740814589642,428.48360190762969,405.05884341983233,380.69709459252306,355.36087581212144,329.01120828050381,{"$f":"AB145+AB130+AB115+AB99+AB91","v":301.60755404762136},273.10775364542371,243.46796122713809,212.64257711212105,180.58417763250335,147.24344217370094,112.56907729654642,76.507737824305721,39.003944773175398,0,0,0,0]
[null,null,"Total Scheduled Repayment",null,null,null,null,{"$f":"H142+H127+H112+H87","v":26.858590949757854},{"$f":"I142+I127+I112+I87","v":28.201520497245724},29.611596522108016,31.092176348213457,246.42464881554349,258.74588125632067,271.68317531913669,285.26733408509347,299.5307007893482,457.02581159542819,481.33609926029646,500.58954323070827,520.61312495993661,541.43764995833408,563.09515595666744,585.61896219493417,609.04372068273153,633.4054695100408,658.74168829044243,685.09135582206,{"$f":"AB142+AB127+AB112+AB87","v":712.49501005494244},740.99481045714015,770.6346028754258,801.45998699044276,833.51838647006048,866.85912192886292,901.53348680601744,937.5948262782581,975.09861932938497,0,0,0,0]
[null,null,"Total Early Repayment from Re-financing",null,null,null,null,{"$f":"H143+H128+H113+H89","v":0},{"$f":"I143+I128+I113+I89","v":0},0,0,0,0,0,0,0,10355.058563821805,0,0,0,0,0,0,0,0,0,0,{"$f":"AB143+AB128+AB113+AB89","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Proceeds from Re-financing",null,null,null,null,{"$f":"H141+H126+H111","v":0},{"$f":"I141+I126+I111","v":0},0,0,0,0,0,0,0,13319.161621056684,0,0,0,0,0,0,0,0,0,0,{"$f":"AB141+AB126+AB111","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash flow waterfall"]
[null,"CFADS",null,null,null,null,null,{"$f":"H51","v":847.5},847.5,847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB51","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,"Less interest",null,null,null,null,null,{"$f":"H147","v":614.47500000000002},{"$f":"I147","v":613.13207045251215},611.72199442764986,610.24141460154442,608.68680578413375,596.36557334335657,583.42827928054055,569.84412051458378,555.58075381032904,540.60421877086162,532.7664648422674,513.51302087185559,493.48943914262725,472.66491414422978,451.00740814589642,428.48360190762969,405.05884341983233,380.69709459252306,355.36087581212144,329.01120828050381,{"$f":"AB147","v":301.60755404762136},273.10775364542371,243.46796122713809,212.64257711212105,180.58417763250335,147.24344217370094,112.56907729654642,76.507737824305721,39.003944773175398,0,0,0,0]
[null,"Less repayment",null,null,null,null,null,{"$f":"H148","v":26.858590949757854},{"$f":"I148","v":28.201520497245724},29.611596522108016,31.092176348213457,246.42464881554349,258.74588125632067,271.68317531913669,285.26733408509347,299.5307007893482,457.02581159542819,481.33609926029646,500.58954323070827,520.61312495993661,541.43764995833408,563.09515595666744,585.61896219493417,609.04372068273153,633.4054695100408,658.74168829044243,685.09135582206,{"$f":"AB148","v":712.49501005494244},740.99481045714015,770.6346028754258,801.45998699044276,833.51838647006048,866.85912192886292,901.53348680601744,937.5948262782581,975.09861932938497,0,0,0,0]
[null,null,"Cash Before Sweep",null,null,null,null,{"$f":"H153-H154-H155","v":206.16640905024212},{"$f":"I153-I154-I155","v":206.16640905024212},206.16640905024212,206.16640905024212,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,320.70330296704321,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076928,{"$f":"AB153-AB154-AB155","v":304.23076923076928},304.23076923076928,304.23076923076906,304.23076923076928,304.23076923076928,304.23076923076917,304.23076923076928,304.23076923076928,304.23076923077269,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,"Less: Sweep",null,null,null,{"$f":"F21","v":0},null,{"$f":"MIN(H86-H87,MAX(H156,0)*$F$157)","v":0},{"$f":"MIN(I86-I87,MAX(I156,0)*$F$157)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(AB86-AB87,MAX(AB156,0)*$F$157)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash After Sweep",null,null,null,null,{"$f":"H156-H157","v":206.16640905024212},{"$f":"I156-I157","v":206.16640905024212},206.16640905024212,206.16640905024212,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,320.70330296704321,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076928,{"$f":"AB156-AB157","v":304.23076923076928},304.23076923076928,304.23076923076906,304.23076923076928,304.23076923076928,304.23076923076917,304.23076923076928,304.23076923076928,304.23076923077269,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,"Add: Default",null,null,null,null,null,{"$f":"MAX(-H158,0)","v":0},{"$f":"MAX(-I158,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-AB158,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Default",null,null,null,null,null,{"$f":"MIN(MAX(H158,0),H94)","v":0},{"$f":"MIN(MAX(I158,0),I94)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(MAX(AB158,0),AB94)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash After Default",null,null,null,null,{"$f":"H158+H159-H160","v":206.16640905024212},{"$f":"I158+I159-I160","v":206.16640905024212},206.16640905024212,206.16640905024212,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,320.70330296704321,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076928,{"$f":"AB158+AB159-AB160","v":304.23076923076928},304.23076923076928,304.23076923076906,304.23076923076928,304.23076923076928,304.23076923076917,304.23076923076928,304.23076923076928,304.23076923077269,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,"Add: New Financing",null,null,null,null,null,{"$f":"H150","v":0},{"$f":"I150","v":0},0,0,0,0,0,0,0,13319.161621056684,0,0,0,0,0,0,0,0,0,0,{"$f":"AB150","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Existing",null,null,null,null,null,{"$f":"H149","v":0},{"$f":"I149","v":0},0,0,0,0,0,0,0,10355.058563821805,0,0,0,0,0,0,0,0,0,0,{"$f":"AB149","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Equity cash flow",null,null,null,null,null,{"$f":"H161+H162-H163","v":206.16640905024212},{"$f":"I161+I162-I163","v":206.16640905024212},206.16640905024212,206.16640905024212,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,3284.8063602019229,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076928,{"$f":"AB161+AB162-AB163","v":304.23076923076928},304.23076923076928,304.23076923076906,304.23076923076928,304.23076923076928,304.23076923076917,304.23076923076928,304.23076923076928,304.23076923077269,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[]
["Financial ratios"]
[null,"Net equity cash flow",null,null,null,null,{"$f":"-G63","v":-1365.5},{"$f":"H165","v":206.16640905024212},{"$f":"I165","v":206.16640905024212},206.16640905024212,206.16640905024212,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,274.88854540032276,3284.8063602019229,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076917,304.23076923076928,{"$f":"AB165","v":304.23076923076928},304.23076923076928,304.23076923076906,304.23076923076928,304.23076923076928,304.23076923076917,304.23076923076928,304.23076923076928,304.23076923077269,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,"Equity IRR",null,null,null,null,{"$f":"IRR(168:168)","v":0.2377482404182536}]
[]
[null,"CFADS",null,null,null,null,null,{"$f":"H153","v":847.5},{"$f":"I153","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB153","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,"Debt service",null,null,null,null,null,{"$f":"H154+H155","v":641.33359094975788},{"$f":"I154+I155","v":641.33359094975788},641.33359094975788,641.33359094975788,855.11145459967724,855.11145459967724,855.11145459967724,855.11145459967724,855.11145459967724,997.63003036628982,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025637,{"$f":"AB154+AB155","v":1014.1025641025637},1014.1025641025639,1014.1025641025639,1014.1025641025637,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025639,1014.1025641025603,0,0,0,0]
[null,"DSCR",null,null,null,{"$f":"MIN(H173:AA173)","v":1.3},null,{"$f":"IF(H172>0.1,H171/H172)","v":1.3214651656479244},{"$f":"IF(I172>0.1,I171/I172)","v":1.3214651656479244},1.3214651656479244,1.3214651656479244,1.3214651656479244,1.3214651656479244,1.3214651656479244,1.3214651656479244,1.3214651656479244,1.3214651656479244,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3000000000000003,{"$f":"IF(AB172>0.1,AB171/AB172)","v":1.3000000000000003},1.3,1.3,1.3000000000000003,1.3,1.3,1.3,1.3,1.3000000000000045,false,false,false,false]
[]
[null,"PV of CFADS",null,null,{"$f":"F20","v":0.05},{"$f":"NPV(E175,H171:AA171)","v":14088.976535243044}]
[null,"PV of Debt service",null,null,null,{"$f":"G62","v":12289.5}]
[null,"PLCR",null,null,null,{"$f":"F175/F176","v":1.1464239013176325}]
[]
[null,"Debt Repayment Switch",null,null,null,{"$f":"F19","v":25},null,{"$f":"H2<=$F$179","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AB2<=$F$179","v":true},true,true,true,true,false,false,false,false,false,false,false,false]
[null,"PV of CFADS over loan life",null,null,{"$f":"F20","v":0.05},{"$f":"NPV(E180,H180:AA180)","v":14088.976535243044},null,{"$f":"H171*H179","v":847.5},{"$f":"I171*I179","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB171*AB179","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,0,0,0,0,0,0,0,0]
[null,"PV of Debt service",null,null,null,{"$f":"F176","v":12289.5}]
[null,"LLCR",null,null,null,{"$f":"F180/F181","v":1.1464239013176325}]
[]
[null,null,null,null,null,null,null,{"$f":"H2","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,{"$f":"AB2","v":21},22,23,24,25,26,27,28,29,30,31,32,33]
[null,"Total Debt",null,null,null,null,null,{"$f":"H90+H98","v":12262.641409050242},{"$f":"I90+I98","v":12234.439888552997},12204.828292030888,12173.736115682676,11927.311466867131,11668.565585610811,11396.882410291675,11111.615076206581,10812.084375417233,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB90+AB98","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,null,{"$f":"H184","v":1},{"$f":"I184","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,{"$f":"AB184","v":21},22,23,24,25,26,27,28,29,30,31,32,33]
[null,"CFADS",null,null,null,null,null,{"$f":"H171","v":847.5},{"$f":"I171","v":847.5},847.5,847.5,1130,1130,1130,1130,1130,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,{"$f":"AB171","v":1318.333333333333},1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333,1318.333333333333]
[null,"Interest",null,null,null,null,null,{"$f":"H154","v":614.47500000000002},{"$f":"I154","v":613.13207045251215},611.72199442764986,610.24141460154442,608.68680578413375,596.36557334335657,583.42827928054055,569.84412051458378,555.58075381032904,540.60421877086162,532.7664648422674,513.51302087185559,493.48943914262725,472.66491414422978,451.00740814589642,428.48360190762969,405.05884341983233,380.69709459252306,355.36087581212144,329.01120828050381,{"$f":"AB154","v":301.60755404762136},273.10775364542371,243.46796122713809,212.64257711212105,180.58417763250335,147.24344217370094,112.56907729654642,76.507737824305721,39.003944773175398,0,0,0,0]
[null,"Repayment",null,null,null,null,null,{"$f":"H155","v":26.858590949757854},{"$f":"I155","v":28.201520497245724},29.611596522108016,31.092176348213457,246.42464881554349,258.74588125632067,271.68317531913669,285.26733408509347,299.5307007893482,457.02581159542819,481.33609926029646,500.58954323070827,520.61312495993661,541.43764995833408,563.09515595666744,585.61896219493417,609.04372068273153,633.4054695100408,658.74168829044243,685.09135582206,{"$f":"AB155","v":712.49501005494244},740.99481045714015,770.6346028754258,801.45998699044276,833.51838647006048,866.85912192886292,901.53348680601744,937.5948262782581,975.09861932938497,0,0,0,0]
[null,"Sweep",null,null,null,null,null,{"$f":"H157","v":0},{"$f":"I157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB157","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Default Repayment",null,null,null,null,null,{"$f":"H160","v":0},{"$f":"I160","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB160","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"Price",null,null,{"$f":"F14","v":25.7},null,null,null,"Min DSCR",{"$f":"F173","v":1.3},"PLCR",{"$f":"F177","v":1.1464239013176325},"LLCR",{"$f":"F182","v":1.1464239013176325},"\nEquity IRR",{"$f":"G169","v":0.2377482404182536},"Sculpting Size",{"$f":"F24","v":true},"\nDebt/Cap Size",{"$f":"F23","v":true},"Debt to Cap",null,{"$f":"H62","v":0.9},"Sweep",{"$f":"F21","v":0},"Tenor",{"$f":"F19","v":25},{"$f":"G19","v":0},0,0,0,0,0,0,"Actual",1.3,90,0,0,0]
[]
[]
[]
[null,null,null,{"$f":"\"Re-financing      \"&G27&\"   \"&H27&\"   \"&I27","v":"Re-financing      10   99   99"}]
[]
[null,null,null,null,null,null,null,"Refinance DSCR ",null,1,{"$f":"G28","v":1.3},2,{"$f":"H28","v":1.25},3,{"$f":"I28","v":1.2},"Refinance Tail",null,1,{"$f":"G29","v":4},2,{"$f":"H29","v":2},3,{"$f":"I29","v":0},"Refinance Interest Rate",null,null,1,{"$f":"G31","v":0.04},2,{"$f":"H31","v":0.04},3,{"$f":"I31","v":0.04}]

{"sheet":"Sensitivity","index":3,"n_rows":13,"n_cols":6,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Oil price",{"$f":"F3/10","v":25.7},null,257]
[]
[null,null,"Sensitivity",{"$f":"F5/100","v":1},null,100]
[]
[]
[]
[]
[]
[null,null,"first",10]
[null,null,"second",99]
[null,null,"third",99]

{"sheet":"Sources and Uses","index":4,"n_rows":98,"n_cols":20,"rows_kept":98,"cut":false,"hidden":false,"merged":[]}
[]
["Funding ","Euro","PLN","Percent",null,"Funding","Euro","PLN","Percent"]
["Requirement","(mils)","(mils)","of  Total",null,"Sources","(mils)","(mils)","of  Total"]
["Construction costs",622,2804,0.66500000000000004,null,"Equity",108,461,0.109]
["Design costs",16,69,1.6E-2,null,"Shareholder loan A",73,327,7.8E-2,null,null,"Case 1",{"$f":"I7","v":0.24399999999999999},null,null,"Base",{"$f":"M11","v":0.68843683083511775},null,"Base",{"$f":"Q5","v":0.68843683083511775}]
["Owners’ and other costs",63,269,6.4000000000000001E-2,null,"Shareholder loan B",53,239,5.7000000000000002E-2,null,null,null,null,null,null,"Owners Cost",{"$f":"M32","v":0.71325568496949532},null,"Owners Cost",{"$f":"Q6-T5","v":2.4818854134377566E-2}]
["Pre-operating costs",3,13,3.0000000000000001E-3,null,"Shareholder funds",235,1027,0.24399999999999999,null,null,null,null,null,null,"Rev/Exp",{"$f":"L52","v":0.76049674748669427},null,"Rev/Exp",{"$f":"Q7-Q6","v":4.7241062517198951E-2}]
["Concession costs",10,37,9.0000000000000011E-3,null,null,null,null,null,null,null,null,null,null,null,"IDC",{"$f":"M72","v":0.90499648135116117},null,"IDC",{"$f":"Q8-Q7","v":0.14449973386446691}]
["Project Costs",713,3192,0.75700000000000001,null,"Senior debt",242,1100,0.26100000000000001,null,null,null,null,null,null,"Final",null,null,"Final"]
[null,null,null,null,null,"Bonds (3 tranches)",266,1196,0.28399999999999997]
["Loan fees",9,38,9.0000000000000011E-3,null,"Bond interest, F /X losses",135,630,0.14899999999999999,null,null,null,{"$f":"I12","v":0.68843683083511775}]
["Interest rolled-up",182,852,0.20199999999999999,null,"Debt funds",643,2926,{"$f":"G12/G18","v":0.68843683083511775}]
["Capital reserve account",11,52,1.2E-2]
["O&M during construction",15,73,1.7000000000000001E-2,null,"Total Capital",878,3953,0.93799999999999994]
["Taxes",2,8,2E-3]
["Working capital",-2,-4,-1E-3,null,"Early toll revenues",34,164,3.9E-2]
["Cash",4,5,1E-3,null,"Interest on cash balance",22,100,2.4E-2]
["Total Requirement",934,4217,1,null,"Total Sources",934,4217,1]
[]
[]
["Scenario 1 (50% owners cost)"]
["Funding ","Euro","PLN","Percent",null,"Funding","Euro","PLN","Percent"]
["Requirement","(mils)","(mils)","of  Total",null,"Sources","(mils)","(mils)","of  Total"]
["Construction costs",622,2804,{"$f":"B24/$B$38","v":0.68843386828998343},null,"Equity",{"$f":"108-31.5","v":76.5},461,{"$f":"G24/$G$38","v":8.4858569051580693E-2}]
["Design costs",16,69,{"$f":"B25/$B$38","v":1.7708909795240729E-2},null,"Shareholder loan A",73,327,{"$f":"G25/$G$38","v":8.0976150859678311E-2},null,null,"Case 2",{"$f":"I27","v":0.22462562396006655}]
["Owners’ and other costs",{"$f":"63/2","v":31.5},269,3.4864416159380185E-2,null,"Shareholder loan B",53,239,5.8790904048807546E-2]
["Pre-operating costs",3,13,3.3204205866076372E-3,null,"Shareholder funds",{"$f":"SUM(G24:G26)","v":202.5},1027,0.22462562396006655]
["Concession costs",10,37,1.1068068622025456E-2]
["Project Costs",{"$f":"SUM(B24:B28)","v":682.5},3192,0.75539568345323738,null,"Senior debt",242,1100,{"$f":"G29/$G$38","v":0.26844148641153631}]
[null,null,null,null,null,"Bonds (3 tranches)",266,1196,0.29506378258458127]
["Loan fees",9,38,{"$f":"B31/$B$38","v":9.9612617598229102E-3},null,"Bond interest, F /X losses",135,630,0.14975041597337771]
["Interest rolled-up",182,852,0.20143884892086331,null,"Debt funds",643,2926,{"$f":"G32/G38","v":0.71325568496949532},null,null,null,{"$f":"I32","v":0.71325568496949532}]
["Capital reserve account",11,52,1.2174875484228001E-2]
["O&M during construction",15,73,1.6602102933038185E-2,null,"Total Capital",{"$f":"G32+G27","v":845.5},3953,{"$f":"G34/$G$38","v":0.9378813089295619}]
["Taxes",2,8,2.2136137244050912E-3]
["Working capital",-2,-4,-2.2136137244050912E-3,null,"Early toll revenues",34,164,{"$f":"G36/$G$38","v":3.7714919578480312E-2}]
["Cash",4,5,4.4272274488101823E-3,null,"Interest on cash balance",22,100,{"$f":"G37/$G$38","v":2.4403771491957847E-2}]
["Total Requirement",{"$f":"SUM(B29:B37)","v":903.5},4217,1,null,"Total Sources",{"$f":"SUM(G34:G37)","v":901.5},4217,1]
[]
[]
["Scenario 2a (Change Income Recognition)"]
["Funding ","Euro","PLN","Percent",null,"Funding","Euro","PLN","Percent"]
["Requirement","(mils)","(mils)","of  Total",null,"Sources","(mils)","(mils)","of  Total"]
["Construction costs",622,2804,{"$f":"B44/$B$38","v":0.68843386828998343},null,"Equity",{"$f":"108-31.5","v":76.5},461,{"$f":"G44/$G$38","v":8.4858569051580693E-2}]
["Design costs",16,69,{"$f":"B45/$B$38","v":1.7708909795240729E-2},null,"Shareholder loan A",73,327,{"$f":"G45/$G$38","v":8.0976150859678311E-2}]
["Owners’ and other costs",{"$f":"63/2","v":31.5},269,3.4864416159380185E-2,null,"Shareholder loan B",53,239,5.8790904048807546E-2]
["Pre-operating costs",3,13,3.3204205866076372E-3,null,"Shareholder funds",{"$f":"SUM(G44:G46)","v":202.5},1027,0.22462562396006655]
["Concession costs",10,37,1.1068068622025456E-2]
["Project Costs",{"$f":"SUM(B44:B48)","v":682.5},3192,0.75539568345323738,null,"Senior debt",242,1100,{"$f":"G49/$G$38","v":0.26844148641153631}]
[null,null,null,null,null,"Bonds (3 tranches)",266,1196,0.29506378258458127]
["Loan fees",9,38,{"$f":"B51/$B$38","v":9.9612617598229102E-3},null,"Bond interest, F /X losses",135,630,0.14975041597337771]
["Interest rolled-up",{"$f":"182-22","v":160},852,0.17708909795240729,null,"Debt funds",643,2926,{"$f":"G52/G58","v":0.76049674748669427},null,null,{"$f":"I52","v":0.76049674748669427}]
["Capital reserve account",11,52,1.2174875484228001E-2]
["O&M during construction",{"$f":"15-36","v":-21},73,-2.3242944106253459E-2,null,"Total Capital",{"$f":"G52+G47","v":845.5},3953,{"$f":"G54/$G$38","v":0.9378813089295619}]
["Taxes",2,8,2.2136137244050912E-3]
["Working capital",-2,-4,-2.2136137244050912E-3,null,"Early toll revenues",0,164,{"$f":"G56/$G$38","v":0}]
["Cash",4,5,4.4272274488101823E-3,null,"Interest on cash balance",0,100,{"$f":"G57/$G$38","v":0}]
["Total Requirement",{"$f":"SUM(B49:B57)","v":845.5},4217,1,null,"Total Sources",{"$f":"SUM(G54:G57)","v":845.5},4217,1]
[]
[]
["Scenario 2 (Reduction of IDC by Bond interest)"]
["Funding ","Euro","PLN","Percent",null,"Funding","Euro","PLN","Percent"]
["Requirement","(mils)","(mils)","of  Total",null,"Sources","(mils)","(mils)","of  Total"]
["Construction costs",622,2804,{"$f":"B64/$B$78","v":0.87543983110485568},null,"Equity",{"$f":"108-31.5-135","v":-58.5},461,{"$f":"G64/$G$78","v":-8.2336382828993665E-2}]
["Design costs",16,69,{"$f":"B65/$B$78","v":2.2519352568613652E-2},null,"Shareholder loan A",73,327,{"$f":"G65/$G$78","v":0.10274454609429978},null,null,"Case 3",{"$f":"I67","v":9.5003518648838853E-2}]
["Owners’ and other costs",{"$f":"63/2","v":31.5},269,4.4334975369458129E-2,null,"Shareholder loan B",53,239,7.4595355383532722E-2]
["Pre-operating costs",3,13,4.22237860661506E-3,null,"Shareholder funds",{"$f":"SUM(G64:G66)","v":67.5},1027,9.5003518648838853E-2]
["Concession costs",10,37,1.4074595355383532E-2]
["Project Costs",{"$f":"SUM(B64:B68)","v":682.5},3192,0.96059113300492616,null,"Senior debt",242,1100,{"$f":"G69/$G$78","v":0.34060520760028151}]
[null,null,null,null,null,"Bonds (3 tranches)",266,1196,0.37438423645320196]
["Loan fees",9,38,{"$f":"B71/$B$78","v":1.2667135819845179E-2},null,"Bond interest, F /X losses",135,630,0.19000703729767771]
["Interest rolled-up",{"$f":"182-135-22","v":25},852,{"$f":"B72/$B$78","v":3.5186488388458829E-2},null,"Debt funds",{"$f":"SUM(G69:G71)","v":643},{"$f":"SUM(H69:H71)","v":2926},0.90499648135116117,null,null,null,{"$f":"I72","v":0.90499648135116117}]
["Capital reserve account",11,52,1.5482054890921885E-2]
["O&M during construction",{"$f":"15-36","v":-21},73,-2.9556650246305417E-2,null,"Total Capital",{"$f":"G72+G67","v":710.5},3953,{"$f":"G74/$G$78","v":1}]
["Taxes",2,8,2.8149190710767065E-3]
["Working capital",-2,-4,-2.8149190710767065E-3,null,"Early toll revenues",0,164,{"$f":"G76/$G$78","v":0}]
["Cash",4,5,5.629838142153413E-3,null,"Interest on cash balance",0,100,{"$f":"G77/$G$78","v":0}]
["Total Requirement",{"$f":"SUM(B69:B77)","v":710.5},4217,1,null,"Total Sources",{"$f":"SUM(G74:G77)","v":710.5},4217,1]
[]
[]
["Scenario 3 (O&M Cost net of Revenue)"]
["Funding ","Euro","PLN","Percent",null,"Funding","Euro","PLN","Percent"]
["Requirement","(mils)","(mils)","of  Total",null,"Sources","(mils)","(mils)","of  Total"]
["Construction costs",622,2804,{"$f":"B84/$B$98","v":0.84683458134785572},null,"Equity",{"$f":"108-31.5-135","v":-58.5},461,{"$f":"G84/$G$98","v":-7.9863481228668945E-2}]
["Design costs",16,69,{"$f":"B85/$B$98","v":2.1783526208304968E-2},null,"Shareholder loan A",73,327,{"$f":"G85/$G$98","v":9.965870307167235E-2},null,null,"Case 4",{"$f":"I87","v":9.2150170648464161E-2}]
["Owners’ and other costs",{"$f":"63/2","v":31.5},269,4.2886317222600411E-2,null,"Shareholder loan B",53,239,7.2354948805460756E-2]
["Pre-operating costs",3,13,4.0844111640571815E-3,null,"Shareholder funds",{"$f":"SUM(G84:G86)","v":67.5},1027,9.2150170648464161E-2]
["Concession costs",10,37,1.3614703880190605E-2]
["Project Costs",{"$f":"SUM(B84:B88)","v":682.5},3192,0.92920353982300885,null,"Senior debt",242,1100,{"$f":"G89/$G$98","v":0.33037542662116043}]
[null,null,null,null,null,"Bonds (3 tranches)",266,1196,0.36313993174061432]
["Loan fees",9,38,{"$f":"B91/$B$98","v":1.2253233492171545E-2},null,"Bond interest, F /X losses",135,630,0.18430034129692832]
["Interest rolled-up",{"$f":"182-135","v":47},852,6.3989108236895853E-2,null,"Debt funds",{"$f":"SUM(G89:G91)","v":643},{"$f":"SUM(H89:H91)","v":2926},0.8778156996587031,null,null,null,{"$f":"I92","v":0.8778156996587031}]
["Capital reserve account",11,52,1.4976174268209666E-2]
["O&M during construction",{"$f":"15-34","v":-19},73,-2.5867937372362152E-2,null,"Total Capital",{"$f":"G92+G87","v":710.5},3953,{"$f":"G94/$G$98","v":0.96996587030716719}]
["Taxes",2,8,2.722940776038121E-3]
["Working capital",-2,-4,-2.722940776038121E-3,null,"Early toll revenues",{"$f":"34-34","v":0},164,{"$f":"G96/$G$98","v":0}]
["Cash",4,5,5.445881552076242E-3,null,"Interest on cash balance",22,100,3.0034129692832763E-2]
["Total Requirement",{"$f":"SUM(B89:B97)","v":734.5},4217,1,null,"Total Sources",{"$f":"SUM(G94:G97)","v":732.5},4217,1]