CASE STUDY - Multi-Sourced Debt Financing: CEONA Subsea Construction Vessels Marine Money Offshore, Oslo , 22 May, 2014 Jan Weismüller – Vice President Maritime Industries Bank aus Verantwortung KfW IPEX-Bank 2 Maritime Industries Portfolio composition by subsector as of March 31, 2014 Shipyards Sovereigns 3.9% Maritime 2.3% Energy 9% Offshore Container schiffe gesamt Container 25,2% 18.5% Container USD 19.8bn Passenger Tourism 42.6% Tanker Bulker Product/ Chemical/ Crude Oil Tankers 6% LNG/LPG Tankers 4.3% Bulk Carriers 1.8% Misc. 2.7% Ferries 8.9% 3 Active Lender in Maritime Industries Mandated Lead Arranger 2012 Shipping Portfolio League Table Deal Value (EUR) (m) 3.000,00 2.500,00 2.000,00 1.500,00 1.000,00 500,00 C IB XI M gr ic ol e KE A di t C re KD B iz u ho k M Ba n D Z up nc ia l R O Su m ito m o M its ui Fi na AM N AB G ro Ba nk Kf W IN G B SE C iti B D N B N or de a M an k ar k A et s SA 0,00 Source: Dealogic, September 2013 Source: Marine Money International, May 2013 4 Multi-Sourced Financings mirroring Multi-Sourced Investments International Yards International Owners Borrowers Investments International Banks Local Yards S. America Asia Europe etc. Africa USA Equipment Suppliers Europe USA etc. Investment Perspective ECA of Int. Yard Promotional Banks ECA of Equipment Suppliers e.g. Atradius e.g. e.g. Hermes Hermes BNDS GIEK KSURE BAB Finnvera Financing Perspective 5 Multi-Sourced Vessel ‚CEONA Amazon‘ 6 Multi-Sourced Vessel ‚Polar Onyx‘ - Polar Onyx Vessel chartered in - ship financed by 3rd party 7 Multi-Sourced Debt Financing Pipelay Vessels for CEONA › Hull-Yard: Poland CEONA SPV › Outfitting-Yard: Germany › Equipment Supplier (2x): The Netherlands › ECAs of participating Nations: KfW IPEX-Bank & ABN Amro Euler Hermes, KUKE, Atradius › Local Promotional Bank: Bremer Aufbau-Bank ECA of Int. Yards Kuke EulerHermes, Euler KUKE Hermes Promotional Banks ECA of Equipment Suppliers Bremer AufbauBank Atradius 8 ‚CEONA Amazon‘ and ‚Polar Onyx‘ - Transaction Highlights › Challenges: › Solutions: 1) CEONA is a relative newcomer to subsea construction market/Expansion Financing 1) & 2) Risk mitigation through credit enhancements, sizeable equity contribution, parent guarantee and cash flow modelling based on extensive market study 2) CEONA is active in Subsea Projects 3) Three yards in three countries in construction of vessel involved 3) Three ECAs to cover components from each country – ECAs risk profile alligned 4) ‚Polar Onyx‘ pipelay equipment –the vessel financed by other bank (encumbered asset) 4) Ownership pledge over SPV, Intercreditor Agreement/Proceed sharing with other bank, cross collateralization with ‚CEONA Amazon‘ 5) Pay-as-you-go liquidity / Payment Flexibility 5) Pledged Account with draw-downs according to payment progress/verified by TA – no seperate yard financing needed 6) Currency conversion risks – 3 different currencies 6) Creation of natural hedges – conversion flexibility 7) Interest Rate Risk 7) CIRR Rate for German and Polish exports – access to Government promotional Funding › Result: Fully structured (Project) Financing 9 Multi-Sourced Financing Structure Market Export Credit Agencies Project 1 Equity Project 2 Project 3 Project n Guarantee SPVs 50 % Facilities Agreement Intercreditor Agreement 50 % Contracts Lloyd Werft GER Crist PL Huisman NL 3rd Party Bank Cover for yard contract performance through Euler Hermes, Atradius, Kuke and Bremer Aufbaubank 10 Project Financing Aspects Project Financing Indicators: › Expansion Financing/Relative Newcomer › Non-Recourse to Sponsor/Ultimate Owner Market Risk Modeling Approach: Basis: Independent Market Study for possible Subsea Construction Projects for CEONA Fleet › Market Consultant and Management assigned likelyhood for project booking › Derived Top Line Revenue › Operating costs assigned depending on project type and location › Derived Cash Flow –Sensitized Case for uncertainties and headroom Banking Case - Debt Capacity determined Created analytical visibility of future revenue and cash flows 11 Multi-Sourced Debt Financing: The Netherlands 2 LNG Tankers for northern European Ship-owner NL Ship Owner › German Equipment: ~26 % (TGE Marine) › Yard: China › Financing commitment by KfW IPEX-Bank: EUR 20m KfW IPEX-Bank and others › ECA of Supplier Nation: Euler Hermes › ECA of Yard Nation: Sinosure ECA of Int. Yard Sinosure Development Banks - ECA of Equipment Suppliers Euler Hermes 12 Multi-Sourced Debt Financing: Singapore Semi-Submersible Accommodation Rig for Singaporean Owner Singaporean Owner › Yard: China › European Equipment: > EUR 90m (Wärtsilä, ABB, Kongsberg, GEA Westfalia) KfW IPEX-Bank & ABN Amro › Financing commitment by KfW IPEX-Bank: USD 65m › ECAs of Supplier Nations: GIEK, Finnvera ECA of Int. Yard - Development Banks - ECA of Equipment Suppliers GIEK Finnvera 13 Thank you very much! Your Team for Maritime Industries at KfW IPEX-Bank GmbH KfW IPEX-Bank GmbH Dr. Carsten Wiebers Global Head Maritime Industries Phone: +49 69-7431-3644 E-mail: [email protected] Peter Haas Director Phone: +49 69-7431-1609 E-mail: [email protected] Jan Weismüller VP Phone: +49 69-7431-9095 E-mail: [email protected] Palmengartenstrasse 5 - 9 60325 Frankfurt am Main / Germany Visitor address: Zeppelinallee 8 60325 Frankfurt am Main / Germany Tel: +49 69 7431–3300 Fax: +49 69 7431-2944 www.kfw-ipex-bank.de 14
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