method was unique. It was even more unique in this financing because there was an existing project financing with a different lender group. The assets of the project company were already used for the existing financing. The collateral package with a real value for the bond financing had to be attractive enough for the bond investors while maintaining the senior position of the existing lenders. Can you elaborate on the significance of the Ministry of Treasury and Finance’s debt assumption undertaking? In large-scale infrastructure projects, the Ministry of Treasury and Finance’s debt assumption is a crucial factor in the financing of the project. The recent financings in BOT projects and reasonable pricing for such financings have been possible due to the Ministry’s debt assumption. Otherwise, it would have been very difficult to find financing for such large BOT projects for such maturity. 60 LAWYER MONTHLY MARCH 2025 The senior creditors wanted to maintain their whistleblower position when the project company’s payment performance became uncertain. A fair balance was reached by providing certain piggy-back ride to the bond financing, ensuring the preservation of their senior position.
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