Electric power, energy and infrastructure international financing specialist, experienced in capital market, bank debt, and private placement instruments. International acquisition advisor.
AREAS OF EXPERTISE
• Project Finance
• Capital Markets
• Debt Restructurings
• Mergers and Acquisitions
• Privatization and Governmental Finance
• Tax- and Accounting-Optimized Financing
EXPERIENCE
PROJECT FINANCE SPECIALIST
1995-1996; 2001-present
Developed new business for valuation firm providing fair market valuation services for portfolios of infrequently traded or illiquid securities, including mortgage-backed debt securitizations. Developed new business for project finance group of major rating agency. Debt structuring portfolio consultant to international structured finance company. Advisor to equity fund managers regarding merchant power liquidity, debt refinancing and lender strategies. Project worker for public policy research firm. Financial advisor for electric power turnarounds and debt restructurings. Advisor to major foreign government on 2x350 MW coal-fired power project financing, initial pilot of new Build-Operate-Transfer framework for country’s project financings. Negotiated project documentation and represented government to foreign banks during bidder's conference. To enable government to finance multi-billion dollar backlog of pending power projects, reviewed, advised, and developed recommendations for new financing regulations for foreign financing sources; supervised development of competitive bidding process to maximize number of suitable bidders to obtain most favorable financing. Result: For pilot project, client received 14 pre-qualified bids from international power project developers.
INTERNATIONAL WHOLESALE BANK New York, NY
Director, Structured Finance Department, 1998-2001
Transaction originator and executor for complex acquisition and project financings for power generation, oil & gas. Financial advisor to European utility in pursuing acquisition/development opportunities in the Americas. Sole arranged $75m acquisition financing for foreign electric generating assets by U.S. utility. Lead arranged $300m gas storage/pipeline acquisition financing. Lead arranged $200m refinancing of international hydroelectric facility. Financial Advisor for merchant power co-gen project at domestic paper mill. Developed and implemented tax- and accounting-efficient structured financings for energy clients’ acquisitions of foreign assets. Developed and implemented subordinated debt structure in lieu of equity in support of bidding financial strategies for international infrastructure assets.
• To help U.S. utility overcome high cost of international project acquisition financing as well as fulfill its contract deadline of five days, conceived, developed, packaged, and executed in 100 hours a tax- and accounting-optimized financing utilizing cross-border tax treaty provisions. Result: client met its deadline, assuring both compliance with its contracts and funding for its acquisition while reducing interest expense by 29%.
• To enable U.S. utility to resolve a refinancing liquidity crisis for an international hydroelectric generating project that would otherwise have required within two weeks an additional $100m of equity, conceived, developed, and implemented an equity-like $100m subordinated debt structure. Result: Client refinanced its debt on time without recourse to additional equity.
INTERNATIONAL BANK New York, NY
Vice President, Project Finance Department, 1996-1998
Led bank's client and new business development in western U.S. and Canada. Won new business for power, reserve-based lending and gas pipeline projects. Bank relationship manager for Washington-based multilateral financing organizations including Ex-Im Bank, IDB, IFC, OPIC.
• To help bank penetrate previously untapped American business markets and attain a premier market position in the U.S., conceived, developed and implemented marketing plan. Result: within 18 months, bank had booked $1.3b of new business with American clients.
SUPER-REGIONAL U.S. BANK Midwestern City, U.S.
New Business Development Officer, 1994-1995
Developed and implemented new business strategies for bank’s CEO and other senior management for fixed income investment management service. Created duration- and return-optimized investment strategies for privately-held and publicly-owned companies and municipalities.
INSTITUTIONAL INVESTMENT BANK New York, NY
Senior Vice President, 1989-1994
Structured and supervised $8.2b of nonrecourse and limited recourse financings including infrastructure, electric power, water and sewer, toll road, airport, sports facility, education and health care transactions. Structured bifurcated tax-exempt/taxable $25m financing for baseball team spring training facility. Executed asset valuations and negotiated acquisitions of water and wastewater utilities. Designed, coached clients for, and conducted presentations to rating agency and bond analysts, enabling clients to achieve highest deserved rating. Conceived and implemented strategies to improve creditworthiness of clients. Forecasted cash flow models and evaluated financing alternatives for project revenue-backed financings. Coordinated investment of bond proceeds for construction and acquisition funds to improve project cash flow and reduce capital requirements.
• To help client resolve cash flow shortages arising from weather-related and utility deregulation-driven revenue shortfalls, conceived, developed, and implemented debt restructuring program with specific emphasis on market- and yield-curve opportunities. Result: Client increased its debt capacity by $300m.
• To improve department profitability, developed capital markets financings to meet complex needs of clients. Result: Two person professional team generated fee income of $5-$7m annually.
• To provide client savings, analyzed market inefficiencies in pricing of bond call rights. Result: Developed and implemented separate offering of bond call rights in conjunction with $1.8b senior managed bond financing, resulting in client savings associated with sale of bond call rights of 11 basis points.
MID-MARKET INVESTMENT BANK New York, NY
Vice President, 1984-1989
Structured and supervised $1.5b of senior managed financings, including infrastructure, electric utility, water and sewer, transportation, economic development and education financings. Senior managed $163m initial public offering of joint action electric power agency. Evaluated European airport project for Corporate Finance Executive Committee; served as airport financing consultant to European client. Conducted computerized mathematical analyses for advance refundings; coordinated structuring and marketing of infrastructure project financings. Supervised competitive bid of bonds for clients as financial advisor. Developed and executed $100m hybrid yield-curve optimized financing structure for multi-jurisdiction port authority.
ECONOMETRIC FORECASTING FIRM East Coast City, U.S.
Associate, Regional Forecasting Group; U.S. Model, 1979-1982
Forecasted load-demand for electric utilities, economics for energy sector industrial, municipal and corporate clients. Forecasted cash flow for corporate capital expenditure models. Forecasted U.S. industrial production for monthly economic publication.
EDUCATION
THE WHARTON SCHOOL, University of Pennsylvania, M.B.A.
OTHER
Near native fluency in German, knowledge of Dutch, French and Spanish. |
