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Financial cooperation, structured in the form of project finance, carried out in a credit operation that has, cumulatively, the following characteristics:
The beneficiary is a Joint Stock Company with the specific purpose to implement the financed project and incorporate to segregate project cash flows, equity and risks;
The expected cash flows are sufficient for the debt service; and
Project future revenues are bound, or assigned, in favor of the financing grantors.
 Types of Financial Support
Direct, Indirect or mixed.
Classification of Risk
For the approval of a project finance operation, the classification of risk bears the following factors in mind, besides those normally
considered:
The risk classification of the beneficiary controllers, according to the project's dependency and dependency of financing in relation to those controllers;
The risk of implementing the project and respective mitigators;
The beneficiary's degree of leverage;
The sufficiency, foreseeability and stability of cash flows of the project;
The operational risk of the project and respective mitigators; and
The value, liquidity and safety of guarantees offered by the beneficiary.
Requirements
The project finance operations have to comply with the following
requirements:
The Debt Service Coverage [ICSD] forecasted for each of the project's operational phase must be of at least 1.3. The minimum ICSD may be of 1.2 given that the project presents minimum Internal Rate of Return [TIR] of 8% per year in real terms;
The stockholder's own capital must be of at least 20% of total investment of the project, excluding, for the purposes of this calculation, eventual BNDESPAR stock participation. The BNDES criterion, the generation of project cash may be considered as part of the stockholder's own capital; and
The contracts of the operation have to prohibit the concession of loans to shareholders from the beneficiary, and furthermore, establish conditions and restrictions for all other payments performed by the beneficiary to his partners at any title.
Pre-Operational Collaterals
For the implementation phase of the project, the demand for surety guarantee from the beneficiary's controllers can be dismissed, provided the following is observed:
Commitment of beneficiary's controlling shareholders to complement the capital of the company in sufficient amounts so as to finalize the implementation of the
project;
Signature of contracts that force the contractors and/or equipment suppliers to conclude the project within the predetermined budget on the previously specified date, and according to the technical specifications that are destined to ensure the operational and efficient performance of the project; and
Hiring a guarantee insurance against risks that refer to the pre-operational phase of the project for the benefit of the financial backers.
In case doubts about the capacity of the shareholders to perform their financial contribution for the project arise, the anticipated contribution of own capital has to be demanded as a previous condition for the release of the
financing.
Operational Collaterals
In the implementation phase of the project, the requirement of the fidejussory guarantee of the beneficiary controllers may be waived, given that the following are met:
Pledge or fiduciary alienation of the representative shares of the beneficiary's control in favor of the main financial backers;
Pledge of emerging rights of the concession contract, when applicable, in favor of the main financial backers; and
Grant of the right to assume the beneficiary's control, when admitted by the legislation, in favor of the main financial backers.
Real Collaterals
The demand of a 130% index of real guarantees can be dismissed in case the beneficiary commits himself:
Not to offer the assets or receivables of the project as guarantee to third parties without the authorization of the main financial backers; and
To offer any subsequent assets or receivables of the project as guarantee to the financial backers in case they request them so.
Share Level
BNDES maximum exposure limit will be 75% of total beneficiary assets projected.
Note: In project finance operations for the acquisition of aircrafts manufactured in the Country, BNDES maximum exposure limit will be 85%, while shareholder's own capital must be, at least, 15% of the total investment in the project, excluding, for the purpose of this calculation, any eventual shareholding participations of BNDESPAR.
Addressing
The requests for support are forwarded to the BNDES through means of an Inquiry Letter filled sent by
the interested company or through intermediation of the accredited financial institution
of preference to:
Banco Nacional de Desenvolvimento Econômico e Social - [BNDES]
Área de Planejamento - [AP]
Departamento de Prioridades - [DEPRI]
Av. República do Chile, 100 - Protocolo - Térreo
20031-917 - Rio de Janeiro, RJ.
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