Co Name : Project Name

Navigator Tutorial

Average DSCR calculation

Method 1 vs Method 2

www.navigatorPF.com

Demonstration file constructed by:

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Finance
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104054287.xls.ms_office

NavigatorPF

Co Name : Project Name

Inputs

General
Timing
Start date
Duration
End date

104054287.xls.ms_office

Monthly
Construction
01-Jan-09
12 Mth(s)
31-Dec-09

Quarterly
Operations
01-Jan-10
10.00 Yr(s)
31-Dec-19

NavigatorPF

Calculation
31-Dec-08

1-Jan-09
31-Jan-09

Construction
Operations

1-Feb-09
28-Feb-09

1-Mar-09
31-Mar-09

1-Apr-09 1-May-09 1-Jun-09

30-Apr-09 31-May-09 30-Jun-09

1-Jul-09
31-Jul-09

1-Aug-09 1-Sep-09
31-Aug-09 30-Sep-09

1-Oct-09
31-Oct-09

1-Nov-09
30-Nov-09

2009
31

2009
28

2009
31

2009
30

2009
31

2009
30

2009
31

2009
31

2009
30

2009
31

2009
30

Counter
Year
Days in Period

Year
#Num

Inputs
CFADS

$ '000

222,532

Principal Repayment

$ '000

(39,972)

39,972
(39,972)

Senior Facility
Account
Balance B/f
Refinance @ Completion
Principal Repayments
Balance C/f

$ '000
$ '000
$ '000
$ '000

39,972

Interest
Base Rate
Margin
All in Rate
All in Rate

% p.a.
% p.a.
% p.a.
% p.p.

Interest : Senior Facility

$ '000

5,938

Loan Life
CFADS
CFADS: Loan Life

[1,0]
$ '000
$ '000

222,532
86,607

Interest
Principal
Total

$ '000
$ '000
$ '000

5,938
39,972
45,911

DSCR
Average: Method 1
Average: Method 2
Minimum
Minimum Period

x
x
x
x
Date

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

2.00%

Debt Ratios
DSCR
-

2.03 x
1.89 x
1.54 x
31-Mar-10

Calculation
31-Dec-08

1-Jan-09
31-Jan-09

1-Feb-09
28-Feb-09

1-Mar-09
31-Mar-09

1-Apr-09 1-May-09 1-Jun-09

30-Apr-09 31-May-09 30-Jun-09

1-Jul-09
31-Jul-09

1-Aug-09 1-Sep-09
31-Aug-09 30-Sep-09

1-Oct-09
31-Oct-09

1-Nov-09
30-Nov-09

LLCR
Loan Life
Cost of Debt
r

[1,0]
%
Num

CFADS
CFADS: Loan Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

LLCR
Minimum
@ COD

$ '000
x
x
x

222,532
86,607

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

1.86 x
1.86 x

PLCR
Project Life
Debt Term
Cost of Debt
r

[1,0]
[1,0]
%
Num

CFADS
CFADS: Project Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

PLCR
Minimum
@ COD

$ '000
x
x
x

3.95 x
3.95 x

x
x
x

1.54 x
5.32 x

222,532
222,532

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

1.0000

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

Chart
DSCR
Min DSCR
Max DSCR

5.600 x
5.100 x

Max DSCR, 5.32 x

4.600 x
4.100 x
3.600 x

3.100 x
2.600 x

2.100 x

Min DSCR, 1.54 x

Calculation
1-Feb-09
28-Feb-09
2.100 x

1-Mar-09
31-Mar-09

1-Apr-09 1-May-09 1-Jun-09

30-Apr-09 31-May-09 30-Jun-09

1-Jul-09
31-Jul-09

1-Aug-09 1-Sep-09
31-Aug-09 30-Sep-09

1-Oct-09
31-Oct-09

1-Nov-09
30-Nov-09

1.600 x
1.100 x

0.600 x

DSCR

Min DSCR

Max DSCR

Dec 15

Sep 15

Jun 15

Mar 15

Dec 14

Jun 14

Sep 14

Mar 14

Dec 13

Jun 13

Sep 13

Mar 13

Dec 12

Jun 12

Sep 12

Mar 12

Dec 11

Jun 11

Sep 11

Mar 11

Dec 10

Jun 10

Sep 10

Mar 10

Dec 09

0.100 x

6,000
CFADS

Principal

Interest

5,000
4,000

3,000
2,000

1,000

Dec 15

Sep 15

Jun 15

Mar 15

Dec 14

Sep 14

Jun 14

Mar 14

Dec 13

Sep 13

Jun 13

Mar 13

Dec 12

Sep 12

Jun 12

Mar 12

Dec 11

Sep 11

Jun 11

Mar 11

Dec 10

Sep 10

Jun 10

Mar 10

1-Jan-09
31-Jan-09

Dec 09

31-Dec-08

Calculation
1-Dec-09
1-Jan-10
31-Dec-08 31-Dec-09 31-Mar-10
Construction
Operations

1
-

1-Apr-10
30-Jun-10
-

1-Jul-10
1-Oct-10
1-Jan-11
30-Sep-10 31-Dec-10 31-Mar-11
-

1-Apr-11
30-Jun-11
-

1-Jul-11
1-Oct-11
1-Jan-12
30-Sep-11 31-Dec-11 31-Mar-12
-

1-Apr-12
30-Jun-12
-

Counter
Year
Days in Period

Year
#Num

2009
31

2010
90

2010
91

2010
92

2010
92

2011
90

2011
91

2011
92

2011
92

2012
91

2012
91

Inputs
CFADS

$ '000

222,532

Principal Repayment

$ '000

(39,972)

39,972
(39,972)

4,799

4,834

4,870

4,907

4,943

4,979

5,016

5,054

5,091

5,129

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

39,972
39,972

39,972
(2,436)
37,537

37,537
(2,436)
35,101

35,101
(2,436)
32,665

32,665
(2,436)
30,229

30,229
(2,436)
27,793

27,793
(2,436)
25,358

25,358
(2,436)
22,922

22,922
(2,436)
20,486

20,486
(2,436)
18,050

18,050
(2,436)
15,614

5.00%
2.00%
7.00%
1.68%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.68%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.70%

672

639

604

562

509

473

436

394

348

307

Senior Facility
Account
Balance B/f
Refinance @ Completion
Principal Repayments
Balance C/f

$ '000
$ '000
$ '000
$ '000

39,972

Interest
Base Rate
Margin
All in Rate
All in Rate

% p.a.
% p.a.
% p.a.
% p.p.

Interest : Senior Facility

$ '000

5,938

Loan Life
CFADS
CFADS: Loan Life

[1,0]
$ '000
$ '000

222,532
86,607

1
4,799
4,799

1
4,834
4,834

1
4,870
4,870

1
4,907
4,907

1
4,943
4,943

1
4,979
4,979

1
5,016
5,016

1
5,054
5,054

1
5,091
5,091

1
5,129
5,129

Interest
Principal
Total

$ '000
$ '000
$ '000

5,938
39,972
45,911

672
2,436
3,108

639
2,436
3,074

604
2,436
3,040

562
2,436
2,998

509
2,436
2,944

473
2,436
2,909

436
2,436
2,872

394
2,436
2,830

348
2,436
2,784

307
2,436
2,743

DSCR
Average: Method 1
Average: Method 2
Minimum
Minimum Period

x
x
x
x
Date

0.00 x

1.54 x

1.57 x

1.60 x

1.64 x

1.68 x

1.71 x

1.75 x

1.79 x

1.83 x

1.87 x

2.00%

Debt Ratios
DSCR
-

2.03 x
1.89 x
1.54 x
31-Mar-10

Calculation
1-Dec-09
1-Jan-10
31-Dec-08 31-Dec-09 31-Mar-10

1-Apr-10
30-Jun-10

1-Jul-10
1-Oct-10
1-Jan-11
30-Sep-10 31-Dec-10 31-Mar-11

1-Apr-11
30-Jun-11

1-Jul-11
1-Oct-11
1-Jan-12
30-Sep-11 31-Dec-11 31-Mar-12

1-Apr-12
30-Jun-12

LLCR
Loan Life
Cost of Debt
r

[1,0]
%
Num

CFADS
CFADS: Loan Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

LLCR
Minimum
@ COD

$ '000
x
x
x

222,532
86,607

1.0000

1
1.68%
1.0168

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1
1.68%
1.0168

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1
1.70%
1.0170

1
1.70%
1.0170

4,799
4,799
74,415

4,834
4,834
70,868

4,870
4,870
67,239

4,907
4,907
63,526

4,943
4,943
59,712

4,979
4,979
55,774

5,016
5,016
51,743

5,054
5,054
47,617

5,091
5,091
43,382

5,129
5,129
39,029

0.00 x

39,972
1.86 x

37,537
1.89 x

35,101
1.92 x

32,665
1.94 x

30,229
1.98 x

27,793
2.01 x

25,358
2.04 x

22,922
2.08 x

20,486
2.12 x

18,050
2.16 x

1.0000

1
1
1.68%
1.0168

1
1
1.70%
1.0170

1
1
1.72%
1.0172

1
1
1.72%
1.0172

1
1
1.68%
1.0168

1
1
1.70%
1.0170

1
1
1.72%
1.0172

1
1
1.72%
1.0172

1
1
1.70%
1.0170

1
1
1.70%
1.0170

4,799
4,799
157,695

4,834
4,834
155,550

4,870
4,870
153,362

4,907
4,907
151,129

4,943
4,943
148,822

4,979
4,979
146,383

5,016
5,016
143,894

5,054
5,054
141,353

5,091
5,091
138,730

5,129
5,129
135,999

1.86 x
1.86 x

PLCR
Project Life
Debt Term
Cost of Debt
r

[1,0]
[1,0]
%
Num

CFADS
CFADS: Project Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

PLCR
Minimum
@ COD

$ '000
x
x
x

3.95 x
3.95 x

x
x
x

1.54 x
5.32 x

222,532
222,532

0.00 x

39,972
3.95 x

37,537
4.14 x

35,101
4.37 x

32,665
4.63 x

30,229
4.92 x

27,793
5.27 x

25,358
5.67 x

22,922
6.17 x

20,486
6.77 x

18,050
7.53 x

0.00 x
0.00 x
0.00 x

1.54 x
1.54 x
0.00 x

1.57 x
0.00 x
0.00 x

1.60 x
0.00 x
0.00 x

1.64 x
0.00 x
0.00 x

1.68 x
0.00 x
0.00 x

1.71 x
0.00 x
0.00 x

1.75 x
0.00 x
0.00 x

1.79 x
0.00 x
0.00 x

1.83 x
0.00 x
0.00 x

1.87 x
0.00 x
0.00 x

Chart
DSCR
Min DSCR
Max DSCR

Calculation
1-Dec-09
1-Jan-10
31-Dec-08 31-Dec-09 31-Mar-10

1-Apr-10
30-Jun-10

1-Jul-10
1-Oct-10
1-Jan-11
30-Sep-10 31-Dec-10 31-Mar-11

1-Apr-11
30-Jun-11

1-Jul-11
1-Oct-11
1-Jan-12
30-Sep-11 31-Dec-11 31-Mar-12

1-Apr-12
30-Jun-12

Calculation
31-Dec-08
Construction
Operations

1-Jul-12
1-Oct-12
1-Jan-13
30-Sep-12 31-Dec-12 31-Mar-13
-

1-Apr-13
30-Jun-13
-

1-Jul-13
1-Oct-13
1-Jan-14
30-Sep-13 31-Dec-13 31-Mar-14
-

1-Apr-14
30-Jun-14

1-Jul-14
1-Oct-14
1-Jan-15
30-Sep-14 31-Dec-14 31-Mar-15

Counter
Year
Days in Period

Year
#Num

2012
92

2012
92

2013
90

2013
91

2013
92

2013
92

2014
90

2014
91

2014
92

2014
92

2015
90

Inputs
CFADS

$ '000

222,532

5,167

5,206

5,244

5,283

5,322

5,362

5,401

5,441

5,482

5,523

5,563

Principal Repayment

$ '000

(39,972)

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

(2,436)

(999)

39,972
(39,972)

15,614
(2,436)
13,178

13,178
(2,436)
10,743

10,743
(2,436)
8,307

8,307
(2,436)
5,871

5,871
(2,436)
3,435

3,435
(2,436)
999

999
(999)
-

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.68%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.68%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.68%

Senior Facility
Account
Balance B/f
Refinance @ Completion
Principal Repayments
Balance C/f

$ '000
$ '000
$ '000
$ '000

39,972

Interest
Base Rate
Margin
All in Rate
All in Rate

% p.a.
% p.a.
% p.a.
% p.p.

Interest : Senior Facility

$ '000

5,938

269

227

181

141

101

59

17

Loan Life
CFADS
CFADS: Loan Life

[1,0]
$ '000
$ '000

222,532
86,607

1
5,167
5,167

1
5,206
5,206

1
5,244
5,244

1
5,283
5,283

1
5,322
5,322

1
5,362
5,362

1
5,401
5,401

5,441
-

5,482
-

5,523
-

5,563
-

Interest
Principal
Total

$ '000
$ '000
$ '000

5,938
39,972
45,911

269
2,436
2,704

227
2,436
2,662

181
2,436
2,617

141
2,436
2,577

101
2,436
2,537

59
2,436
2,495

17
999
1,016

DSCR
Average: Method 1
Average: Method 2
Minimum
Minimum Period

x
x
x
x
Date

1.91 x

1.96 x

2.00 x

2.05 x

2.10 x

2.15 x

5.32 x

0.00 x

0.00 x

0.00 x

0.00 x

2.00%

Debt Ratios
DSCR

2.03 x
1.89 x
1.54 x
31-Mar-10

Calculation
31-Dec-08

1-Jul-12
1-Oct-12
1-Jan-13
30-Sep-12 31-Dec-12 31-Mar-13

1-Apr-13
30-Jun-13

1-Jul-13
1-Oct-13
1-Jan-14
30-Sep-13 31-Dec-13 31-Mar-14

1-Apr-14
30-Jun-14

1-Jul-14
1-Oct-14
1-Jan-15
30-Sep-14 31-Dec-14 31-Mar-15

LLCR
Loan Life
Cost of Debt
r

[1,0]
%
Num

CFADS
CFADS: Loan Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

LLCR
Minimum
@ COD

$ '000
x
x
x

222,532
86,607

1
1.72%
1.0172

1
1.72%
1.0172

1
1.68%
1.0168

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1
1.68%
1.0168

1.70%
1.0170

1.72%
1.0172

1.72%
1.0172

1.68%
1.0168

5,167
5,167
34,564

5,206
5,206
29,991

5,244
5,244
25,301

5,283
5,283
20,483

5,322
5,322
15,548

5,362
5,362
10,494

5,401
5,401
5,312

5,441
-

5,482
-

5,523
-

5,563
-

15,614
2.21 x

13,178
2.28 x

10,743
2.36 x

999
5.32 x

0.00 x

0.00 x

0.00 x

0.00 x

1
1
1.72%
1.0172

1
1
1.72%
1.0172

1
1
1.68%
1.0168

1
1
1.70%
1.0170

1
1
1.72%
1.0172

1
1
1.72%
1.0172

1
1
1.68%
1.0168

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1
1.68%
1.0168

5,167
5,167
133,183

5,206
5,206
130,307

5,244
5,244
127,342

5,283
5,283
124,241

5,322
5,322
121,071

5,362
5,362
117,831

5,401
5,401
114,496

5,441
5,441
111,021

5,482
5,482
107,468

5,523
5,523
103,835

5,563
5,563
100,098

8,307
2.47 x

5,871
2.65 x

3,435
3.05 x

1.86 x
1.86 x

PLCR
Project Life
Debt Term
Cost of Debt
r

[1,0]
[1,0]
%
Num

CFADS
CFADS: Project Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

PLCR
Minimum
@ COD

$ '000
x
x
x

3.95 x
3.95 x

x
x
x

1.54 x
5.32 x

222,532
222,532

15,614
8.53 x

13,178
9.89 x

10,743
11.85 x

8,307
14.96 x

5,871
20.62 x

3,435
34.30 x

999
114.57 x

0.00 x

0.00 x

0.00 x

0.00 x

1.91 x
0.00 x
0.00 x

1.96 x
0.00 x
0.00 x

2.00 x
0.00 x
0.00 x

2.05 x
0.00 x
0.00 x

2.10 x
0.00 x
0.00 x

2.15 x
0.00 x
0.00 x

5.32 x
0.00 x
5.32 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

Chart
DSCR
Min DSCR
Max DSCR

Calculation
31-Dec-08

1-Jul-12
1-Oct-12
1-Jan-13
30-Sep-12 31-Dec-12 31-Mar-13

1-Apr-13
30-Jun-13

1-Jul-13
1-Oct-13
1-Jan-14
30-Sep-13 31-Dec-13 31-Mar-14

1-Apr-14
30-Jun-14

1-Jul-14
1-Oct-14
1-Jan-15
30-Sep-14 31-Dec-14 31-Mar-15

Calculation
31-Dec-08

1-Apr-15
30-Jun-15

Construction
Operations

1-Jul-15
1-Oct-15
1-Jan-16
30-Sep-15 31-Dec-15 31-Mar-16

1-Apr-16
30-Jun-16

1-Jul-16
1-Oct-16
1-Jan-17
30-Sep-16 31-Dec-16 31-Mar-17

1-Apr-17
30-Jun-17

1-Jul-17
1-Oct-17
30-Sep-17 31-Dec-17

Counter
Year
Days in Period

Year
#Num

2015
91

2015
92

2015
92

2016
91

2016
91

2016
92

2016
92

2017
90

2017
91

2017
92

2017
92

Inputs
CFADS

$ '000

222,532

5,604

5,646

5,689

5,731

5,773

5,816

5,860

5,903

5,946

5,991

6,036

Principal Repayment

$ '000

(39,972)

39,972
(39,972)

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.68%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

Senior Facility
Account
Balance B/f
Refinance @ Completion
Principal Repayments
Balance C/f

$ '000
$ '000
$ '000
$ '000

39,972

Interest
Base Rate
Margin
All in Rate
All in Rate

% p.a.
% p.a.
% p.a.
% p.p.

Interest : Senior Facility

$ '000

5,938

Loan Life
CFADS
CFADS: Loan Life

[1,0]
$ '000
$ '000

222,532
86,607

5,604
-

5,646
-

5,689
-

5,731
-

5,773
-

5,816
-

5,860
-

5,903
-

5,946
-

5,991
-

6,036
-

Interest
Principal
Total

$ '000
$ '000
$ '000

5,938
39,972
45,911

DSCR
Average: Method 1
Average: Method 2
Minimum
Minimum Period

x
x
x
x
Date

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

2.00%

Debt Ratios
DSCR

2.03 x
1.89 x
1.54 x
31-Mar-10

Calculation
31-Dec-08

1-Apr-15
30-Jun-15

1-Jul-15
1-Oct-15
1-Jan-16
30-Sep-15 31-Dec-15 31-Mar-16

1-Apr-16
30-Jun-16

1-Jul-16
1-Oct-16
1-Jan-17
30-Sep-16 31-Dec-16 31-Mar-17

1-Apr-17
30-Jun-17

1-Jul-17
1-Oct-17
30-Sep-17 31-Dec-17

LLCR
Loan Life
Cost of Debt
r

[1,0]
%
Num

CFADS
CFADS: Loan Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

LLCR
Minimum
@ COD

$ '000
x
x
x

222,532
86,607

1.70%
1.0170

1.72%
1.0172

1.72%
1.0172

1.70%
1.0170

1.70%
1.0170

1.72%
1.0172

1.72%
1.0172

1.68%
1.0168

1.70%
1.0170

1.72%
1.0172

1.72%
1.0172

5,604
-

5,646
-

5,689
-

5,731
-

5,773
-

5,816
-

5,860
-

5,903
-

5,946
-

5,991
-

6,036
-

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

1.86 x
1.86 x

PLCR
Project Life
Debt Term
Cost of Debt
r

[1,0]
[1,0]
%
Num

CFADS
CFADS: Project Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

PLCR
Minimum
@ COD

$ '000
x
x
x

3.95 x
3.95 x

x
x
x

1.54 x
5.32 x

222,532
222,532

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1
1.70%
1.0170

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1
1.68%
1.0168

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

5,604
5,604
96,218

5,646
5,646
92,251

5,689
5,689
88,191

5,731
5,731
84,019

5,773
5,773
79,718

5,816
5,816
75,301

5,860
5,860
70,780

5,903
5,903
66,137

5,946
5,946
61,347

5,991
5,991
56,445

6,036
6,036
51,425

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

Chart
DSCR
Min DSCR
Max DSCR

Calculation
31-Dec-08

1-Apr-15
30-Jun-15

1-Jul-15
1-Oct-15
1-Jan-16
30-Sep-15 31-Dec-15 31-Mar-16

1-Apr-16
30-Jun-16

1-Jul-16
1-Oct-16
1-Jan-17
30-Sep-16 31-Dec-16 31-Mar-17

1-Apr-17
30-Jun-17

1-Jul-17
1-Oct-17
30-Sep-17 31-Dec-17

Calculation
1-Jan-18
31-Dec-08 31-Mar-18
Construction
Operations

1-Apr-18
30-Jun-18

1-Jul-18
1-Oct-18
1-Jan-19
30-Sep-18 31-Dec-18 31-Mar-19

1-Apr-19
30-Jun-19

1-Jul-19
1-Oct-19
1-Jan-20
30-Sep-19 31-Dec-19 31-Mar-20

1-Apr-20
30-Jun-20

1-Jul-20
30-Sep-20

2020
91

2020
91

2020
92

Counter
Year
Days in Period

Year
#Num

2018
90

2018
91

2018
92

2018
92

2019
90

2019
91

2019
92

2019
92

Inputs
CFADS

$ '000

222,532

6,080

6,125

6,170

6,217

6,262

6,308

6,356

6,403

Principal Repayment

$ '000

(39,972)

39,972
(39,972)

5.00%
2.00%
7.00%
1.68%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.68%

5.00%
2.00%
7.00%
1.70%

5.00%
2.00%
7.00%
1.72%

5.00%
2.00%
7.00%
1.72%

Senior Facility
Account
Balance B/f
Refinance @ Completion
Principal Repayments
Balance C/f

$ '000
$ '000
$ '000
$ '000

39,972

Interest
Base Rate
Margin
All in Rate
All in Rate

% p.a.
% p.a.
% p.a.
% p.p.

Interest : Senior Facility

$ '000

5,938

Loan Life
CFADS
CFADS: Loan Life

[1,0]
$ '000
$ '000

222,532
86,607

6,080
-

6,125
-

6,170
-

6,217
-

6,262
-

6,308
-

6,356
-

6,403
-

Interest
Principal
Total

$ '000
$ '000
$ '000

5,938
39,972
45,911

DSCR
Average: Method 1
Average: Method 2
Minimum
Minimum Period

x
x
x
x
Date

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

2.00%

Debt Ratios
DSCR

2.03 x
1.89 x
1.54 x
31-Mar-10

Calculation
1-Jan-18
31-Dec-08 31-Mar-18

1-Apr-18
30-Jun-18

1-Jul-18
1-Oct-18
1-Jan-19
30-Sep-18 31-Dec-18 31-Mar-19

1-Apr-19
30-Jun-19

1-Jul-19
1-Oct-19
1-Jan-20
30-Sep-19 31-Dec-19 31-Mar-20

1-Apr-20
30-Jun-20

1-Jul-20
30-Sep-20

LLCR
Loan Life
Cost of Debt
r

[1,0]
%
Num

CFADS
CFADS: Loan Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

LLCR
Minimum
@ COD

$ '000
x
x
x

222,532
86,607

1.68%
1.0168

1.70%
1.0170

1.72%
1.0172

1.72%
1.0172

1.68%
1.0168

1.70%
1.0170

1.72%
1.0172

1.72%
1.0172

1.0000

1.0000

1.0000

6,080
-

6,125
-

6,170
-

6,217
-

6,262
-

6,308
-

6,356
-

6,403
-

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

1.86 x
1.86 x

PLCR
Project Life
Debt Term
Cost of Debt
r

[1,0]
[1,0]
%
Num

CFADS
CFADS: Project Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

PLCR
Minimum
@ COD

$ '000
x
x
x

3.95 x
3.95 x

x
x
x

1.54 x
5.32 x

222,532
222,532

1
1.68%
1.0168

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1
1.68%
1.0168

1
1.70%
1.0170

1
1.72%
1.0172

1
1.72%
1.0172

1.0000

1.0000

1.0000

6,080
6,080
46,274

6,125
6,125
40,973

6,170
6,170
35,545

6,217
6,217
29,986

6,262
6,262
24,285

6,308
6,308
18,431

6,356
6,356
12,437

6,403
6,403
6,295

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

0.00 x
0.00 x
0.00 x

Chart
DSCR
Min DSCR
Max DSCR

Calculation
1-Jan-18
31-Dec-08 31-Mar-18

1-Apr-18
30-Jun-18

1-Jul-18
1-Oct-18
1-Jan-19
30-Sep-18 31-Dec-18 31-Mar-19

1-Apr-19
30-Jun-19

1-Jul-19
1-Oct-19
1-Jan-20
30-Sep-19 31-Dec-19 31-Mar-20

1-Apr-20
30-Jun-20

1-Jul-20
30-Sep-20

Calculation
1-Oct-20
31-Dec-08 31-Dec-20
Construction
Operations

Counter
Year
Days in Period

Year
#Num

2020
92

Inputs
CFADS

$ '000

222,532

Principal Repayment

$ '000

(39,972)

39,972
(39,972)

Senior Facility
Account
Balance B/f
Refinance @ Completion
Principal Repayments
Balance C/f

$ '000
$ '000
$ '000
$ '000

39,972

Interest
Base Rate
Margin
All in Rate
All in Rate

% p.a.
% p.a.
% p.a.
% p.p.

Interest : Senior Facility

$ '000

5,938

Loan Life
CFADS
CFADS: Loan Life

[1,0]
$ '000
$ '000

222,532
86,607

Interest
Principal
Total

$ '000
$ '000
$ '000

5,938
39,972
45,911

DSCR
Average: Method 1
Average: Method 2
Minimum
Minimum Period

x
x
x
x
Date

2.00%

Debt Ratios
DSCR
-

0.00 x
2.03 x
1.89 x
1.54 x
31-Mar-10

Calculation
1-Oct-20
31-Dec-08 31-Dec-20

LLCR
Loan Life
Cost of Debt
r

[1,0]
%
Num

CFADS
CFADS: Loan Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

LLCR
Minimum
@ COD

$ '000
x
x
x

1.0000
222,532
86,607

0.00 x
1.86 x
1.86 x

PLCR
Project Life
Debt Term
Cost of Debt
r

[1,0]
[1,0]
%
Num

CFADS
CFADS: Project Life
CFADS: NPV

$ '000
$ '000
$ '000

Debt: Balance B/f

PLCR
Minimum
@ COD

$ '000
x
x
x

3.95 x
3.95 x

x
x
x

1.54 x
5.32 x

1.0000
222,532
222,532

0.00 x

Chart
DSCR
Min DSCR
Max DSCR

0.00 x
0.00 x
0.00 x

Calculation
1-Oct-20
31-Dec-08 31-Dec-20