Project Finance
Demo #10 — Sava LogPark Phase 2 SPV: 2-year construction, 18-year operations, senior debt sized via DSCR/LLCR/gearing, sculpted debt service, and covenant headroom (USD $M).
Training scope — SPV vs operating company
Fictional greenfield logistics SPV aligned with Excel Demo #10. Separate from the four industry simulators (Sava Industrial parent P&L) and from Demo #9 LBO buyout mechanics. Construction draws use gearing on capex; sized debt at COD may differ from construction balance — educational only, no live term sheets or DSRA.
Project snapshot
TPC incl. capitalized IDC; binding constraint from debt sizing tab.
Total project cost ($M)
148.9
Senior debt sized ($M)
42.5
Sponsor equity required ($M)
106.4
Binding constraint
DSCR
Debt sizing (MIN of three)
LLCR, DSCR PV, and 70% gearing cap — same logic as the Excel Debt Sizing sheet.
Covenants & sponsor
Sculpted to 1.35× target DSCR after 1-year principal grace.
Operations — CFADS & sculpted debt service
First eight operating years; DSCR equals sculpt target when debt service is active.
| Period | CFADS ($M) | Debt service ($M) | DSCR | Debt closing ($M) |
|---|---|---|---|---|
| Op Y1 | 3.7 | 0.0 | — | 42.5 |
| Op Y2 | 5.3 | 3.9 | 1.35× | 41.5 |
| Op Y3 | 6.4 | 4.8 | 1.35× | 39.5 |
| Op Y4 | 6.7 | 4.9 | 1.35× | 37.3 |
| Op Y5 | 6.8 | 5.1 | 1.35× | 34.7 |
| Op Y6 | 7.0 | 5.2 | 1.35× | 31.9 |
| Op Y7 | 7.2 | 5.3 | 1.35× | 28.7 |
| Op Y8 | 7.3 | 5.4 | 1.35× | 25.2 |
Construction phase funds capex at 2 years with 70% senior debt draws; debt at COD (construction schedule) was 101.6 $M before ops-sized debt replaces the opening balance.
Link greenfield SPV cash flows here with the construction industry 3-statement template; contrast DSCR/LLCR with corporate debt schedule (#11) and PE returns (#9).