Read time: ~7 min Standfirst: Two projects with identical revenue over a debt tenor can carry very different risk profiles depending on one modeling choice: whether debt repayment is flat or sculpted to match actual cash flow. In Nigerian infrastructure financing, where naira revenue routinely has to cover dollar-denominated debt, that choice is not cosmetic. … Continue reading Debt Sculpting and Cash Flow Available for Debt Service (CFADS) in Capital-Intensive Projects