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&lt;font style=&quot;font-family: arial,helvetica,sans-serif;&quot; size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;8:00 a.m.&lt;/span&gt;: Power on your desktop and check email.&amp;nbsp; Most pressing is a message from a prospective lender for the $300 million offshore oil &lt;br&gt;processing platform that your firm intends to build and is now in syndication – a VP of Project Finance at a New York investment bank has some 20 highly specific questions about aspects of the project. You get to work answering them by reviewing the construction contracts, and placing a few calls to the legal department and construction manager. &lt;br&gt;&lt;/font&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;9:30 a.m.&lt;/span&gt;: Sit down with the Corporate Finance Analyst to review her financial model of a planned $200 million oil pipeline development. When you notice that she may have incorrectly set up the construction drawdown schedule, the two of you place a quick call to someone on the Commercial Development team to clarify timing of construction phases.&amp;nbsp; Remind her to incorporate the latest oil price forecast from the Market Assessment team before she circulates the updated valuation to you and your boss.&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;11:00 a.m.&lt;/span&gt;: Field a phone call from another prospective lender’s Project Finance VP; he has one very specific question about the oil platform’s hurricane contingency plan.&amp;nbsp; The facility shutdown criteria are already detailed in the offering memorandum, and you point the &lt;br&gt;banker to a particular page and paragraph number for his answer. &lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;12:00 p.m.&lt;/span&gt;: Bring a sandwich up from the company cafeteria to eat at your desk as you peruse an issue of Structured Finance International &lt;br&gt;along with this morning’s Financial Times. &lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;12:30 p.m.&lt;/span&gt;: In addition to supporting the current syndication process for the oil platform and developing a model for a future oil pipeline &lt;br&gt;project, you are also finishing up some final transactional details for another pipeline deal that was financed a couple weeks ago.&amp;nbsp; Your firm &lt;br&gt;must document that it has paid in its 30% equity stake before any funds can flow in from lenders; your role is to coordinate with the outside lenders to make sure all the necessary communications happen.&amp;nbsp; A quick sit-down with your firm’s financial controller sets the process in motion. &lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;1:30 p.m.&lt;/span&gt;: Your entire five-person Corporate Finance team gathers in a conference room to sketch out the contents for the oil platform’s bank meeting next month, when you will invite 40 lenders to listen or sit in on a comprehensive presentation of the investment opportunity. &lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;4:00 p.m.&lt;/span&gt;: Walking down the hall to grab some coffee from your floor’s kitchen, you run into your firm’s CFO.&amp;nbsp; You’re excited to hear &lt;br&gt;him mention a big joint venture deal on the horizon. &lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;4:30 p.m.&lt;/span&gt;: Open up the oil pipeline financial model off the network to review what changes the analyst has made since this morning.&amp;nbsp; You &lt;br&gt;note that she correctly modeled the loan pricing at the current expectation of 300 basis points over LIBOR (the London Inter-Bank Offer Rate).&amp;nbsp; Now it’s time to start thinking through the next step – how to build an interest rate swap into the model.&amp;nbsp; Since this type of transaction is less familiar to you, you first skim through an old finance textbook; then you head up a few floors to the trading area where, since the markets have closed, someone can surely give you some insight into the mechanics. &lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;5:30 p.m.&lt;/span&gt;: Your calls from first thing this morning have by now all been returned, and you are able to compose a lengthy email response &lt;br&gt;to the interested banker.&amp;nbsp; One of the details about the oil title transfer is still unclear, and you’ll have to follow up again with legal in the &lt;br&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;morning.&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;br&gt;&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&lt;/font&gt;&lt;/p&gt;&lt;p style=&quot;margin: 0px; font-family: arial,helvetica,sans-serif;&quot;&gt;&lt;font size=&quot;2&quot;&gt;&lt;span style=&quot;font-weight: bold;&quot;&gt;7:00 p.m.&lt;/span&gt;: After spending some time grinding through the conceptual details of interest rate swap calculations with the analyst, you leave &lt;br&gt;her to execute the change and head home at a decent hour. &lt;br&gt;&lt;br&gt;&lt;/font&gt;&lt;/p&gt;

Derek Loosvelt

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