Once we've completed our revolving credit facility, we can calculate our cash flow available to service the syndicated loan. We're gonna be computing this number only during the operational phase, as we're only gonna service this loan during the operational phase. So let's go ahead and take the cash flow available for debt repayment and add this to the drawdown or repayment of our revolving credit facility. And that of course for now will be 149.8. So now we are ready to actually build out the syndicated loan. Let's start with our assumptions. And we have here a few assumptions. We have our interest rate assumption, which we can get from our sources and users of funds table. And that is 4%, which is 2% over LIBOR.

We also have a commitment fee on the undrawn portion of the loan that we can also get from our sources and uses tab, and that's gonna be 1%. And we also have an assumption about rolling up interest through some of the years, especially during the construction phase. Now the assumption can be found in the sources and uses tab as well. And as you can see right now, that assumption is set to 0, which means we're not gonna roll up any interest for any period of time. Now we could of course, and this is not very common, but we could roll up the interest for one or two years, which means we accrue the interest and we don't pay it in cash. So the interest gets added to the loan principle. Now that we have the assumptions in place, let's model out our base calculation for our syndicated loan, starting with a ending balance of 0, which of course becomes our beginning balance in the first year of the timeline. We're gonna skip for now the drawdown as well as the repayment. And we're gonna go straight to compute the ending balance.

Let's copy that to the first year of operations so we can see the formulas. And now let's work on the drawdown line. Now we can get this number directly from our assumptions in the sources and uses tab that's gonna be provided in row 15. And we can see how we draw down on the syndicated loan and the amount for the year first year is 263.7, and we can copy that, right? But we're only gonna copy that right during the construction phase until the loan is fully draw down.

Next we can move on to compute our interest expense. And that's gonna be a simple calculation of interest using the average balances.

So we can take our interest rate assumption of 4%, multiply times the average of our beginning and ending balance, and we want this number to be negative. So let's add a negative sign in front of that and let's copy that to the right.

Great. Now for our unused facility, we can do it in a similar way that we did it for the revolving credit facility. We can simply take the assumption of the loan amount from the sources and uses tab, and that's gonna be 1850. We're gonna lock that in and we're gonna subtract the ending balance for that given year.

And that gives us our end use facility. In fact, we can copy this formula to the left to have it for the prior year as well. And we can also copy this to the right only during the construction phase because we're only gonna compute a commitment fee during the construction phase since post construction. Once we start repaying our debt, the bank will no longer charge a commitment fee. So let's take the 1% commitment fee from the top. We're gonna lock that in and multiply times the average balance of the unused facility.

And again, we wanna make it negative and copy that right for the construction period only.

So now we can calculate our both our rolled up interest in row 42 as well as our total cash interest in row 48. And for these two lines, we're gonna use an if statement. So let's begin with the rolled up interest.

We're gonna use an if statement and they're gonna be two conditions. So we're gonna use an and function. And the first condition is that the year we are in, let's go all the way up to our year count at the very top, that's cell D4, and that's the year we're in is less than or equal than the assumption for the rolled up interest in years. We're gonna lock that in. So basically what we're saying is that if we assume to that we're gonna roll up interest for three years, then we should only do it for those three, the beginning three years and not the years after year three. The second condition is that our circular switch is on. So if we go to the info tap, we have a cell with a circular switch, which right now is on, and we have to assume or have a condition met that this is actually equal to 1. So let's go back to our finance tab here, and those are our two conditions. So if both of these conditions are actually met, then we're gonna roll up the interest for this year. So here we want then to compute the total interest that is gonna accrue toward the actual balance for that year. So I'm gonna take a negative sign and I'm gonna pick up the interest expense from below. And then I'm gonna subtract again the, in the commitment fee from row 47, I'm using negative signs because the roll, that interest has to end up being positive.

Otherwise, we're gonna put a 0 in place.

And of course, in this case, it's gonna be 0. And the reason is that our assumption of the rolled up interest years is 0. We can copy this to the right all the way to the first operational year. Now for the total cash interest is gonna be a very similar formula. So what I can do is I can actually take this formula and I can copy the whole thing, come down here and I can paste it and I'm gonna make a couple of changes. The first change is that for the project to pay cash interest, we need to be beyond the rolled up period. So instead of having a sign that is less than or equal to, we're gonna replace that with greater than that is the first change. The second change is that in this case, we actually want the interest to be negative. So when we add this two up, we want the total value to be negative. So we're gonna get rid of a negative sign here and we're gonna replace this negative sign for a simple plus sign, press enter, and there you'll see the total cash interest for year one. We can copy this to the right, but before I do, so, let me get rid of these formulas here.

Let me take this formula and copy it to the right. And remember, we are not gonna copy the commitment fee formula to the right beyond the construction phase. We won't be doing or will be doing the same for the drawdown line. We're not gonna copy that to the right beyond the construction phase. So to finish up our construction of the syndicated loan model, let's take all of these lines. Let me just check my top line here as well. Let's take my cashflow to service a syndicated loan as well as all of the lines below, and let's copy them to the right until the end of the operational phase.