5 Sources of Financing

Sources of Financing

Case: National Railroad Passenger Corporation (Amtrak):

Acela Financing

1

?

BNCYF’s Leveraged‐Lease

proposal

Borrow

Government Funding

2

Benefits to Lessee

Leasing 100% financing

Offers cash flow benefits

Off balance sheet financing

Avoidance of loan covenants

Tax planning Creation of working capital

Hedge against risk of inflation and obsolescence

Fast and flexible financing

To over come monopoly act

Used in non‐priority sector and service sector

Possibility of evading capital‐expenditures

To avoid capital‐approval

procedures

3

Creating More Value for Lease

Tax rate differences between lessor and

lessee

Realizing depreciation deduction by lessor and

lessee

Asset acquisition and maintenance cost –

specialization or scale of economies

Realizing salvage values – superiority of

property knowledge

Leverage abilities between lessor and lessee – difference in interest deductibility

Little options holding significant value

Lessor can purchase equipment more cost

effectively; tax deductions for Interest

and Depreciation

Tailored to meet lessor’s needs – heavier payments in Dec than in

June

4

Benefits to LessorAdditional financial product

Reduces risk Increases profitability

Accelerates sales

Higher leverage [Max.

of 10:1]

No gestation period

Low cost of operations

5

11

1994 1995 1996 1997 1998RevenuesPassenger-related and other 82 79 78 80 61Commuter 13 14 15 14 11Reimbursable 5 7 7 5 4Federal payments 24Total revenues 100 100 100 100 100ExpensesSalaries, wage and benefits 94 83 79 78 63Train operations 25 21 21 22 16Facility and office related 11 11 12 11 8Maintenance-of-way goods and services 3 5 4 3 2Advertising and sales 6 6 7 6 4Interest 13 10 10 10 8Depreciation and amortization 17 15 15 14 13Other 6 2 2 2 1One-time charges/(gains) -17Total expenses 159 154 149 146 115Operating income/(loss) -59 -54 -49 -46 -15Exclude federal payments and related interest 25Operating loss restated -59 -54 -49 -46 -41Federal grantsFederal operating grant 25 26 18 13 9Excess railroad retirement taxes 11 10 8 8 6Federal capital - interest 3Federal capital - progressive overhaul and other 2 2 4Total federal grants 36 36 28 27 19Net loss -23 -18 -21 -19 -22

Income Statement (Values in Millions of USD)Fiscal Year Ending Sept. 30

13

Fy Ending Sept 30, 1998

Fy Ending Sept 30, 1998

Current AssetsCash and equivalents 274.7 4Temporary cash investments 409.7 6Account receivable, net 88.7 1Mtaerials and supplies 91.6 1Other current assets 3.4 0Total current assets 868.1 12Property, plant and equipment 9456.4 129Less: Accumulated depreciation -3106.9 -43Net property, plant and equipment 6349.5 87Other assets and deffered charges 87.6 1Total assets 7305.2 100

Balance Sheet (Values in Million of USD)

Equipment Funding

19

No. Cost Aggregate CostHigh-speed locomotives 15 7,161,300 107,419,500Train sets 20 32,129,050 642,581,000

750,000,500Total

Terms of Borrowing

Major bank offered to

underwrite a bond Term: 20‐year

Coupon: 6.75 percent per annum

Semiannual payments:

$12.303 million

22

Terms of Borrowing

Payment beginning: Dec 1999

Collateral for the loan: locomotives and

trains sets

Drawback• Had recently issued debt• Public market might already be saturated with Amtrak paper

23

Proposed by: BNCYF (Wholly owned subsidiary of the Bank of New York)

Lessor: BNCYF (BNCYF: 20% of required funds; would receive lease payments only after debtor had been paid)

Sole lender and debt provider: Export

Development Corporation (EDC) of Canada (EDC: 80% of required funds)

24

Lessee

Equipment Lease Payments

Equity investors put up $53.6 million (20% of equipment value) in exchange for lease payments after debt service

Owner TrusteeWilmington Trust

Lenders advance $214.3 million (80% of equipment value) in exchange for first claim on lease payments on locomotives and trains ets

Equity InvestorBNY Capital Funding, LLC

LenderExport Development Corporation (EDC) of

Canada

BNY Capital Funding LLC's Proposed Leveraged-Lease StrcutureLeveraged Lease

Leveraged Lease

•An independent third party to the transaction• Acted as owner‐trustee• Rental payments would flows through• Would distribute the payments to either EDC or BNCYF

Equity and debt funds on closing

would flow through Wilmington Trust..,

• At the end of lease term, could buy equipment from BNCYF at higher terminal fair market value

• Had an early‐buyout option, could acquire the equipment from BNCYF in 2017 for $126.6 million

Amtrak..,

25

Federal SourcesCould use federal monies to fund equipment purchases

Congress mandated not to use federal

subsidies for operating expenses

Congress agreed to fund for capital appropriations

Federal grants considered as premium and

precious commodity

26

Rely on Federal Sources

Preferred to use grant money to fund capital projects that could not be easily and cost‐effectively financed such as..,•Safety•Right‐of‐way•Infrastructure‐related projects•Major overhauls

Train sets and other rolling stock, could be very efficiently financed

through capital markets

27

28

Amount1999 June ….

Dec $200,1022000 June $3,761,228

Dec $7,965,6522001 June $10,022,594

Dec $10,316,9482002 June $8,617,634

Dec $10,360,6452003 June $9,828,570

Dec $10,367,9852004 June $8,607,823

Dec $10,418,5732005 June $9,683,063

Dec $10,435,1862006 June $8,580,151

Dec $11,599,9932007 June $7,338,339

Dec $11,468,2112008 June $9,475,208

Dec $15,792,7092009 June $7,765,741

Dec $20,224,3222010 June $5,067,035

Dec $15,872,5562011 June $4,121,823

Dec $22,807,1292012 June $3,336,587

Dec $23,645,1332013 June $2,662,913

Dec $24,055,3672014 June $1,957,919

Dec $20,017,6082015 June $6,067,613

Dec $6,287,6522016 June $12,292,315

Dec $21,394,7882017 June $6,551,924

Dec $18,107,1672018 June $8,612,133

Dec $13,469,2952019 June $8,864,543

Dec $6,654,2382020 June $2,035,748

Dec $1

BNY Capital Funding LLC's Proposed Lease-Payment Schedule (in Dollars)

Date Due

Financial Lease

Total lease rental > asset

price

Lease period = life of asset

Irrevocable by both parties

Purpose: financing an

asset

Also called ‘capital lease’

Lessee bears: maintenance, insurance, taxes

31

Min lease rental = rate ~ equal to lessee marginal

cost of debt

Payout will include; asset cost, cost of financing, lessor

overhead, rate of return

Similar to mortgage loans

32

Financial Lease

Test for Capitalizing Lease

Ownership test: ownership transferred to lessee at the end of

lease

Alternative ownership test: lessee has right to buy asset at a price

substantially below fair market price

Economic life test: lease term >= 75% of

estimated economic life of the asset

Value test: PV of minimum lease

payment >= 90% of fair market value of asset at

the time of lease

33

Operating Lease

No fixed future commitment

Cancelable by lessee on notice

Purpose: using an asset

Lessor bears: maintenance, insurance, taxes

34

Types of Financial Leases

Direct leases ‐ Lessor purchased equipment or asset and rented it

out to lessee

Sale‐and‐leaseback Leveraged leases

Cross border (international) lease

Foreign to foreign lease

35

Assets Suitable for Leveraged Lease

Airplane Satellites Ships

Rails Off‐shore drinking

Nuclear machines

Power generation plants

Large chemical plants

Gas pipe lines

36Loan is secured by first lien in the equipment by an assignment of leased equipment

and leased rental payments

Basic documents used in Leveraged Lease

Participation agreement – signed by all parties Trust agreement

Indenture trust

Lease agreement – for tax shield associated with asset ownership and residual value of

asset

37

Direct Lease

Hybrid of operating and financial lease

Payout will not include; Repairs, Maintenance, and

Taxes

Duration: 3 or more years

Lessor holds the title

At expiration: lessee may renew

or purchaseFull payout

38

Types of Leases

Master lease: blanket leasing

Percentage lease: flat rental + additional rental over and above a revenue

Wet and dry lease –used in airline

industry

Triple net lease – net of insurance,

maintenance, taxes….

39

Types of Leases

Closed end and open end lease – ownership possibilities opened to

lessee

Swap lease –exchange assets in

need of major repairs

Full pay‐out lease

True lease – fully goes with the local rules and regulations of a

country

40

Types of Leases

Wash lease – tax benefit transferred

to investor

Upgrade lease –used in

obsolescence

Capital lease – to transfer ownership to lessee at the end

of lease term

Employee lease –transferring

employees to Lessor and leasing it back

41

Lease vs. BuyingIncreases company’s debt

capacityPublic market is saturated

with Amtrak debtAlso includes interest

component

Investors will not recognize a financial lease liability as a form of debt? Liabilities: PV of financial lease payments and Assets: PV of financial

lease payments

Possibility of increasing book income buy avoiding

depreciation and interest? ‐Lease payments includes depreciation and interest

In world of no taxes; leasing = borrow‐and‐buy

Lease amount higher or lower indifference pointwould result in value

destruction for both parties

42

NPV Analysis of Lease

Cash flows• Outflow: lease payments• No tax shields on lease payments – Amtrak has no tax benefits

• Not entitled for residual value of $40.2 million

Discount rate• WACC: 11.8%• Interest rate: 6.75% ‐ appropriate rate to be used

43

44

Discount rate 6.75%Tax rate 0.00%After-tax interest rate 6.75%

0 1 2 3 4 5 6 7 8 9 10Lease payments (0.20) (3.76) (7.97) (10.02) (10.32) (8.62) (10.36) (9.83) (10.37) (8.61)Tax shield on lease payments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00After-tax lease payments (0.20) (3.76) (7.97) (10.02) (10.32) (8.62) (10.36) (9.83) (10.37) (8.61)Residual valueTotal cash flows (0.20) (3.76) (7.97) (10.02) (10.32) (8.62) (10.36) (9.83) (10.37) (8.61)Discounted flows @ KD (0.19) (3.52) (7.21) (8.78) (8.74) (7.06) (8.21) (7.54) (7.69) (6.18)

11 12 13 14 15 16 17 18 19 20Lease payments (10.42) (9.68) (10.44) (8.58) (11.60) (7.34) (11.47) (9.48) (15.79) (7.77)Tax shield on lease payments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00After-tax lease payments (10.42) (9.68) (10.44) (8.58) (11.60) (7.34) (11.47) (9.48) (15.79) (7.77)Residual valueTotal cash flows (10.42) (9.68) (10.44) (8.58) (11.60) (7.34) (11.47) (9.48) (15.79) (7.77)Discounted flows @ KD (7.23) (6.50) (6.78) (5.39) (7.05) (4.31) (6.52) (5.21) (8.41) (4.00)

21 22 23 24 25 26 27 28 29 30Lease payments (20.22) (5.07) (15.87) (4.12) (22.81) (3.34) (23.65) (2.66) (24.06) (1.96)Tax shield on lease payments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00After-tax lease payments (20.22) (5.07) (15.87) (4.12) (22.81) (3.34) (23.65) (2.66) (24.06) (1.96)Residual valueTotal cash flows (20.22) (5.07) (15.87) (4.12) (22.81) (3.34) (23.65) (2.66) (24.06) (1.96)Discounted flows @ KD (10.07) (2.44) (7.40) (1.86) (9.95) (1.41) (9.65) (1.05) (9.19) (0.72)Time Period 31 32 33 34 35 36 37 38 39 40Lease payments (20.02) (6.07) (6.29) (12.29) (21.39) (6.55) (18.11) (8.61) (13.47) (8.86)Tax shield on lease payments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00After-tax lease payments (20.02) (6.07) (6.29) (12.29) (21.39) (6.55) (18.11) (8.61) (13.47) (8.86)Residual valueTotal cash flows (20.02) (6.07) (6.29) (12.29) (21.39) (6.55) (18.11) (8.61) (13.47) (8.86)Discounted flows @ KD (7.15) (2.10) (2.10) (3.98) (6.70) (1.98) (5.30) (2.44) (3.69) (2.35)Time Period 41 42 43 44 45 46 47 48 49 50Lease payments (6.65) (2.04) (0.00)Tax shield on lease payments 0.00 0.00 0.00After-tax lease payments (6.65) (2.04) (0.00)Residual valueTotal cash flows (6.65) (2.04) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00Discounted flows @ KD (1.71) (0.50) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

NPV of Lease Alternative (220.26)

Cash Flow Analysis of Lease Alternative (in Million Dollars)

46

Discount rate 6.75%Tax rate 0.00%After-tax interest rate 6.75%Useful life of equipment 25

0 1 2 3 4 5 6 7 8 9 10 SumsDebt 267.90Purchase of equipment (267.90)Principal repayment (3.26) (3.37) (3.49) (3.60) (3.72) (3.85) (3.98) (4.11) (4.25) (4.40)Interest expense (9.04) (8.93) (8.82) (8.70) (8.58) (8.45) (8.32) (8.19) (8.05) (7.91)Interest tax shields 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Depreciation tax shield 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Residual valueTotal cash flows (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30)Discounted flows @ KD (11.90) (11.51) (11.14) (10.77) (10.42) (10.08) (9.75) (9.43) (9.13) (8.83) (102.97)

11 12 13 14 15 16 17 18 19 20Principal repayment (4.55) (4.70) (4.86) (5.02) (5.19) (5.37) (5.55) (5.73) (5.93) (6.13)Interest expense (7.76) (7.60) (7.45) (7.28) (7.11) (6.94) (6.76) (6.57) (6.38) (6.18)Interest tax shields 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Depreciation tax shield 0.00 0.00 0.00 0.00Residual valueTotal cash flows (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30)Discounted flows @ KD (8.54) (8.26) (7.99) (7.73) (7.48) (7.23) (7.00) (6.77) (6.55) (6.33) (73.88)

21 22 23 24 25 26 27 28 29 30Principal repayment (6.33) (6.55) (6.77) (7.00) (7.23) (7.48) (7.73) (7.99) (8.26) (8.54)Interest expense (5.97) (5.75) (5.53) (5.31) (5.07) (4.83) (4.57) (4.31) (4.04) (3.76)Interest tax shields 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Depreciation tax shieldResidual valueTotal cash flows (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30) (12.30)Discounted flows @ KD (6.13) (5.93) (5.73) (5.55) (5.37) (5.19) (5.02) (4.86) (4.70) (4.55) (53.01)


41 42 43 44 45 46 47 48 49 50Principal repaymentInterest expenseInterest tax shieldsDepreciation tax shieldResidual value 40.19Total cash flows 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.19Discounted flows @ KD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.64 7.64

(260.26)

Cash Flow Analysis of Borrow-and-Buy Alternative (In Million Dollars)

NPV of Borrow-and-Buy

NPV Analysis of Lease vs. Borrow‐and‐Buy

NPV of interest and principal repayment cash flows discounted by cost of debt will result in cost of debt

Difference in NPV

Residual value claim of Amtrak at the end of 25

years

Leasing is superior –cheaper by $40 million

47

NPV Analysis of Lease vs. Borrow‐and‐Buy

49

No Tax Tax Rate of 38%

Lease -$220.26 million -$173.90 million

Borrow-and-buy -$260.26 million -$171.51 million

50

Discount rate 6.75%Tax rate 38.00%After-tax interest rate 4.19%

0 1 2 3 4 5 6 7 8 9 10Lease payments (0.20) (3.76) (7.97) (10.02) (10.32) (8.62) (10.36) (9.83) (10.37) (8.61)Tax shield on lease payments 0.08 1.43 3.03 3.81 3.92 3.27 3.94 3.73 3.94 3.27After-tax lease payments (0.12) (2.33) (4.94) (6.21) (6.40) (5.34) (6.42) (6.09) (6.43) (5.34)Residual valueTotal cash flows (0.12) (2.33) (4.94) (6.21) (6.40) (5.34) (6.42) (6.09) (6.43) (5.34)Discounted flows @ KD (0.12) (2.24) (4.64) (5.72) (5.77) (4.72) (5.56) (5.16) (5.34) (4.34)

11 12 13 14 15 16 17 18 19 20Lease payments (10.42) (9.68) (10.44) (8.58) (11.60) (7.34) (11.47) (9.48) (15.79) (7.77)Tax shield on lease payments 3.96 3.68 3.97 3.26 4.41 2.79 4.36 3.60 6.00 2.95After-tax lease payments (6.46) (6.00) (6.47) (5.32) (7.19) (4.55) (7.11) (5.87) (9.79) (4.81)Residual valueTotal cash flows (6.46) (6.00) (6.47) (5.32) (7.19) (4.55) (7.11) (5.87) (9.79) (4.81)Discounted flows @ KD (5.14) (4.68) (4.94) (3.98) (5.27) (3.27) (5.00) (4.05) (6.61) (3.18)

21 22 23 24 25 26 27 28 29 30Lease payments (20.22) (5.07) (15.87) (4.12) (22.81) (3.34) (23.65) (2.66) (24.06) (1.96)Tax shield on lease payments 7.69 1.93 6.03 1.57 8.67 1.27 8.99 1.01 9.14 0.74After-tax lease payments (12.54) (3.14) (9.84) (2.56) (14.14) (2.07) (14.66) (1.65) (14.91) (1.21)Residual valueTotal cash flows (12.54) (3.14) (9.84) (2.56) (14.14) (2.07) (14.66) (1.65) (14.91) (1.21)Discounted flows @ KD (8.12) (1.99) (6.11) (1.55) (8.43) (1.21) (8.38) (0.92) (8.18) (0.65)Time Period 31 32 33 34 35 36 37 38 39 40Lease payments (20.02) (6.07) (6.29) (12.29) (21.39) (6.55) (18.11) (8.61) (13.47) (8.86)Tax shield on lease payments 7.61 2.31 2.39 4.67 8.13 2.49 6.88 3.27 5.12 3.37After-tax lease payments (12.41) (3.76) (3.90) (7.62) (13.26) (4.06) (11.23) (5.34) (8.35) (5.50)Residual valueTotal cash flows (12.41) (3.76) (3.90) (7.62) (13.26) (4.06) (11.23) (5.34) (8.35) (5.50)Discounted flows @ KD (6.53) (1.94) (1.97) (3.77) (6.43) (1.93) (5.22) (2.43) (3.72) (2.40)Time Period 41 42 43 44 45 46 47 48 49 50Lease payments (6.65) (2.04) (0.00)Tax shield on lease payments 2.53 0.77 0.00After-tax lease payments (4.13) (1.26) (0.00)Residual valueTotal cash flows (4.13) (1.26) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00Discounted flows @ KD (1.76) (0.53) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

NPV of Lease Alternative (173.90)

Cash Flow Analysis of Lease Alternative (in Million Dollars)

51

Discount rate 6.75%Tax rate 38.00%After-tax interest rate 4.19%Useful life of equipment 25

0 1 2 3 4 5 6 7 8 9 10 SumsDebt 267.90Purchase of equipment (267.90)Principal repayment (3.26) (3.37) (3.49) (3.60) (3.72) (3.85) (3.98) (4.11) (4.25) (4.40)Interest expense (9.04) (8.93) (8.82) (8.70) (8.58) (8.45) (8.32) (8.19) (8.05) (7.91)Interest tax shields 3.44 3.39 3.35 3.31 3.26 3.21 3.16 3.11 3.06 3.00Depreciation tax shield 7.27 7.27 12.47 12.47 8.90 8.90 6.36 6.36 4.55 4.55Residual valueTotal cash flows (1.59) (1.64) 3.51 3.47 (0.14) (0.19) (2.78) (2.83) (4.70) (4.75)Discounted flows @ KD (1.56) (1.57) 3.30 3.19 (0.13) (0.17) (2.41) (2.40) (3.90) (3.86) (9.50)

11 12 13 14 15 16 17 18 19 20Principal repayment (4.55) (4.70) (4.86) (5.02) (5.19) (5.37) (5.55) (5.73) (5.93) (6.13)Interest expense (7.76) (7.60) (7.45) (7.28) (7.11) (6.94) (6.76) (6.57) (6.38) (6.18)Interest tax shields 2.95 2.89 2.83 2.77 2.70 2.64 2.57 2.50 2.42 2.35Depreciation tax shield 4.55 4.55 2.27 2.27Residual valueTotal cash flows (4.81) (4.87) (7.21) (7.27) (9.60) (9.67) (9.74) (9.81) (9.88) (9.96)Discounted flows @ KD (3.83) (3.80) (5.51) (5.44) (7.04) (6.94) (6.85) (6.76) (6.67) (6.58) (59.40)



41 42 43 44 45 46 47 48 49 50Principal repaymentInterest expenseInterest tax shieldsDepreciation tax shieldResidual value 40.19Total cash flows 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.19Discounted flows @ KD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.27 14.27

(171.51)

Cash Flow Analysis of Borrow-and-Buy Alternative (In Million Dollars)

NPV of Borrow-and-Buy

Value of Early‐Buyout Option

Amtrak would acquire equipment from BNYCF in 2017 for $126.6 million

Type: simple European call option

Valuation model: BSM

Option value is highly sensitive to WACC

Avg yield on 30‐year bond: 5.5%

Assumed market equity weight:

100%

Assumed beta: 1 Market risk premium: 6%

Cost of equity: 11.5% [referred in case is 11.8%]

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53

Underlying asset value $17 Million (Present value of strike price of 126.6 million 18 y ears from now discounted at WACC 11 .8%)

Strike price $126.6 Million Purchase price os asset

Maturity 18.5 years (June 1999 to Dec 2017 )

Risk-free rate 6% 5% to 6%

Volatility 25% Footnote 10; v olatility estimate of locomotiv e and train cars

Option Vlaue (BSM) $2.97 Million

Adjusted NPV

54

No Tax Tax Rate of 38%

Lease -$217.29 million

-$170.93 million

Borrow-and-buy

-$260.26 million

-$171.51 million

Benefits of Debt

Beneficial based on EPS, DPS, ROE, Earnings available to security

holders

Reduced taxes

Financial advertising –signaling more

aggressive financial policies

Capital structure change is easily reversible [can pay down (if required) the debt quickly with

internal funds]

Benefits of Debt

No need for access to debt

markets

No concern about credit rationing at high debt ratios

Possesses plenty of collateral

Disadvantages of Debt

Increase in D/A ratio raises the cost of both debt and equity

More debt = increases risk of financial distress + higher interest

rates

Beta increases and financial leverage increases

Equilibrium recapitalization price is the price that is expected to

prevail after the repurchase, and it is the price that company

should pay for the shares if it is to be fair to all shareholders

Debt Financing Disciplines Managers

Control on investing in risk projects

Higher debt requirements forces manager to earn more to service debt

High debt payments in LBO force managers to conserve cash by eliminating unnecessary expenditures

More careful with shareholders money

Market Effect of New Debt

• Stock holders opinion on expectation of insiders

Signaling effect

• Bind management to deliver predictable operating results in order to service the debt

Incentive effects

• Investors may bail out of stock; allowing others to buy in

Clientele effects

Leasing vs. Buying

60

Incremental Cash Flows

61

Leveraged Lease

62

Decision Tree for an Exploration Projects

63

5 Sources of Financing

Documents

Transcript of 5 Sources of Financing