Methodology

How we read
financing disclosures.

A research framework for reading financing disclosures and making comparisons with a stated basis.

Source evidence

Each observation should identify the document, publication date and field it supports. A check of one field does not establish every term of a financing.

Announced capacity, committed debt and drawn balances are different quantities. An amendment or refinancing should be reconciled to its earlier facility before either is included in a total. Undisclosed values remain unknown.

Where disclosures conflict, retain the competing values and their sources until the difference is resolved. An inaccessible document is a coverage limitation.

Comparing financing costs

Keep contractual floating margins, fixed coupons, issuer-reported equivalent spreads and cash-flow financing costs separate. A quoted margin excludes the benchmark rate; a nominal coupon does not capture every cost borne by the borrower.

Measure	What it describes	What else is needed
Floating margin	The contractual spread over a reference rate.	Benchmark convention, floors, resets and fees.
Fixed coupon	The stated interest rate on principal.	Issue price, fees, repayments and other return provisions.
Annual effective cash-flow cost	A discount rate applied to dated borrower cash flows.	A complete schedule and an explicit treatment of fees, hedges and restricted proceeds.

Cash-flow method

Treat usable proceeds as positive cash flows and borrower payments as negative. Include discount, fees, repayment timing, reserve posting and release, and any applicable hedge cash flows. The annual effective rate solves:

Σ CF_t / (1 + r)^{days_t / 365} = 0

A cash-flow pattern with multiple changes of sign can have multiple IRR solutions. A single reported rate needs a tested, stated solution basis.

Comparisons also need aligned currency, observation date, tenor, amortisation, collateral and recourse. Contract credit and construction risk should remain visible beside the rate.

Try an illustrative schedule →

Connecting financing to projects

Distinguish the operator, legal borrower, facility family, instrument and project. A financing-to-project link needs a source that identifies the relationship. An operator’s involvement at a campus does not allocate all its borrowing to that campus.

Power capacity should retain its reported basis. Utility supply capacity, contracted power, planned campus capacity and energised IT load are separate observations. A development plan alone does not establish executed power rights.

Public and private materials

This public edition provides a browsable register of qualified research observations and an illustrative calculator. Original source archives, raw row payloads, researcher identities and bulk research exports remain restricted.

Evidence labels identify selected field checks, inherited observations, indexed passages and unresolved conflicts. Publishing a record does not create independent editorial approval or verify every field. No actual financing in this research cut has complete inputs for a comparable all-in cost.