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Enron Prepaid Oil Swap: Initial and Final Payments

Initial Payment. “X” bbls x Fixed Oil Price = USD 400 mm. Inter-Company Loan. Toronto-Dominion Bank, Toronto. Toronto-Dominion Bank, Toronto. Enron North America Corp. Enron North America Corp. Enron Europe Ltd. Enron North America Corp. Enron Europe Ltd. Upfront Fee = 85 bps.

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Enron Prepaid Oil Swap: Initial and Final Payments

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  1. Initial Payment “X” bbls x Fixed Oil Price = USD 400 mm Inter-Company Loan Toronto-Dominion Bank, Toronto Toronto-Dominion Bank, Toronto Enron North America Corp Enron North America Corp Enron Europe Ltd Enron North America Corp Enron Europe Ltd Upfront Fee = 85 bps Final Payment Inter-Company Loan “X” bbls x Floating Oil Price “X” bbls x Floating Oil Price “X” bbls x Fixed Oil Price = USD 400 mm Morgan Stanley Capital Group Inc “X” bbls x Floating Oil Price “X” bbls x Fixed Oil Price = USD 400 mm Enron Prepaid Oil Swap: Initial and Final Payments

  2. “Y” bbls x Floating Price Toronto-Dominion Bank, Toronto Toronto-Dominion Bank, Toronto Enron North America Corp Enron North America Corp “Y” bbls x Floating Price “Y” bbls x Fixed Oil Price = Fixed Interest Rate + 80 bps “Y” bbls x Floating Price Less Credit Spread “Y” bbls x Fixed Price = Fixed Interest Rate + 80 bps Morgan Stanley Capital Group Inc 2-Year Fixed Swap Rate Libor Enron Prepaid Oil Swap: Quarterly Payments

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