正文
1. Refinancing means changing or replacing the existing terms on which debt obligations have been incurred. Borrowers may refinance existing debt obligations for a number of reasons and in a variety of ways.
再融资是指变更或替换已经产生债务的现有条款。借款人可以因各种原因、通过各种方式对现有的债务进行（在原有融资基础上）的再次融资。
2. The result of a refinancing may be that the Private Partner's debt costs are reduced, resulting in greater revenue and in turn a higher equity return - this is typically called "refinancing gain". The PPP market has increasingly acknowledged that it would not be fair for the Private Partner to enjoy the entire benefit of refinancing gain where it is not entirely responsible for the availability of the improved financing terms.
再融资的结果可能是减少私营合作伙伴的债务成本，增加收入并进而获得更高的股权回报，这些效果一般称为“再融资收益”。PPP市场越来越多地认为，若再融资并非完全由私营伙伴实现，让其独自享受全部的再融资收益会有失公平。
3. Not all refinancing lead to gains that should be shared, however, and refinancing provisions also typically clarify the circumstances which are exempt.
然而，并不是所有再融资带来的收益都应该分配，不分配的情形也一般会通过再融资条款进行明确说明。
4. Rescue Refinancing - In adverse circumstances a refinancing may be sought to rescue the PPP Project from default. The Private Partner may be in a distressed situation requiring an increase and/or a rescheduling of their debt repayment obligations. Generally, it will be in the Contracting Authority's and the Private Partner's interests for this form of refinancing to be implemented so that service provision under the PPP Contract can continue and default termination consequences avoided.
救济性再融资—在不利情形下，可以通过再融资来使PPP项目免于违约。私营合作伙伴可能会处于被要求增加和/或重新安排其债务偿还义务的苦恼境地。一般地，采取这种再融资的形式符合缔约政府部门和私营合作伙伴各自的利益，这样（服务提供者）就可以继续根据PPP合同提供服务，也避免了因违约而终止合同后果的产生。
5. Mini perm refinancing - In markets where it is not possible (or desirable) to obtain long term financing, the Private Partner may put in place what is sometimes known as a "mini perm" financing. The loan will have a short tenor (e.g. five or seven years), and there is an incentive on the Private Partner and its Shareholders to refinance because the loan terms may provide that the Lenders will sweep all available cash (after reserve account funding) if no refinancing has occurred by the relevant maturity date (and the Lenders may require gradually increasing cost sweeps (e.g. 25%, 50%, 75%) in the years prior to maturity), or (in the case of a "hard" mini perm) that there will be an event of default.
小型永久性再融资—在不可能（或者不愿意）获得长期融资的市场，私营合作伙伴可以代之以有时称为“小型永久性”的融资。这种贷款期限较短（如5年或7年），这样的话私营合作伙伴及其股东就会有动力去再融资，因为贷款条款可能会规定如果在相关的到期日之前还没有获得再融资（并且贷款方还可能要求在到期前的几年内逐步提高成本比例，比如25%,50%, 75%等）或者（如果是在“硬”小型永久性再融资的情形下）将来发生违约事件，则贷款方将（在提留账户准备金之后）撤回所有可用的现金。
6.Bridge to bond financing - Where it is envisaged that initial bank debt financing will be replaced by bond finance, normally after completion of the construction or development phase, this is known as 'bridge to bond' financing.
债券式融资前的过桥贷款——一般在完成建设或开发阶段之后，计划将用债券式融资替代初始的银行贷款融资，这种方式称为“债券式融资前的过桥贷款”性质的融资。
