PNC, page-66

There is nothing Ponzi scheme about it. Simply a company that buys an asset and extracts value out of it over 5-6 years to pay for the purchase, running costs and profit. In simple terms they buy a debt for, say, 15-18c in the dollar, on average try and collect, say 45-50c, spend, say, 50% of the cash inflow on running the business and pump the surplus cash back into debt purchases. Given the leverage model they use debt as well to accelerate purchases while maintaining limits on gearing. Equity raises will also be done where favourable opportunities identify more capital is required than can be sourced from organic cash flow and debt.