Structured Finance and Debt Advisory
Senior and mezzanine debt structuring, covenant negotiation and lender engagement.
Layers that fit the cash flow
Senior and mezzanine debt structuring, covenant negotiation, and lender engagement for growth-stage and buyout transactions, with Europe as a focus market within our global reach.
Debt is capital that does not dilute, but it comes with obligations: repayment, covenants, security and reporting. A good structure matches those obligations to the way the business actually generates cash.
The layers of a facility
- Senior debt
Ranks first for repayment and security. The lowest cost of capital, and usually the tightest covenants.
- Mezzanine
Sits between senior debt and equity. It costs more, and gives the business more room to grow into its plan.
- Equity
Ranks last and carries the most risk. It is the capital the layers above rest on.
We design these layers together, test them against the business plan and its downside, and negotiate them with lenders who understand the transaction.
When it is relevant
- A growth-stage company wants capital without further dilution.
- A buyout needs senior and mezzanine layers that work together.
- Covenants or lender relationships need to be renegotiated.
How we run it
Mandate scoping
Capacity and constraints. The funding need, the cash flow available to service debt, and the constraints any lender will apply.
Structuring
Layers that fit the plan. Tranches, covenants and security, each tested against the business plan and its downside.
Access and execution
Lenders and terms. Lender selection and engagement, negotiation of terms, and documentation through to signing and first drawdown.
Post-close support
Living with the facility. Lender reporting, covenant compliance and, when the time comes, refinancing.
What you receive
- An analysis of debt capacity
- A recommended structure, with the alternatives considered
- A shortlist of lenders and a managed approach
- Negotiation of terms and covenants
- Support through documentation and drawdown