03.02 · Financing
Refinancing
Replacement of existing facilities on better terms or a longer horizon.
Refinancing is usually about maturity, covenants or cost. We establish which of the three matters most, then test the market rather than renegotiating with the incumbent alone.
A short, competitive process with a prepared credit case typically produces better terms than a bilateral extension.
Scope of the mandate
Review of existing facilities and covenants
Credit case and lender materials
Competitive lender process
Term sheet negotiation and documentation
Typical situation
Facilities mature in twelve months, the business has changed since they were agreed, and the current terms no longer fit.
Responsible
Related sub-services
Sell-side mandatesHolding structuresListing readinessAsset & portfolio deals