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Private Equity Debt Advisory

Our Private Equity Debt Advisory team works closely with CFOs and Private Equity investors to provide them with independent advice and world class execution resource on all aspects of their debt financing.

There are three situations which typically trigger the involvement of our team:

Refinancing

  •  Maturing debt facilities which need refinancing – amend and extend exercises;
  • Considering accessing a new debt market – alternative/non-bank lenders or capital markets;
  • Reviewing asset based finance to release value from balance sheet – receivables, stock, plant & machinery or property;
  • Funding for growth and expansion;
  • Funding for dividends and cash out;
  • Analysing off balance sheet finance; joint venture funding or equity investment; and
  • Assessing multiple proposals from lenders.

Acquisitions, Disposals & Mergers

  • Raising acquisition finance facilities;
  • Providing a staple debt package to maximise sale proceeds on a disposal; and
  • Additional finance required as a result of a change in strategic objectives.

Restructuring or renegotiating of existing debt facilities

  • New money requirement;
  • Real or potential breach of covenants;
  • Experiencing a trading downturn creating short term liquidity pressure, leading to a requirement for temporary or additional working capital; and
  • Existing lenders transfer debt to an alternative lender group.

The financial markets in which the team advises include:

  • Leveraged finance bi-lateral, club and syndicated senior bank facilities;
  • Mezzanine finance, unitranche, second lien, PIK and quasi facilities;
  • Asset Based lending facilities; and
  • Debt Capital markets including High Yield issuance and ratings advisory.

Highlights

  • Deloitte Alternative Lender Deal Tracker
    The alternative lender community is becoming increasingly relevant for European mid-market companies. In 2013, we saw activity strengthening from alternative lenders in the European mid-market in particular with the success of the unitranche product. As expected, this trend is continuing in 2014, against the backdrop of a strongly improving economic outlook.
  • Acquisition of Iris Software by HgCapital
    Advising HgCapital on raising acquisition finance facilities to support the acquisition of Iris Software, including an innovative, privately-placed high-yield bond structure.
  • Refinancing of LGC
    Refinancing of Bridgepoint Capital owned business by way of a nine bank club structure to facilitate increased acquisition capacity.
  • Disposal of Healthcare at Home
    Advising Healthcare at Home on the raising of a staple debt package to support the disposal of the business by Hutton Collins.

Key contacts

  • James Douglas
    Partner
    +44 (0)20 7007 4380
  • Fenton Burgin
    Partner
    +44 (0)20 7303 3986
  • Chris Skinner
    Partner
    +44 (0)20 7303 7937
  • John Gregson
    Partner
    +44 (0)20 7007 1545
  • Nigel Birkett
    Partner
    +44 (0)161 455 8491

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