Case Studies
Capital Advisory
A capital structure built for a twenty-year asset.
An infrastructure owner was financing long-duration assets with rolling short-term facilities, creating refinancing risk at every rate cycle.
- Service
- Capital Advisory
- Sector
- Infrastructure
- Engagement
- 9 months
The Problem
What stood in the way.
- Asset lives of twenty years were funded with facilities maturing inside three.
- Covenant headroom tightened materially under any downside rate scenario.
- Lender relationships were concentrated in two institutions.
Our Approach
How we worked.
- 01
Modelled the asset base under stressed rate and utilisation scenarios to size sustainable leverage.
- 02
Designed a layered structure matching tenor to asset life across bank and private credit.
- 03
Ran a competitive process with a widened lender set and a single documented credit story.
Outcomes
What the work produced.
- 12 yrs
- weighted average tenor
- -95bps
- blended cost of debt
- 6
- capital relationships
Refinancing risk moved off the near-term agenda, and the widened lender group gave the owner capacity to fund the next two projects without returning to shareholders.
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