dcs advisory Experts teamrefinancing & Restructuring | |||||
Vienna, Austria | Washington NC, USA | ||||
| Meet Our Refinancing & Restructuring Experts Team! | |||||
DCS affiliates provide comprehensive refinancing and restructuring services for our public and private sector clients within our sectoral focus areas, including infrastructure, energy & utilities, oil & gas, industrials and real estate. In some cases our clients pursue refinancing transaction purely for interest cost savings. In other cases, individual refinancings of particular loans or bonds may be pursued in order to relieve our borrower client of certain onerous covenants or restrictions imposed by the lender or bondholder, or simply to extend the maturity. Refinancing may also be pursued as part of a larger debt restructuring and workout plan as part of our comprehensive workout and restructuring services.
For all of our clients, as an added-value service, we will monitor all debt refinancing opportunities, either for debt service savings or for favorable refinancing and restructuring opportunities and strategies that we may propose.
In the case of any refinancing transaction, we will first analyze all contractual provisions that may impact the efficacy of a refinancing. Common constraining contractual provisions that relate to refinancing include pre-payment or call penalties, non-call periods, make-whole provisions, swap termination (wind-up) payments, refinancing gain-sharing provision (in project agreements, offtake agreements, etc.), debt service coverage covenants, additional indebtedness tests, etc. (just to name a few). Many DCS affiliate are former bankers and lawyers with decades of experience in both commercial and capital market debt financings. Accordingly, we have significant experience with structuring refinancing transactions in an optimal way which complies with all of the contractual provisions as they may exist.
Under any refinancing/restructuring scenario, we will survey the market of potential commercial lenders, bond investors, hedge providers and potentially private equity and mezzanine investors (in the case of a workout / restructuring related to a distressed company or asset scenario). In our core sector and market coverage coverage areas, DCS affiliates maintain standing relationships with many of these potential lenders, investors and hedge providers. Therefore, we can offer our clients with an assessment of the potential universe and indicative pricing and terms available from the lenders, investors and hedge providers that could potentially participate in a refinancing/restructuring transaction. In any workout and restructuring advisory mandate, and many other restructuring mandates, a large part of our work will be with respect to negotiations with the existing lenders, guarantors, bond investors and potentially with the credit rating agencies. In many cases, when we have first identified at least one "plan B" fall-back refinancing/restructuring plan option, we are in a position to push the existing creditors much harder than we would if we had no fall-back option.
Under any refinancing/restructuring advisory mandate, our overarching goal is always to attain the lowest borrowing cost possible; with more favorable covenants, terms and conditions for our borrower clients. We achieve these objectives through a combination of negotiations with existing creditors and bringing in new refinancing lenders, investors and hedging providers offering lower borrowing rates and better terms. Our comprehensive services related debt transaction execution in connection with commercial debt, debt capital markets, equity capital markets advisory services are described in greater detail within those pages.
Under any refinancing or restructuring advisory services mandate, DCS will draw from our vast global network of veteran industry expert advisor affiliates and our relationship consultants in order to assemble the most appropriate team to match the specific needs of the transaction at hand. This will always include leadership of DCS affiliate experts who possess decades of global transactional experience related to the specific sector and transaction type. In any refinancing/restructuring advisory services mandate, our preferred role is always to serve as the lead project/program manager. Within this role we are also able to assist in the selection and procurement (or subcontracting) and management of other advisors, including local and international legal, tax, commercial due diligence advisors or other specialized advisors, as the specific transaction may require.
Complementing our refinancing and restructuring advisory services, DCS advisors offer the following complementary advisory services that may be applicable, dependent on the transaction situation.
- Equity Capital Raising
- Commercial Debt Capital Raising
- ECA/Ex-Im Debt and Credit Products
- IFI/DFI Financing and Funding
- Debt Capital Markets
- Stapled Financing
- Leveraged Acquisition Financing
- Transaction Advisory
- Tender Management: RFEI/RFQ/RFP
- Mergers & Acquisitions Advisory
- Project/Program Management
- Contract Drafting and Negotiation
- Strategic Planning
- Feasibility Studies
- Business and Asset Valuation
- Workouts and Restructuring
- Corporate Governance
- Training and Capacity Building Workshops
DCS experts provide comprehensive refinancing and restructuring advisory services in the following sectors that we specialize in. Please click on the below links to learn more about the sectors that we cover:
DCS experts provide refinancing and restructuring advisory services to the following categories of clients:
- Developers/Sponsors/Concessionaires
- Investors
- Corporations
- Governments/Governmental Entities
- Contractors/Vendors
- Utilities
- Lenders
- Investment Banks
- International Financing Institutions