Advisory, structuring and placement — in one place.
Most capital problems in this sector are diagnosed in one place, structured in another and placed in a third. We do all three, which is why the answer arrives in weeks.
Advisory
01We assess whether a project, a contractor relationship or a procurement program can support institutional capital before anyone spends money on process. That assessment is short and it is candid. A significant share of what we look at does not qualify, and we say so on the first call rather than the fourth.
Structuring
02We advise on EPC and procurement agreement structuring so that the obligations those agreements create meet institutional investor appetite.
Construction and procurement agreements are ordinarily drafted to allocate risk between the two parties signing them. They are not drafted to be financed. The result is that a project can be sound, a contractor can be creditworthy, and the agreement between them can still fail to produce anything an institutional credit investor is able to fund.
We work with sponsors and contractors at the point where those agreements are being negotiated, so that what emerges is fundable. This is upstream work. It is far harder and more expensive to retrofit an executed contract than to structure it correctly at the outset.
Placement
03We arrange and place the resulting notes with institutional buyers through bank private placement desks and direct investor relationships. The buyer base is insurance general accounts, pensions and investment-grade credit funds — the same investors who buy credit-enhanced paper, buying it for the same reasons.
How an engagement runs
04- 01
Qualification, against published criteria.
- 02
Structuring and documentation, so the agreements support financing.
- 03
Rating and issuance.
- 04
Funding, released through a trustee-controlled account.
- 05
Repayment at completion, from credit monetization and permanent financing.
The structure itself is proprietary. Mechanics are discussed under confidentiality agreement.
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