Shaping deals - case studies
Example A £4bn debt restructuring of a FTSE 250 media company
A FTSE 250 media company was preparing to restructure the majority of its £4bn of debt accompanied with a market testing equity raise of £500m.
We supported our client in the preparation of a robust business plan that connected the business drivers of its three revenue streams with the operational and FX exposures to present a detailed and flexible forecast under the existing financing arrangements.
We then worked with their advisors and lenders as part of the term sheet negotiations which resulted in a coherent view of the complex transaction and its inter-relationships.
In our central position we became the link between the advising banks and the various other parties and were able to assist the company and the diligence teams throughout the process, providing explanations of the structure and supporting various downsides and vulnerabilities.
The company came to us before appointing their advisors to ask us to support their restructuring and help them to understand the information they would have to provide. As a result the company was extremely well positioned for the requirements of the advisors and the diligence teams, and the adoption of the mechanics of the transaction was relatively simple despite its inherent complexity.
Our involvement made the diligence process considerably more efficient and provided the ability for all parties to run immediate scenarios as they responded to the volatile environment and the demands of the hundreds of stakeholders.
As the two advising banks were on a joint mandate, our independent team simplified the roles and responsibilities and provided tangible benefits to all parties.
"The modelling workstream is the only one that is above and beyond our expectations" - CFO.
"Thanks again for the model this is a fantastic piece of work" - JPMorgan.
