When the existing structure no longer fits — assess the options, then act.
Refinancing decisions are time-sensitive and lender-market-dependent. We assess what the business currently holds, what the market will offer, and what the right next structure looks like — before the pressure point forces the decision.
Refinancing and debt advisory are related — but distinct.
Debt advisory covers the full lifecycle of raising debt — from the first facility to acquisition financing. Refinancing and recapitalisation is a specific mandate type: the business has debt in place, and the question is whether that debt is still the right structure, with the right lender, on the right terms.
The two mandates share a lender market, a financial modelling discipline and a process methodology. But refinancing has a specific characteristic: there is an existing relationship with a lender that must be managed carefully throughout, and a maturity or covenant profile that sets the timeline.
We advise on refinancing as a standalone mandate and also as a component of larger recapitalisation transactions where the debt structure is being reset alongside a change in ownership or equity position.
Six pressure points that trigger a refinancing conversation.
Maturity approaching
The existing facility has a term date within 12 to 18 months. A refinancing process needs to be underway before the window closes — not started when it arrives.
Covenant breach or test failure
Trading is below covenant levels. The lender relationship is under strain. Options include a waiver, an amendment, a full refinancing or a lender change — all require independent assessment first.
Facility no longer fits the business
The business has grown, diversified or changed its operating model. The original facility was structured around a different business. The terms, the lender type and the quantum are all misaligned.
Margin and fee structures are expensive
Market conditions have moved since the facility was put in place. The current margin and arrangement fee structure reflects a risk profile the business no longer carries. Better terms exist in the market.
Ownership has changed or is changing
A partial exit, secondary transaction or management buyout has changed the ownership structure. The debt needs to reflect the new stakeholder position and objectives.
Balance sheet requires reshaping
The debt-to-equity ratio is wrong for the business's current strategy — too leveraged to execute, or underleveraged relative to what the business can support and what equity holders want.
Timing matters.
Assessment before action. Options before commitments.
The first stage is always understanding what the business currently holds and what the market will offer. We do not start a refinancing process before we know what the right answer is.
Position assessment
We review the existing facility — terms, covenant set, maturity, pricing, flexibility provisions — and assess what the refinancing market will currently offer for a business of this profile.
Options analysis
We set out the realistic options: amend-and-extend with the existing lender, full refinancing to a new lender, a change in facility type, or a hybrid structure. We assess the costs, risks and timelines for each.
Market approach
Where a new lender is the right outcome, we run a structured refinancing process — prepared information, targeted lender outreach and a competitive term sheet process.
Negotiation and completion
We manage the term negotiation, the existing lender repayment mechanics and the completion process through to drawdown on the new facility.
Specific outputs at each stage.
Current facility review with a plain assessment of where the business stands relative to its lender
Refinancing options analysis — amend-and-extend versus full refinancing versus lender change, with costs and trade-offs set out
Financial model updated to reflect the refinancing or recapitalisation structure under consideration
Lender information memorandum prepared to refinancing market standard
Comparative term sheet analysis across refinancing proposals received
Completion management from credit approval to drawdown
Refinancing and recapitalisation mandates from our completed transactions.
Assess your refinancing options now.
Early assessment is always better than a distressed timeline.