"Redbridge played an instrumental role in the process by enabling us to secure innovative financing that met our requirements and advising us on complex documentation."
Engagement overview
Structure and raise the inaugural bank financing for a pure-play solar developer with no operating assets.
Objectives
- Fund Ciel & Terre’s growth plan at attractive terms.
- Increase the size of the group’s lender base.
- Minimize financing-related constraints.
Results
- Executed a highly innovative €15 million holding company subordinated facility with a pool of five banks, which was a mix of existing and new lenders.
- Three-year loan with two extension options.
- Deal was significantly oversubscribed, enabling negotiation of favorable terms and highly competitive pricing.
Methodology
- Built a reusable cash-flow model for future group transactions, which was also adapted for monitoring compliance with covenants.
- Prepared, drafted and negotiated comprehensive legal documentation.
- Produced a detailed Information Memorandum covering all credit aspects.
- Led focused discussions with lead banks to ensure they clearly understood the transaction’s specifics, and then included participant (“follower”) banks.
- Recommended new banks to invite to broaden the pool and maximize the probability of success.
- Provided support in all related matters such as amendments to existing private bond documentation, presentations to the board, NDAs and bank KYCs).
Value added by Redbridge
- Designed a financing structure to exactly match Ciel & Terre’s operational requirements and constraints.
- Efficiently managed discussions about structuring and documentation, balancing the need to manage lender expectations without overburdening Ciel & Terre’s teams.
- Helped throughout the process and consistently drove the project forward.