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Pomáháme vaší firmě růst a vašim projektům k realizaci - společně nalezneme nejvhodnější způsob získání kapitálu pro rozvoj vaší organizace či realizaci vašeho investičního projektu
Debt financing
How PwC can help clients
Organic business growth
We will find the right ways of financing the acquisition of new fixed assets and their classification on your company balance sheets.
Acquisition growth
We will help your company to grow through acquisitions of suitable partners or mergers. We will guide you through the entire M&A process including loan arranging.
Project financing
We will fully assist you in the selection of appropriate project financing (non-, limited- or full-recourse project financing).
Refinancing and access to new instruments
We will find you the currently most advantageous macro terms on capital markets and help you to identify situations how to get better financing conditions.
Current debt restructuring
We will help you in situations where an investment or project could default and where it is necessary to start negotiating with creditors actively to make a concession and to find a suitable solution.
We aim to integrate market overview and to leverage detailed knowledge of the current market developments and debt funding opportunities. We use this know-how to the benefit of our clients so their investment plans are put into practice smoothly and harnessing optimal combination of profitability, risk and flexibility.
Our services
- Debt structure optimisation
- Debt financing advisory services
- Bank loan arrangement
- Selection of loan creditors
- Practical finance-raising step by step
Debt structure optimisation
We will help you to identify a suitable debt structure of your business case with the aim to find the optimal combination of profitability, risk and flexibility.
- Equity
- Loan
- Bonds
- Subsidies
- Leasing
In specific cases, we can arrange even other options such as export financing through buyer's credit (direct, indirect, refinancing) or vendor and off-taker financing (including support schemes such as Power Purchase Agreement, Tolling Contract or Energy Performance Contracting in the energy sector)
Debt financing advisory services
We will help you to consider the impacts of various layers of debt financing with respect to availability, costs, risk transfer and flexibility:
- Availability – can the given debt instrument be acquired and if so, under which terms (considering the project riskiness, its stages, market conditions)?
- Costs – factors such as the debt leverage ratio, interest and fees, equity contribution profile, repayment period and profile
- Risk – how purposeful is the transfer of credit risk to creditors? Greater transfer increases creditor's return requirement increases the demands on profitability and it may decrease the market availability of such debt instruments.
- Flexibility – to which extent will the investor be limited by the creditor (aspects such as loan collateral, contractual covenants, extent and form of recourse to the investor); possibility to renegotiate given by the type of debt instrument
PwC services in the area of debt financing can be characterised by independence, expertise in the area of capital markets, knowledge of material particularities of the given areas of business, and the wide range of additional and associated transaction services beyond the narrow financing perspective.
Bank loan arrangement
Bank loans constitute the most common part of a debt structure. Even there, the benefits of various variants, creating the optimal loan combination, should be considered.
- Long-term investment loan
- Senior loan – possibility of a club loan or a syndication (underwritten or best-effort)
- Mezzanine loans – typically from the specialised type of creditor
- Junior loan – typically from the actual sponsor
- Short-term VAT bridge loan
- Treasury limit (IR, FX hedging)
- Short-term equity bridge loan
- Revolving loan to cover working capital
- Medium-term standby loan to cover capex overruns
- Short-term loan to pre-finance grants
Selection of loan creditors
According to the particularities of your project or investment, the following organisations will be involved in the process:
- Commercial banks (local and international)
- Export credit agencies (regulatory aspects of supported export finance – “OECD consensus”)
- Multilateral and development banks (NRB, EIB/EIF, EBRD)
- Specialised institutions and instruments (e.g. mezzanine loans)
Practical finance-raising step by step
We will take you through all steps of the process including business case analysis, its risks and weaknesses, identification of suitable solution and creditors, and contract conclusion and loan drawing. Subsequently, during the repayment period, we will be ready to assist you with regular reporting or trouble-shooting.
Our services include:
- Independent analysis of the business case (from the perspective of investors or potential creditors)
- Qualitative analysis (including risk identification, assessment and allocation)
- Quantitative analysis – elaboration of the complex financial model of the project/company
- Preparation of the so-called long list of financing options, Teaser preparation, NDAs
- Preparation of information memorandum for long-listed financial institutions
- Collecting of indicative term sheets, and ad hoc up to three rounds of term-sheet negotiations with the creditors
- Short-listing of financial institutions (potential creditors)
- Due diligence (financial DD and preparation or review of the financial model, legal DD and technical DD including Reliance Letters) for short-listed creditors
- Collection of a binding term-sheet from short-listed creditors
- Selection of the preferred creditor (sole lender/loan arranger/club members/bond arranger)
- Negotiations on the finance documentation (incl. loan agreement and collateral documentation)
- Finance documentation signing (commercial close)
- Fulfilment of conditions precedent and eligibility for loan drawdown (financil close)
- Interest and FX hedging – strategy, specific option, selection of the most suitable counterparty
What might interest you
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