Raising debt
Our team advises companies on raising debt on global capital markets with focus on the European and US market. We offer tailored advice to a broad range of businesses, from smaller, entrepreneurial companies to sophisticated national and multinational companies.
European debt transactions typically involve a Eurobond issue or Euro Medium Term Note Programme (EMTN) listing on the stock exchanges in Luxembourg, Dublin and London.
Also, often companies may wish to offer notes to institutional investors in the United States, under an exemption afforded by Rule 144(a). This enables the company to access the US markets without having to register the securities with the Securities Exchange Commission (SEC). As a result, companies can raise capital in the US without having to meet the ongoing reporting requirements associated with SEC registration. Such offerings are still driven by US market practice, which may be unfamiliar to companies inexperienced in raising capital.
Potential pitfalls
- Understanding ahead which market is right and what regulations and market practice will have to be complied with;
- No clarity in relation to who should be on the advisory team, what should be expected from them and what is a realistic timeframe for the transaction;
- The financial track record is complicated as in the last three years there has been a reorganisation, a merger or de-merger, an acquisition or simply changes in accounting policies and there is a need to understand how these shall be presented;
- The need for additional expertise or resources to operate as project manager for the transaction, as the company's own resources and management are fully stretched during the process and have the daily duty to take care of.
- Necessity of avoiding any pitfalls in successfully executing the transaction on schedule.
How we can support
- Providing an independent view of the critical issues in accessing a particular market;
- Reviewing and evaluating which advisors are right for you;
- Supporting with our experience in order to guide management and companies unfamiliar with the process of raising capital;
- Providing advice on what documentation is required and when;
- Assisting to deal with regulatory rules and market practice and the ability to anticipate pitfalls in advance;
- Supporting the project management of key parts of the transaction, which will enable the ability to delivery on schedule.
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