Worked with the project finance client sponsor to protect the economics of the deal.
Set up hedging as soon as possible after winning the bid.
Ran the hedging processes to ensure competitive pricing – both on entry and termination.
Reviewed the hedging documentation.
Private equity fund in a bidding process for a real asset.
Multi-billion USD financing was provided by eleven lenders through a Term Loan, a Bridge Facility and a Capex Loan. Nine lenders were eligible to be hedge providers with pro rata sharing agreed.
The sponsor was keen to hedge the current financing but also future refinancings though capital markets.
A hedge was to be set up as soon as possible after winning the bid – even before financial close – to protect the economics of the bid against rising rates
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Credit spread auction process
Deal contingent hedging
Protected clients from clauses in the financing documentation
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