Corporate Credit
Senior, unitranche, stretch senior and first-out last-out, plus second-lien, mezzanine, holdco notes and preferred equity when senior capacity is not enough.
Financing solutions
Middle-Market Debt Advisory
We advise borrowers on capital structure, then run the process to place the debt. Corporate credit, fund finance, acquisition financing, working capital, and special situations. We take each mandate to banks, non-bank lenders and private credit funds, and we negotiate on the client’s side of the table.
Fund Finance
Warehouse and SPV facilities, subscription and capital call lines, NAV facilities, and management company loans for fund managers and sponsors.
Liquidity & Working Capital
Revolvers, asset based lending, factoring and receivables finance, and recurring-revenue facilities for businesses with collateral or contracted revenue.
Acquisition & Ownership Transition
Debt for platform acquisitions and bolt-ons, cross-border structures, and shareholder redemptions where an owner is buying out a partner or retiring.
Special Situations
Rescue and opportunistic capital, recapitalizations, and balance-sheet restructuring for stressed or time sensitive situations where certainty of close matters most.
Structuring & Analysis
Debt capacity models, borrowing base and covenant analysis, and lender ready materials. Sometimes the first question is how much debt the business can actually carry, not who will lend it.
Financing solutions
The Facilities We Arrange
Twenty-two facility types across corporate credit, fund finance, working capital, acquisition and ownership transition, and special situations. We place them with banks, non-bank lenders and private credit funds, depending on which channel gives the client the best result.
Up to $150 millionFacility size
Companies & FundsBorrower types
U.S. & Cross-BorderGeographic focus
Liquidity & Working Capital
Revolver / Working-Capital Line
For seasonal liquidity, receivables swings, inventory, and general working capital. Available from banks and from non-bank lenders, and often the facility that stays in place after a refinancing.
Asset-Based Lending / Asset-Backed Finance
When the business has strong collateral but weaker cash flow lending capacity. Covers receivables, inventory, hard assets, structured debt, consumer and commercial finance receivables, and bilateral ABL structures.
Factoring & Receivables Finance
Sale or financing of trade receivables, on a recourse or non-recourse basis, where the credit rests on the account debtors rather than the borrower. Useful for growing or thinly capitalized businesses that cannot yet support a conventional revolver.
Base Leverage
Funded Term Loan
Drawn at closing for refinancing, dividends, acquisitions, or general corporate purposes. One of the core building blocks in middle market capital structures, from both banks and direct lenders.
First-Lien Senior Secured Loan
The plain vanilla senior facility. Sits at the top of the capital structure, usually secured by substantially all assets. Priced tightest at a bank and priced for flexibility at a credit fund.
Unitranche
Combines what would otherwise be separate senior and junior debt into one facility, one lender group, and one document set. Faster and simpler than a bank-plus-mezzanine structure, at a blended cost between the two.
Stretch Senior / First-Out-Last-Out
Variations of senior debt that let lenders allocate risk internally while presenting a cleaner, single facility solution to the borrower. Common where a bank and a credit fund share one facility.
Fund Finance
Warehouse & SPV Facilities
Facilities that let a manager fund investments ahead of capital calls or ahead of a permanent vehicle, secured by the underlying holding companies or assets. Often structured with a master borrower so a new loan document is not needed for each investment.
Subscription / Capital Call Lines
Revolving facilities secured by uncalled LP commitments and the right to call capital. Used to smooth funding timing and reduce the number of capital calls made on investors.
NAV Facilities
Leverage against the net asset value of a fund’s portfolio, typically later in the fund’s life when uncalled commitments no longer support a subscription line. Used for follow-on capital, liquidity, or distributions.
GP & Management Company Loans
Facilities to the general partner or management company, supported by management fee income or GP commitments. Used to fund GP co-invest obligations or working capital at the firm level.
Future Funded Needs
Delayed-Draw Term Loan (DDTL)
Committed capital for future acquisitions, capex, integration costs, or liquidity support, rather than drawing all proceeds on day one. Can be structured creatively, including as payment DDTLs.
ARR-Based / Recurring-Revenue Facilities
For software and tech-enabled businesses where traditional EBITDA underwriting does not capture credit quality well. Recurring revenue leverage structures are now standard in the middle market.
Leverage Beyond Senior Capacity
Second-Lien Debt
Junior to first lien but still debt, not equity. Useful when the borrower needs more leverage than a senior lender will provide but does not want to fill the gap entirely with equity.
Mezzanine Debt
Subordinated junior capital, often with a higher coupon and sometimes equity-linked upside. The classic gap filler when senior or unitranche capacity is not enough.
Holdco Notes / Holdco PIK
Structurally subordinated facilities issued at the holding company level. More bespoke and typically more expensive, but they can solve capital-structure problems when operating-company leverage is constrained.
Preferred Equity
Not debt in the strict sense, but part of the broader non-control capital solution set. Bridges a financing gap without the common-equity dilution of a straight equity round. We work with our broker-dealer partners on preferred equity transactions requiring broker-dealer involvement.
Acquisition & Ownership Transition
Acquisition Financing for Independent Buyers
Senior and junior debt for buyers without a fund behind them: independent sponsors, search-style acquirers, operators, and family businesses. Structured alongside buyer equity and a seller note, and built for buyers who are not SBA eligible.
Cross-Border Acquisition Structures
Financing where the parent and the target sit in different countries, most often between the United States and Canada. Addresses guarantee structure, collateral perfection in each jurisdiction, and which side of the border the lender should sit on.
Shareholder Redemption & Ownership Transition
Debt to buy out a departing or retiring shareholder without selling the company. Starts with a debt capacity analysis showing what the business can actually support, then places the facility that funds the redemption.
Complex & Stressed Situations
Special Situations / Rescue / Opportunistic Capital
For unusual or stressed cases: covenant pressure, a failed sale process, a near-term maturity wall, an acquisition that needs speed, or refinancing risk. More bespoke and typically more expensive, but designed for situations where flexibility and certainty matter most.
Recapitalization & Balance-Sheet Restructuring
Where the problem is the existing capital structure rather than the business. Includes negotiated payoffs at a discount, debt-for-equity conversions, and bringing in new control or minority equity alongside a right-sized senior facility.
Broker-dealer partners
We work with our broker-dealer partners on transactions requiring broker-dealer involvement, including sales of preferred and common equity and applicable M&A transactions.