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Facilities we arrange

Six types of debt, from senior bank lending to junior capital. For each one: what it is used for, indicative terms, what lenders check, and what we negotiate on your behalf.

Senior & unitranche

Term debt sized on EBITDA for acquisitions, refinancing and growth. Senior loans usually come from banks or a club of banks; unitranche combines senior and junior debt in one facility from a single direct lender. We put both in front of the borrower.

Size
US$5–150M
Tenor
3–7 years
Senior margin
+225–400 bps
Unitranche margin
+475–650 bps
Lenders
Banks, direct lenders
Sized on
EBITDA

Typical uses

  • Leveraged and management buyouts
  • Add-on acquisitions through a delayed-draw tranche
  • Refinancing maturing bank debt
  • Shareholder buyouts and recapitalisations

What lenders check

  • Quality and stability of EBITDA
  • Recurring or contracted revenue
  • Capex needs and cash conversion
  • The sponsor or management team

What we negotiate

Bank and unitranche offers are hard to compare on margin alone. We model both on the same cash flows, including arrangement fees, amortisation, cash sweeps and covenant headroom, so the choice is made on total cost and flexibility.

Asset-based lending

A revolving facility secured on receivables, inventory, equipment or property. The amount available moves with the value of the collateral, which suits distributors, manufacturers and seasonal businesses.

Size
US$3–75M
Tenor
1–5 years
Margin
+175–350 bps
Structure
Revolving borrowing base
Lenders
ABL lenders, banks
Sized on
Collateral

Typical uses

  • Working capital for growth or seasonal peaks
  • Replacing overdrafts and invoice discounting
  • Businesses that cannot raise cash-flow debt
  • Acquisition finance alongside a term loan

What lenders check

  • Spread and credit quality of the debtor book
  • Saleability of inventory and stock records
  • Monthly borrowing-base reporting
  • An independent field exam and appraisal

What we negotiate

Advance rates, eligibility criteria, reserves and concentration limits decide how much can actually be drawn. We negotiate those definitions line by line before signing.

Real estate finance

Bridge, construction, development and stabilised investment loans for developers, operators and family offices.

Size
US$5–100M
Tenor
1–5 years
Bridge margin
+350–600 bps
Bridge LTV
Up to 70%
Lenders
Debt funds
Sized on
Value or cost

Typical uses

  • Land acquisition and planning bridge
  • Construction and refurbishment
  • Bridges from completion to unit sales
  • Term loans on income-producing assets

What lenders check

  • The developer's track record and equity in the deal
  • Construction budget and contractor
  • Sales or letting evidence for the exit
  • Interest reserve and release pricing

What we negotiate

Construction lenders differ most on what happens if the project runs late: interest reserves, cost-overrun guarantees, release pricing and extension options. We settle those points before the term sheet is signed.

Mezzanine & structured capital

Holdco notes, second lien, PIK and preferred equity. It fills the gap between what senior lenders will provide and what the owners want to invest, without selling equity.

Size
US$5–60M
Tenor
4–7 years
Cost
11–15% all-in
Interest
Cash, PIK or both
Lenders
Private credit funds
Ranks
Behind senior debt

Typical uses

  • Closing an equity gap in an acquisition
  • Liquidity for shareholders without a sale
  • Reducing equity in a property development
  • Growth capital ahead of a refinancing

Terms to watch

  • Intercreditor terms and standstill periods
  • Call protection and prepayment fees
  • PIK toggle and the cash interest burden
  • Board and information rights

What we negotiate

Because junior capital is expensive, we first test whether a stretch senior or unitranche facility can cover the need. Mezzanine is proposed only where it lowers the blended cost of capital.

Trade & commodity finance

Facilities secured on the physical flow of goods: pre-export finance, inventory and receivables borrowing bases, letters of credit and SBLC-backed lines, for producers, traders and processors.

Size
US$5–100M
Tenor
6 months – 3 years
Security
Offtake, stock, receivables
Instruments
PXF, LC, SBLC, RCF
Lenders
Trade banks
Repayment
From sale of goods

Typical uses

  • Pre-harvest and pre-export working capital
  • Moving off cash-collateralised lines
  • Warehouse and inventory finance
  • Supplier and receivables programmes

What lenders check

  • Offtakers and contract terms
  • Collateral management agreements
  • Insurance of goods and receivables
  • Price hedging policy

What we negotiate

Trade lenders price the transaction rather than the balance sheet. Collateral management, insurance and the assignment of contracts largely decide which banks will lend and at what cost, so we prepare them before going to market.

Cross-border USD

US dollar and sterling term debt for Latin American companies, usually through an offshore holding company and secured on export receivables, dollar contracts or offshore collateral. Requests are originated with the Sigma Trust team in São Paulo.

Full page: who it suits, security, documents and questions

Size
US$10–150M
Tenor
2–7 years
Currency
USD, GBP
Security
Offshore receivables
Lenders
Global funds
Borrowers
Latin America

Typical uses

  • Replacing short-tenor local bank lines
  • Capex to expand export capacity
  • Acquisitions abroad
  • Refinancing BRL debt where revenue is in USD

What lenders check

  • USD revenue, or the cost of hedging
  • Audited IFRS accounts
  • Offshore collection accounts
  • Group structure and governance

What we negotiate

We present local accounts, guarantees and collateral in the format a London or New York credit committee expects, and agree governing law, security and collection mechanics before term sheets are requested.

The six facilities side by side

Indicative ranges from the lenders we work with. Each credit is priced on its own merits.

FacilitySized onSizeTenorIndicative costMain lenders
Senior & unitrancheEBITDAUS$5–150M3–7Y+225–650 bpsBanks, direct lenders
Asset-based lendingCollateralUS$3–75M1–5Y+175–350 bpsABL lenders, banks
Real estate financeValue or costUS$5–100M1–5Y+350–600 bps (bridge)Debt funds
Mezzanine & structuredEnterprise valueUS$5–60M4–7Y11–15% all-inPrivate credit funds
Trade & commodityFlow of goodsUS$5–100M0.5–3YPriced per transactionTrade banks
Cross-border USDUSD cash flowUS$10–150M2–7YPriced per creditGlobal funds

Ranges are indicative market information, not offers or commitments to lend.

Help choosing a facility

Describe the need and the business. We will reply with the structure we would take to lenders and the type of lender we would approach.

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