Private Placements & Public Bond Issues

With a number of former senior fixed income bankers on our team, Centrus has a market leading advisory capability in the field of institutional debt, whether for private placements or public bond issues. We have worked with companies of all sizes across a variety of sectors in accessing long term funding in both the private and public markets, in listed/unlisted and rated/unrated format. In total Centrus has advised on institutional transactions to a total value of £3bn since 2012, with deal sizes ranging from £30m to £500m. We advise clients working with investment bank book runners as well as advising them on raising funds directly from investors operating in the bi-lateral private placement market.

In recent years, with banks withdrawing from long term lending commitments, a range of pension funds, insurance companies, asset managers and specialist debt funds have established themselves as bi-lateral lenders willing to deploy long term capital across a range of sectors. The direct nature of this lending has enabled these investors to work with advisors like Centrus in developing bespoke funding solutions to suit the needs of our clients, including deferred drawdown structures and shelf borrowing arrangements to assist borrowers in managing their liquidity needs and cost of carry.

Our long experience of working with institutional investors offers us a unique perspective in structuring transactions for this market, understanding different transaction and documentation format requirements and forming a view on credit quality. We maintain strong and up to date relationships with a wide variety of domestic and international investors ensuring that a variety of funds are brought into play for any given requirement as well as enabling investors to alert us to specific needs and requirements which may prove attractive to our borrower clients.

Whether advising clients on dealing with banking groups or on a direct placement process, a key area of value relates to our understanding of how to manage a fund raising process, often involving multiple parties (banks, legal advisors, trustees, valuers, accountants and other professional advisors) and work streams against tight timetables. As part of this process we work with clients to understand their funding objectives before producing a full and detailed information memorandum setting out their credit profile and a clear view of the terms of funding sought, including covenants and structure. This ensures maximum consistency across offers received and an ability to reach clear recommendations based upon a qualitative and quantitative assessment of the terms. Finally, we work closely with our clients and their legal advisors in ensuring that the expected commercial outcome is reflected in the deal documentation.

Service Contacts

Phil Jenkins

Phil Jenkins

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Geoff Knight

Geoff Knight

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Paul Stevens

Paul Stevens

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Robert St John

Robert St John

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