Wye River is a leading advisor to the non-profit sector as well as state and local government. Our clients count on us to help plan, structure and implement their project debt financings and we work closely with each of our clients to tailor financing solutions that meet their individual needs and objectives. We have extensive experience with all forms of taxable and tax-exempt debt including interim and permanent financings, bank-based financings, capital markets-based financings (including rated and non-rated bond issues) and numerous forms of credit enhancement and derivative products.
In the corporate finance sector, we also have expertise with valuations, mergers and acquisitions, public-private partnerships and general strategic advice for a variety of early stage, middle market, and public companies.
Our team of professionals conducts a comprehensive three-phase financing process which includes Project and Financial Planning (Phase 1), Solicitation of Financing (Phase 2) and Implementation of Financing (Phase 3). Our initial planning process includes analyzing specific financing alternatives, weighing the advantages and disadvantages of each and then developing definitive finance plans that (1) are economically beneficial to the client, (2) present the client’s credit in its most favorable light and (3) provide flexibility for long-term growth and future capital needs.
Our considerable experience working with non-profit and governmental clients of credit qualities ranging from below investment grade to AAA-rated has provided us the opportunity to collaborate with organizations and finance professionals in a variety of project planning settings. Our range of project and financial planning services includes:
- Financial Modeling, Financial Projections, and Sensitivity Analysis
- Evaluation of Financing Options
- Debt Capacity and Debt Affordability Analysis
- Credit Rating Assessments
- Finance Plan Development
Although we maintain strong relationships with all major financial institutions, credit enhancement providers and derivative counterparties in the United States, we believe that an open market competitive solicitation is often the best way to secure a client’s desired financing solution on the best possible combination of terms and price. Wye River has a highly-effective process for competitively bidding and negotiating bank-based financings, public bond issues, letters of credit, derivatives and other financial products.
Our comprehensive solicitation materials are distributed to select pre-qualified financial institutions through our password-protected website where access to sensitive client information can be controlled. We conduct deliberate and extensive follow-up with prospective lenders and investors to address questions, foster interest and optimize the number of proposals received. Results are extensively analyzed and summarized to help guide informed decision-making by our clients and their boards.
The process for implementing financing varies based on its type (eg. bank-based financing, capital markets-based financing, use of credit enhancement, use of derivative products, etc.). Our role as your financial advisor is to assure a timely and cost-efficient documentation process culminating in the completion of the financing on your preferred schedule.
For bank-based transactions, we seek to negotiate and finalize a definitive commitment letter for the financing in advance of the development of transaction documents by counsel. This helps to avoid any surprises during the documentation process and helps to reduce the number of required document drafts (thereby reducing transaction costs).
For capital markets-based transactions, we play an active role monitoring the efforts of the selected bond underwriting firm(s) to assure high quality and focused service and “on market” (ie. competitive) pricing. Where appropriate, we prefer to align the compensation of the underwriter firm to their performance in our client’s transaction, specifically with respect to the pricing of the bonds. We help to assure that our clients are fully informed with all relevant information and that the outcomes of their financings are consistent with (1) prevailing market conditions, (2) pricing of comparable transactions, (3) fees paid in comparable transactions and (4) amount and quality of service.
Other services provided by Wye River during the transaction implementation phase include:
- Finance team coordination
- Document drafting assistance
- Tax analysis and certificate support
- Market conditions monitoring
- Structured investment of bond proceeds