Build an underwritable credit story
Recast historical results on a consistent basis, separated the operating segments, and built the financial and borrowing-base models required to explain the request.
Selected work · 05
Debt financing · Working capital · CFO advisory
Unlocking a constrained operating line
A competitive refinancing increased operating-line capacity, expanded the borrowing base and eliminated personal guarantees.
The situation
What was at stake.
The company had grown rapidly while its revolving facility remained unchanged and margined against receivables alone. Inventory—the business’s largest working-capital investment—provided no borrowing capacity, leaving growth constrained by the facility rather than the underlying collateral.
A change at the incumbent institution caused the annual review to stall and introduced a demand for an unlimited personal guarantee. At the same time, limited assurance over the year-end financial statements and an unresolved inventory-accounting issue made a clean approach to new lenders more difficult.
The work
A focused path from problem to outcome.
Create genuine lender competition
Approached multiple institutions on one timetable, assembled a complete data room and compared five written proposals on borrowing availability, guarantees, fees and execution risk—not just headline pricing.
Resolve the credit obstacles
Worked through the inventory discrepancy, upgraded the year-end statements to a review engagement and negotiated a corporate-only security structure through underwriting and close.
Results
What changed.
+150%Operating-line capacity
5Written proposals
ZeroPersonal guarantees
AddedInventory to borrowing base
The company secured a substantially larger revolving facility at the best pricing offered, gained borrowing capacity against inventory for the first time and closed without a personal guarantee. The mandate continued as an ongoing CFO engagement supporting reporting, borrowing-base calculations and lender compliance.
Why this experience matters
The circumstances change. The disciplines do not.
Clear financial information, realistic forecasts, disciplined preparation and credible stakeholder communication create more options when a financing or transaction becomes difficult.
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