Debt Advisory
Independent advice on the full spectrum of debt financing — from senior secured facilities to structured credit. We run competitive lender processes that maximise optionality and minimise cost of capital.
Discuss Your Financing NeedsIndependent.
Process-Driven.
Lender-Agnostic.
The debt markets have never been more complex or more fragmented. Banks, direct lenders, credit funds, and specialty finance providers each offer different products, pricing, and terms — and the optimal solution for any given transaction requires navigating this landscape with genuine market knowledge.
As an independent advisor, we have no relationships or fee arrangements with lenders that could influence our recommendations. We approach every mandate by running a properly competitive process across the relevant universe of financing providers — banks and direct lenders simultaneously, where appropriate — and negotiating hard on every term.
The result is financing structured for your needs, at the best available terms, with the right lender for the long run.
Financing Solutions
We advise across the full debt capital structure, identifying the optimal instrument — or combination of instruments — for each client's specific transaction and objectives.
Senior Secured Debt
We advise on senior secured facilities — term loans and revolving credit facilities — from banks, direct lenders, and syndicated markets. Senior debt is typically the lowest-cost component of a capital structure and forms the foundation of most leveraged transactions.
- •Acquisition financing and LBO structures
- •Refinancing of existing bank facilities
- •Revolving credit facilities for working capital
- •Growth capex and expansion financing
Unitranche & Direct Lending
Direct lenders have become the dominant financing source for middle-market transactions. Unitranche structures combine senior and subordinated debt into a single facility, offering certainty of execution and flexibility that bank markets cannot match at this size.
- •Sponsor-backed LBO and acquisition financing
- •Mid-market transactions requiring speed and certainty
- •Complex deal structures unsuitable for bank syndication
- •Covenant-lite and flexible documentation requirements
Mezzanine & Subordinated Debt
Mezzanine and subordinated debt sit between senior debt and equity in the capital structure, providing additional leverage without further equity dilution. Used to bridge the gap between senior debt capacity and total financing requirements.
- •Leveraged buyouts requiring stretch financing
- •Recapitalizations and shareholder distributions
- •Growth financing where senior capacity is fully utilized
- •Junior capital alongside equity raises
Structured & Specialty Finance
For situations where conventional debt structures do not fit, we design bespoke financing solutions — asset-backed facilities, revenue-based structures, and hybrid instruments — that match the underlying economics of the business.
- •Asset-backed lending and receivables financing
- •Revenue-based and royalty financing
- •Real asset and infrastructure-linked facilities
- •Special situations and distressed financing
Global Lender Network
Our relationships with 1,100+ active financing providers across bank, direct lending, and credit fund markets ensure every mandate reaches the full relevant universe of capital.
Direct Lenders
Specialist mid-market and large-cap direct lending funds
Banks & Syndicates
Commercial banks and leveraged finance syndication desks
Credit Funds
Institutional credit managers across strategies
Mezzanine Funds
Junior capital providers and subordinated debt funds
Specialty Lenders
Asset-backed, trade finance, and structured credit providers
Active across the US, UK, Germany, France, Benelux, Nordics, Switzerland, and major Middle East and Asia-Pacific markets. We maintain senior relationships at the credit committee level across our network.
Our Process
A competitive, structured lender process consistently delivers better terms than bilateral negotiations. We manage every step from mandate preparation through closing.
Mandate Preparation
We begin by conducting a thorough analysis of the business, its financial profile, and the optimal capital structure for the transaction. This establishes the parameters for lender outreach and ensures we approach the market from a position of preparation.
Lender Marketing
We run a structured and competitive lender process, approaching the right universe of financing providers simultaneously to create tension and maximise optionality. Our relationships ensure warm introductions and senior-level engagement from the outset.
Term Sheet Negotiation
We negotiate all economic and structural terms across competing term sheets — pricing, leverage, amortisation, covenants, and call protection — to secure the best possible financing terms for our client.
Documentation & Close
We coordinate all parties through legal documentation and closing, protecting our client's interests at every stage and ensuring the financing is in place in line with the transaction timeline.
Situations We Address
From straightforward refinancings to complex leveraged transactions, we bring the same process discipline and market access to every mandate.
Acquisition Financing
Raising the debt component of an acquisition — whether sponsor-backed or strategic — requires speed, certainty, and competitive pricing. We manage the full financing process alongside the M&A transaction.
Refinancing & Maturity Extension
Refinancing existing facilities to extend maturities, reduce cost of capital, or improve terms is one of the most value-accretive actions a CFO can take. We run competitive processes to ensure the market delivers optimal terms.
Growth Capex Financing
Companies investing in capacity expansion, new facilities, or major capital projects often benefit from bespoke debt financing that matches the asset life and payback profile of the investment.
Dividend Recapitalisation
Distributing capital to shareholders through incremental leverage is a proven strategy for sponsors and family shareholders seeking liquidity without a full exit. We structure and execute dividend recaps with precision.
LBO & Sponsor Financing
We work alongside private equity sponsors and management teams to structure and raise the debt financing for leveraged buyouts, add-on acquisitions, and platform builds.
Distressed & Special Situations
Companies facing capital structure challenges, covenant breaches, or liquidity constraints benefit from independent advisory that prioritises their interests in negotiations with existing lenders or new capital providers.
Why Palmstone Capital
Most companies access debt through their existing bank or a lender introduced by their sponsor. A competitive process run by an independent advisor consistently delivers materially better terms.
Genuinely Independent
We receive no fees from lenders and have no preferred financing relationships. Our mandate is to find the best financing for our client — not the most convenient or most profitable relationship for us.
Full Market Coverage
We run bank and direct lending processes simultaneously, rather than defaulting to one channel. The best pricing frequently comes from pitting both markets against each other — a dynamic that bilateral approaches miss entirely.
Terms Beyond Pricing
Margin is one dimension of a financing. Covenants, call protection, amortisation, flexibility provisions, and lender composition matter as much over the life of a facility. We negotiate the full package, not just the headline rate.
M&A Integration
Where debt advisory sits alongside an M&A process, our integrated advisory approach ensures the financing is structured and timed in lock-step with the transaction — eliminating the coordination risk that arises when separate advisors run parallel processes.
Considering a Financing?
Whether you are refinancing existing facilities, financing an acquisition, or exploring what your capital structure could look like, we welcome an initial conversation. Confidential and without obligation.