Case Studies
Real raises of $20m to $100m, taken apart from the public record: the structure, the investors and the angle each one bought.
Ocker Hill
Ocker Hill: how a ten-year toll turned a battery into bank debt
A UK battery storage project finance, read from the lenders' own case study and the project company's filings.
Westshore Grand
The Westshore Grand: how a Tampa hotel refinanced with a third of its debt in mezzanine
A Florida hotel refinancing in two layers of debt, read from the lenders' announcements and the senior lender's own securitisation filed with the SEC.
Alpine Fire
Alpine Fire: a sprinkler contractor and the price of its debt
A family business, a minority investor, a secondary buyout and a bank club, read from three years of group accounts.
Todays Dental
Todays Dental: one lender, three facilities, thirty-six practices
A UK dental buy-and-build financed by a single private credit lender, read from its accounts and charges.
Space Forge
Space Forge: a NATO-led Series A, allotted ten months before it was announced
A dual-use round with a NATO fund, a national-security fund, a climate fund and three public funds, read from the allotments, the register and the Articles at Companies House.
BK Plus
BK Plus: the investor's shares cost £47,951 and its loan notes £14.8m
A UK accountancy buy-and-build, its Topco and Bidco, and how a minority investor holds control, read from the articles, the allotments and three years of accounts.
Skylight
Skylight: how a bootstrapped hardware company borrowed $75m instead of selling shares
A founder-owned consumer hardware company that chose expensive debt over dilution, read from its lenders' announcements and its officers' own words.
Freetrade
Freetrade: a 72% cut in price, and the share classes that got their money back
A crowd price, three convertible instruments, a down round and a sale, read from the allotments, the register, the Articles and the accounts at Companies House.
Kasada
A Nairobi hotel borrowed $22m from two development banks, ten months after it was bought
Sovereign wealth and hotel group equity, World Bank political risk cover and parallel development finance debt, read from the IFC, Proparco and MIGA disclosures.
Dexory
Dexory: what an $80m round is made of
A growth round in three layers, read from the allotments, the articles and the debenture at Companies House.