Objective

To provide a Middle East investment bank with comprehensive live support on the origination and placement of an investment-grade bond issuance in the international market for a Middle East-based electricity transmission and distribution company. The assignment included building a comprehensive financial model that incorporated regulatory requirements, pro forma capital structure and debt repayment schedule, providing credit due diligence support, and liaising with credit rating agencies.

CRISIL's Solution

CRISIL provided three weeks of seamless onshore support for the complex and important deal, including:

• Built a comprehensive financial model, incorporating all the requirements specified by the analyst along with a debt repayment schedule, including scenario analysis.
  
• Conducted the requisite credit due diligence and prepared an internal memo covering the industry landscape, SWOT analysis, liquidity analysis, etc.
  
• Liaised with credit rating agencies and provided necessary information required for assessment.
  
• Assisted in preparing the term sheet, bond prospectus and roadshow presentation.
  
• Conducted peer benchmarking for tentative pricing of the new issuance to analyse investor appetite.
  

Client Impact

• CRISIL acted as an extended arm of the client, with minimal supervision, freeing up valuable time and resources for the client throughout the lifecycle of the transaction
  
• The senior unsecured bond issuance was successfully placed and extremely well received by investors.

Questions

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