Aude B.

Financing of infrastructure projects in the railway sector, aiming to assess the feasibility of bank financing for a rail project development in the UK. The assignment covered both the upstream phase of bankability analysis and financial structuring, as well as the financing execution phase for the bank's effective participation as a lender. It involved preparing internal validations (business units, risk, credit, commitment committees) and coordinating with other banks in the syndicate to align transaction terms, commitment allocation, and common documentation.

Building and reviewing a detailed financial model integrating traffic, revenue, operating cost, CAPEX, tax, and working capital assumptions.

Modeling free cash flows over the project's lifetime to assess debt service capacity.

Scenario analysis and stress tests on key assumptions (traffic, inflation, construction costs, delays, operational performance).

Testing different financing structures: leverage level, amortization profile, maturity, grace period, liquidity reserve.

Calculating key credit ratios (DSCR, LLCR, coverage ratios) and analyzing project resilience.

Determining indicative financing pricing based on risk, chosen structure, and comparable market references.

Preparing analysis materials for internal teams and credit committees.

Coordinating exchanges with internal functions (risk, legal, coverage, credit) within the approval process.

Interacting with other banks in the syndicate to align financing structure, commercial terms, and transactional documentation.

Advising a Private Equity Fund on the potential acquisition of a veterinary practice group in the UK.

I participated in all execution phases of the competitive process, structured in several rounds, primarily involving analyzing the strategic relevance of the company for sale to the Private Equity fund I was advising, conducting due diligence, analyzing growth potential, valuing the company, negotiating the valuation with the fund and then the seller, and finally structuring the financing for this acquisition (debt financing).

Origination and preliminary analysis phase: screening potential targets aligned with the client's investment strategy, initial analysis of companies (positioning, financial performance, growth prospects), and preparation of preliminary valuation exercises. Review of available documentation (teaser, CIM), consideration of acquisition financing structure (debt capacity, potential leverage), and development of non-binding indications of interest (IOI).

Advanced phase and due diligence: management meetings, conducting in-depth analyses, and coordinating Q&A sessions. Data room analysis for due diligence (financial, commercial, legal) and refinement of valuation models. Detailed analysis of the financing structure, debt modeling, and preparation of a debt financing proposal. Submission of indicative and then binding offers (LOI) incorporating financing assumptions.

Negotiation and finalization phase: negotiations with sellers on transaction and financing terms, review and negotiation of legal documentation (SPA and debt documentation), monitoring final due diligence, and coordinating with advisors.

• Originated, syndicated, and executed public equity and private placement transactions for corporate and sponsor clients across EMEA, with significant cross-border exposure to the Middle East, Asia, and the US

• Led 50+ public and private markets transactions (20+ as Joint Global Coordinator), covering IPOs, private placements, rights issues, ABBs, and equity-linked structures across origination, syndication, and execution

• Developed and maintained active dialogue across the full investor spectrum, including Sovereign Wealth Funds, Family Offices, Long-Only institutions, Hedge Funds, Private Institutions, and UHNWIs, supporting investor education, bookbuilding, and transaction syndication

• Managed end-to-end transaction processes from pitching and origination through execution, syndication, and closing, coordinating internal teams (sector, legal, research, sales, DCM) and external ones: corporate, sponsor, and investor stakeholders

• Executed complex cross-border transactions, including Middle East/Europe and China/Europe GDR structures, navigating multi-jurisdictional and governance requirements

• Oversaw sensitive phases, including Early Look, wall-crossings, and investor education, and preparation of key marketing and governance materials