Working Capital and Debt Structuring for an Infrastructure Business

Situation

An operating infrastructure business required ongoing working capital support while operating under IPO-level financial scrutiny. The business needed to maintain liquidity and lender credibility during an extended listing preparation period, without introducing equity dilution or constraining future capital options.

Complexity

• Operating business undergoing audit-ready financial and governance preparation

• Heightened lender scrutiny due to public-market readiness

• Need to secure non-dilutive funding while management attention was focused on complex strategic initiatives

• Timing uncertainty arising from delays in the primary listing pathway

  
  

Role

Debt and capital structuring adviser, responsible for designing and executing a non-dilutive working capital solution and maintaining balance sheet flexibility.

What Was Done

• Assessed working capital requirements within an IPO-level financial framework

• Structured and executed a senior working capital facility, managing the lender process end-to-end

• Ensured debt terms and documentation remained compatible with future refinancing or listing pathways

• Adapted the funding strategy as timelines shifted, preserving optionality

  
  

Outcome

• Working capital funding secured without equity dilution

• Liquidity maintained throughout an extended preparation period

• Capital structure remained flexible and lender-credible despite timing uncertainty

• Management retained operational and strategic momentum