.png){kind=small}
Client Overview
Client Overview
Client : Leading financial sponsor //Sponsor Location: New York, NY//Sponsor Size: Over $25bn in total assets and global office presence//
The company (“PortCo”) provides satellite connectivity solutions, including network management services, disaster recovery communications solutions, and out-of-band management solutions to customers in various industries
Services & Focus
Cruise
Energy
Enterprise
Government
Humanitarian
Media
Maritime
Mining
Deal Overview
Deal Overview
GLC led thorough and efficient process to facilitate coordination with capital markets
- Company was acquired out of Chapter 11 Bankruptcy in 2021 by a leading multi-strategy hedge fund
- Having significantly improved performance post-acquisition, the sponsor sought to access credit markets to lower the overall cost of capital for PortCo
- GLC engaged in late 2021 for solvency opinion related to new financing and dividend recapitalization
- GLC performed due diligence, determined valuation utilizing traditional methodologies, and then conducted a series of tests to determine solvency
- GLC worked closely with management and the sponsor to conduct due diligence and coordinate presentation of conclusions to PortCo’s Board of Directors
Cruise
Maritime and Shipping
Energy
Government
Mining
GLC’s analysis evaluated solvency of portfolio company
Forecast and Valuation
Performed due diligence of operating projections and other information provided by management; valued PortCo’s operations using traditional methodologies
Balance Sheet
Determined whether the sum of PortCo’s assets exceeded the sum of its debts at a fair valuation
Ability to meet obligations
Evaluated PortCo’s ability to fund operations, maintain covenant compliance and service debt
Capital adequacy
Determined whether proposed transaction provided PortCo with enough capital to operate and compete in its markets