Capabilities · Capital markets
Debt Advisory
We advise borrowers, owners and sponsors on raising and restructuring debt, from new facilities and refinancings to covenant resets and maturity extensions, so the terms secured today protect the options the business needs tomorrow.
The market
Gulf capital reaches credit in several ways: through regional banks, through private credit funds anchored by sovereign investors, and through family offices that hold a meaningful share of their portfolios in private debt. Shariah-compliant structures widen the pool of lenders a borrower can approach, provided they are designed in from the start.
What we do
Debt raising and refinancing
New senior facilities, refinancings of existing debt and capital for growth or acquisitions.
Private credit and direct lending
Unitranche, senior secured and asset-backed facilities from private credit funds and family office lenders.
Structured and mezzanine finance
Subordinated debt, holdco facilities, preferred equity and other hybrid instruments that sit between senior debt and equity.
Shariah-compliant financing
Murabaha, ijara and other Islamic structures, arranged at transaction level with credible Shariah governance.
Acquisition and leveraged finance
Debt packages to fund acquisitions, management buy-outs and sponsor-backed transactions.
Real estate and asset finance
Development, investment and portfolio financing for property and other income-producing assets.
Project and infrastructure finance
Long-dated, contracted-revenue financing for infrastructure, energy and related projects.
Covenant resets, waivers and amendments
Negotiating with existing lenders to reset covenants, agree waivers or amend terms before pressure builds.
Maturity extensions and liability management
Extending maturities, reshaping the capital structure and managing refinancing risk well ahead of time.
Restructuring and recapitalisation
Advice to owners and boards when the capital structure needs to be rebuilt, including bringing in new capital.
Reading the lender market
Banks, private credit funds and family office lenders price risk differently and move at different speeds. We match the borrower to the lenders whose mandate, appetite and structure fit, and run a competitive process where that serves the client.
Terms that protect the business
The cost of debt is more than the margin. Security, covenants, amortisation, prepayment terms and consent rights all shape what the business can do next. We negotiate the whole package, not only the headline price.
Islamic finance, designed in
For many Gulf banks, insurers and family offices, Shariah compliance decides whether they can lend at all. Where it is relevant, we work with Shariah advisers to structure the financing at transaction level from the outset, because retrofitting a structure late in a process rarely works.
Lender relationships after close
Debt is a long relationship. We help management set up reporting that fits the lender's expectations, and stay available for amendments, waivers and the next refinancing.
Considerations
What lenders will scrutinise
- Cash flow, margins and the quality of earnings
- Security available and the shape of the balance sheet
- Leverage and headroom under realistic downside cases
- Management's reporting discipline and track record
- Concentration, sector and currency risks
Who leads the work
Every mandate is led by a Founding Partner and run by a senior team, supported by our analysts in London, with our Head of GCC Coverage leading investor relationships across the Gulf.
Meet the teamFurther reading
Capital Markets
Debt from the Gulf: how Western businesses access GCC credit
How Western businesses borrow from Gulf capital, from Gulf-backed credit funds to murabaha and ijara, and what Gulf lenders examine before committing.
Capital Markets
Borrow or sell a stake: weighing the shape of a raise
Choosing between debt, equity and hybrids such as convertibles, preferred equity or mezzanine, and how Gulf investors, Shariah-led ones included, view each.
Process & Fees
How advisers on a private raise are paid
Engagement fees, success fees and tail clauses explained, how to compare proposals fairly, and why any request to pay to release funds signals fraud.
Questions
Frequently asked.
Can Western businesses borrow from Gulf lenders?
Yes. Gulf banks, private credit funds and family offices lend to Western businesses, often through funds or partnerships with international managers. The right route depends on the size, sector and security available.
What is a Shariah-compliant financing?
A financing structured to avoid interest, for example a cost-plus sale (murabaha) or a lease (ijara), with oversight from a Shariah adviser. It can widen the pool of lenders available, but it must be planned from the start.
Do you advise on existing debt as well as new facilities?
Yes. We advise on refinancings, covenant resets, waivers, maturity extensions and wider recapitalisations, as well as new borrowing.