TSW Capital Services > Our Services > Debt Syndication

Debt Syndication

We arrange debt for companies and financial institutions across South Asia, Southeast Asia and Africa — from development finance institutions, impact funds, commercial banks, debt funds and credit funds.

Most borrowers come to us with a number in mind and a vague sense of where the money might come from. The work is turning that into a facility a lender will actually approve: the right instrument, the right currency, a structure that survives credit committee, and a process that does not stall six weeks in because something was not prepared.

What we arrange

By instrument
  • Term loans in foreign and local currency
  • External commercial borrowings
  • Project finance
  • Structured and asset-backed finance
  • Securitisation of receivables
  • Acquisition finance
By situation
  • Refinance of high-cost debt
  • Mezzanine and subordinated debt
  • Bridge finance
  • Working capital facilities
  • Co-lending and syndicated loans
  • Green and sustainability-linked structures

Term loans in foreign and local currency

The currency question comes before the pricing question. A dollar facility usually prices lower than the local alternative, but it introduces an exposure the borrower has to carry or hedge, and the hedging cost frequently erases the headline saving. We work out which way round the arithmetic falls for a given balance sheet before approaching anyone.

External commercial borrowings

An Indian borrower raising offshore has to satisfy two regulators at once — its own and the lender’s. The framework governs who may lend, what the money may be used for, how long the facility may run and what it may cost. The structuring work sits in fitting a commercial requirement inside those boundaries without losing the economics that made offshore attractive in the first place.

Project finance

Lending against a project rather than a balance sheet changes what matters. Offtake contracts, construction risk, the debt service cover ratio and the strength of the sponsor carry the credit, and the security package has to hold together across the construction period as well as the operating one.

Structured and asset-backed finance

A business with a long book of signed contracts or receivables is often better funded against that book than against its own credit. Our role is structuring the facility around the portfolio — which assets sit inside it, how they are isolated, and what happens when one of them underperforms.

Refinance of high-cost debt

Refinancing is the most common reason an institution first approaches an offshore lender, and the most common place a process fails. Existing lenders have consent rights, prepayment penalties change the arithmetic, and the new facility has to be arranged before the old one can be retired. The sequence matters as much as the pricing.

Green and sustainability-linked structures

Green and sustainability-linked structures carry a set of performance targets with a margin that steps up or down depending on whether they are met. The pricing benefit comes with ongoing obligations, and we make sure borrowers understand that trade-off before committing to the structure.

Who we raise from

  • Development finance institutions — typically suited to longer-tenor financing, with detailed diligence and the potential for long-term relationships.
  • Impact funds — often able to move efficiently, with their own development-impact and reporting requirements.
  • Commercial and international banks — with pricing and appetite influenced by sovereign and country risk.
  • Debt and credit funds — can move swiftly, more flexible on structure, higher risk-taking appetite, and priced accordingly.

Selected transactions

Sri Lanka – Licensed Bank

USD 30 Mn Term Loan

South Africa – C & I Solar

USD 15 Mn Term Loan

India – Battery Swapping

USD 15 Mn Senior Debt

India – NBFC

USD 8 Mn INR-equivalent Term Loan

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Tell us what you are funding, how much you need and over what terms. We will tell you whether we can help and which lenders are likely to participate.

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+91-22-35215699
info@tswcapital.in

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