Jeff and his team acted as sole bookrunner on a $130 million senior secured notes offering for Avison Young, the largest principal-owned commercial real estate services firm in the world. This high-yield financing provided Avison Young with a long-term, fixed rate capital structure with no maintenance covenants, allowing the Company to redeem a portion of its minority partners’ equity position through a non-dilutive transaction, refinance existing indebtedness, and provide for future capital growth.
The deal team created a compelling investment thesis to mitigate a number of challenging marketing issues, including real estate industry cyclicality, negative cash flow resulting from growth investing activity, and significant industry competition. The deal was widely marketed to more than 400 accounts.
Note: This work was performed prior to joining Stout.