CAN WE ADVISE YOU ON FINANCING? 

MARKET SOUNDING & PREPARATION ​

  • Hire investment bank

  • Prepare anchor investor presentation

  • Reach out to 8-10 anchor 4(a)(2) and 144a investors, assuming no formal NDA process (use only click-thru NDA); formal NDA requires additional 2 weeks

  • Make updates to market consultant study

  • Receive and review construction study

  • Investment bank obtains preliminary feedback from anchor investors 

  • Determination to proceed with 144a or 4(a)(2) market, structure, and terms

  • Identify legal counsels

 

DOCUMENTATION & RATING REVIEW ​

  • Select rating agencies and hold intro/update meetings as needed

  • Engage third parties

    • 4(a)2 - collateral agent, depository bank, auditor, etc.

    • 144a- indenture trustee, paying agent, registrar, etc.

  • Begin documentation

    • 4(a)2 – Private Placement Memorandum (PPM) and Note Purchase Agreement, Security Agreement, Depository Agreement, Legal Opinions

    • 144a- Summary of Terms, Preliminary Official Statement / "Pink OM”, Bond Indenture, Description of Notes, Purchase Agreement, Legal Opinions, etc.

    • Distribute Preliminary Official Statement / “Pink OM” to anchor investors and additional asset managers / securitization investors

  • Investor presentation and financing documentation

  • Send investor presentation and term sheet to anchor investors

  • 1:1 management/investor meetings with key anchor investors ahead of formal road show

  • Complete documentation, including expert reports of construction consultant and market study

  • Rating agencies review final docs; obtain preliminary ratings and presale report

MARKETING & EXECUTION ​​

  • Enter market

  • Multi-city roadshow focused on North American accounts

  • Investors Q&A and provide feedback

  • Investors submit bids following marketing period

  • Determine final size and pricing based on primary objectives of the team

  • Price / close transaction

  • Rating agencies publish final reports with new issue ratings

FINAL STEPS & Closing

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  • Public Entity Collateral Agent

  • Public Entity Internal Counsel Collateral Agent Counsel

  • Public Entity External Counsel

  • Construction Manager

  • DeveloperConstruction Counsel

  • Developer's Internal CounselSpecial Tax Counsel

  • Developer's External CounselTrustee

  • Borrower/SPVTrustee's Counsel

  • Borrower/SPV CounselMunicipal Advisors

  • Investment BankersDevelopment Consultants

  • Investment Bankers CounselFeasibility Consultants

  • Investors / LendersExpense Consultants

  • Investors / Lenders CounselConstruction Consultants

  • Escrow Agents  

* Representative of taxable financing process

Contact us for more information 

Headquarters

6400 Flying Cloud Drive, Suite 212

Minneapolis, MN 55344

  (952) 746-6050

  (952) 460-5776

  develoP3rs@blueroseadvisors.com