Lots of Moving Parts Managed Nicely – Polarcus Re-capitalization

As the industry has moved away, voluntarily or not, from the simplicity of bank lending, as its primary funding source, borrowers, with the assistance of their advisors, have become far more sophisticated and used the liability side of the balance sheet as a palette for the many possibilities in financing structures. The multi-tiered capital structures that result may be warranted in an effort to achieve the lowest cost of capital possible or simply a necessity to access capital wherever one can find it. Nevertheless, whatever the motivation, these structures add a level of complexity given the number of stakeholders with their own unique incentives, thereby creating risk should Murphy’s Law apply.

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