Infralogic Investors Forum New York 2023
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The Plaza, New York
27
Apr
Debt financing in a tight market
Infrastructure and energy issuers did not escape a global surge in interest rates over the past year. Debt financing has become more expensive and less available as lenders become much more selective on what deals they will finance. Big deals are still getting done, though, as shown with Brookfield’s USD 14bn term loan financing for a joint venture with Intel.
Volumes in the bonds market have been the lowest of the past five years, marking a visible trend. In the loan market, on the other hand, dealmaking values have increased heavily, despite a lower amount of transactions. Lenders are therefore looking into new forms of funding. In the US renewable space, for example, it’s clear how tax equity bridge loans figures are tremendously on the rise – as well as tax equity financing - and becoming part of the funding packages for greenfield projects.
- How are investors securing debt financing in a much tighter market?
- What leverage multiples are available for M&A deals? Will the bank market reopen?
- 2022 saw a few notable bankruptcies, including Talen Energy and Compute North. Are more restructurings in store for 2023?
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SpeakersNanda Kamat Managing Director and Head of Infrastructure for the Americas MUFG
Jorge Rodriguez Managing Director, Debt Capital Markets Marathon Capital
Edward Fanter Managing Director and Co-Head of US Investment Banking Power, Utilities & Infrastructure National Bank Financial
Stuart Murray Managing Director, North America Head of Infrastructure Debt BlackRockHadley Peer Marshall Managing Partner, Infrastructure Brookfield Asset Management
Robin Ganguly Global Executive Editor INFRALOGIC
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Nanda Kamat joined MUFG in December 2009 and is currently the head of the Infrastructure Project Finance team. She has over 15 years of experience in project and infrastructure finance and while at MUFG has led numerous financial advisories for large-scale infrastructure projects including for the LAX Automated People Mover, I-395 Express Lanes, and Purple Line projects. She has also successfully closed financings in both the bank and bond markets for numerous greenfield and brownfield infrastructure assets, including PR-22, Long Beach Container Terminal, Veolia District Energy (now Vicinity Energy), and Indiana Toll Road. Nanda previously held positions at Transurban USA, Goldman Sachs, and Societe Generale. Nanda holds an MBA from The Wharton School, an MA in International Relations from Johns Hopkins University, and a BS in Finance from New York University.
Jorge Rodriguez is Managing Director, Head of Debt Capital Markets, covering both public and private debt placements at Marathon Capital. Jorge is responsible for developing Marathon’s suite of debt solutions and services to energy and infrastructure clients.
Jorge has over 20 years of investment banking, capital markets, and investment management experience, having raised, managed, and invested in energy and infrastructure transactions domestically and internationally in an amount exceeding $200B. He has held various positions in sell-side and buy-side capacities as an investment banker and principal investor across the energy and infrastructure sectors. Most recently, Jorge was Managing Director, Portfolio Manager, and Head of Infrastructure Debt at DWS, where he was responsible for the management and strategic direction of the global infrastructure debt business, including managing its $2B investment portfolio. Before joining DWS, Jorge was Managing Director and Head of Infrastructure Finance at Dresdner Kleinwort, where he held roles in both New York and London, where he focused on the origination, structuring, execution, and placement of senior and mezzanine debt financings across all energy and infrastructure sectors. Jorge has previously held positions with Aladdin Capital, BNP Paribas, and Chemical Bank.
Jorge has been involved with several significant wind, solar, biomass, geothermal, and hydro financings involving the acquisition, refinancing, project finance, and restructuring on behalf of financial sponsors and strategic clients.
Jorge received a BA in Economics and an MBA from the Kellogg School of Management at Northwestern University. He holds Series 7 and 63 licenses.
Edward is Managing Director for National Bank Financial and Co-Head of US Investment Banking Power, Utilities & Infrastructure. Edward has more than 25 years of infrastructure investment banking and advisory experience in sectors that include water, wastewater, transportation, power/energy, and social infrastructure. Edward’s water-related experience includes: the concession/divestiture of Lower Colorado River Authority’s water assets; Carlsbad Desalination; Rialto Water/Wastewater P3; Enertech Rialto Biosolids Project; San Juan Capistrano Desalination Project; and New Haven WPCA restructuring. Edward held similar leadership positions at Deloitte, BMO Capital Markets, Lehman Brothers, and Barclays. Prior to investment banking, Edward worked for a multi-national consulting firm specializing in large water, wastewater and other environmental-related projects.
Edward has degrees from The Cooper Union (BE), Manhattan College (ME), NYU’s Stern School of Business (MBA). Edward is a CFA charter holder and a licensed professional engineer.
Stuart Murray is North America Head of Infrastructure Debt and is responsible for further enhancing BlackRock's origination effort and investment strategy in this key region. With over 20 years of industry experience, he brings wide-ranging expertise in infrastructure financing, strong industryr elationships, and in-depth understanding of the Americas infrastructure debt markets. Mr. Murray spent 17 years at Citigroup and was most recently Americas Head for Citi's Project & InfrastructureFinance team, covering all industry sub-sectors (e.g. renewables, power, energy, digital, social, transport) of the Infrastructure markets across North America, Latin America, Central America and the Caribbean. Prior to Citi, Mr. Murray was Director of Corporate Finance at The AES Corporation, a global independent power producer. Prior to AES, he spent five years in Leveraged Finance atJPMorgan Chase based in New York and London.
Mr. Murray earned a bachelor’s degree in Economics from Hamilton College and an MBA degreefrom the Tuck School of Business at Dartmouth.
Hadley Peer Marshall is a Managing Partner in Brookfield’s Infrastructure Group and co-Head of its infrastructure debt business. In this role, Ms. Peer Marshall oversees the origination, execution and asset management of the Firm's infrastructure credit investments in the Americas.
Prior to joining Brookfield in 2015, Ms. Peer Marshall was Co-Head of the project finance and infrastructure group at Goldman Sachs, where she was responsible for originating, structuring, executing and advising on infrastructure and project financings for clients.
Ms. Peer Marshall holds a Master of Business Administration degree and a Bachelor of Science degree from the University of North Carolina at Chapel Hill.
Robin oversees global editorial and research coverage for Infralogic. A 24-year news veteran, with 16 of them spent editing financial news, Robin has worked for some of the world's leading news outlets, including The Wall Street Journal, Dow Jones Newswires and Bloomberg. He has been a regular on live television, commenting mainly on Chinese government and central bank policy. At Infralogic, he is responsible for daily news coverage and analysis written by a team of journalists spread across the globe, including the Americas, EMEA and the Asia-Pacific region.