- AdvisorySell-side M&AMost of the price is set before a buyer sees the book.Buy-side M&AAcquisitions built on discipline, not deal fever.Special situationsWhen the situation is the problem, process is the answer.Debt advisoryA financing is decided before the first lender call.Equity capitalEquity is the most expensive capital you will raise.DivestituresSelling a piece is harder than selling the whole.MethodThe nine phases and ten workstreams.
- Investments
- Growth Consulting
A financing is decided before the first lender call.
Lenders price uncertainty. Most of what makes a facility expensive is not the business but a credit case that was never properly built. We build it first, then run a process that leaves you with more than one term sheet to compare.
What the mandate covers.
We advise across the capital structure. Which instrument is right is a function of cash-flow stability, asset base, and how much flexibility the next three years will require.
Four things that govern the work.
Not house preference. These are the conclusions the evidence supports, and they decide what happens in the weeks that actually move the number.
The credit case is the product
Lenders underwrite what they can verify. A package that answers the credit committee’s questions before they are asked is worth more basis points than any negotiation.
Competition prices debt
A single lender conversation produces a single number. The spread between the first and the best term sheet in a run process is routinely material.
Covenants matter more than spread
Pricing is what you pay when things go well. Covenant headroom decides who controls the business when they do not.
Diligence your lender
Who funds them, what their hold size is, and how they behave in a workout. You are choosing a counterparty for the next five years, not a price.
How the mandate runs.
Every engagement runs the same nine phases. Below is how they compress for this mandate.
Preparation
The credit case, built before anyone is approached.
- Financial model with a lender-standard covenant build
- Add-backs evidenced rather than asserted
- Debt capacity tested across rate and downside cases
- Lender presentation and information package
Selection
The right lenders, approached in the right order.
- Lender universe mapped by appetite and hold size
- Approach sequence protecting your negotiating position
- Confidentiality and information protocol
- Preliminary structures compared like for like
Terms
Term sheets negotiated against each other.
- Term sheets normalized to a single comparison
- Covenant package negotiated alongside pricing
- Fees, call protection, and flexibility priced explicitly
- Selection with the rationale documented
Close
Documentation and funding.
- Credit agreement negotiated alongside counsel
- Conditions precedent tracked to close
- Security and intercreditor arrangements
- An ongoing compliance calendar handed over
MORR Capital is a division of MORR Group. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security, nor is it investment, legal, tax, or accounting advice. No communication through this page creates an advisory or fiduciary relationship.
MORR Group is not a registered broker-dealer, investment adviser, or municipal advisor, and is not a member of FINRA or SIPC. Engagements are accepted only where permitted by applicable law, including under the exemption for M&A brokers at Section 15(b)(13) of the Securities Exchange Act of 1934 and applicable state law. Where a mandate would require registration we do not accept it, or we engage a registered broker-dealer to conduct the regulated activity.
Any direct investments described are made with MORR’s own capital and are not offered to outside investors. Past performance of any business, transaction, or investment is not indicative of future results.
Descriptions of process, phases, and workstreams are general information about how engagements are typically run. They are not tailored to any recipient’s circumstances and should not be relied upon as the basis for any decision. No representation is made that any transaction, financing, or mandate will be completed, completed on any particular timeline, or completed on any particular terms. Any statements about future events or expected outcomes are forward-looking and subject to risks and uncertainties outside our control.
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