01
Maturity walls
Several facilities falling due together, refinanced into one longer-dated structure.
Lending & Financing
Refinancing & restructuring.
Before the maturity becomes the problem.
Maturity walls, bridge take-outs, covenant pressure and over-leverage — refinanced into longer-dated capital while the conversation is still commercial.
- Liquidity is not solvency
- Standstills & waivers
- One counterparty
RefinancingTerm sheet · Illustrative
- Existing debt
- Short-dated or near maturity
- New facility
- Longer-dated, sized to cash flow
- Covenants
- Reset to fit the plan
- Security
- Re-ranked where needed
- Lenders
- Banks, private credit, institutions
Illustrative only. Every facility is subject to due diligence, credit approval and documentation.
Earlier is cheaperRefinance before the breach
One business dayTo a first answer
USD 2B+Total amount financed to date
100+Lending, arranging and advisory mandates
12Capital partner classes
10+ yrsCombined lending and corporate finance experience
What we refinance
The debt that no longer fits the business.
Six situations we see most often.
02
Bridge take-outs
A bridge that has done its job, taken out by term debt before it rolls.
03
Covenant pressure
Facilities in or near breach, reset around a plan the business can meet.
04
Over-leverage
Too much debt for the cash flow, reshaped with longer tenor or a junior layer.
05
Security re-ranking
Security released, shared or re-ranked so new money can come in.
06
Expensive short-term debt
Costly or short-dated lines replaced with cheaper, longer capital.
Liquidity is not solvency
A cash squeeze is not a broken business.
Many refinancings start with a good business and the wrong debt. The earlier the conversation, the more options stay open.
“Liquidity is not solvency.”
Start while it is still commercial
Before a breach, lenders negotiate. After it, the file moves to a different team with a different mandate.
Stabilise first
Standstills, waivers and forbearance agreed with existing lenders to buy the time a refinancing needs.
Build the new case
A credit case built on the business as it is now, not as it was when the old debt was written.
Refinance, not just reschedule
New money on terms that fit, rather than the same problem pushed out a year.
Refinancing early and restructuring late
General characteristics only. Every situation is different.
| Refinance early | Restructure late | |
|---|---|---|
| Conversation | Commercial negotiation | Workout with existing lenders |
| Options | New lenders, new structures | Fewer, and on lenders’ terms |
| Cost | Usually lower | Usually higher, with fees and penalties |
| Control | Stays with the owners | Shared with creditors |
| Time | Planned timetable | Driven by the default |
Who refinances it
Eight kinds of lender, matched to the file.
The right capital depends on the size, the risk and the time to maturity.
Sovereign wealth funds
GCC, Chinese and European state capital for long-tenor take-outs.
Bank specialty finance desks
International banking partners’ structured desks for refinancings and distribution.
Private equity & private credit
Senior, unitranche and junior capital beyond a bank template.
Pension funds
Long-dated money for contracted, stabilised cash flows.
Insurance companies
Liability-matched capital for long-tenor take-outs.
Benelux & DACH funds
European credit and infrastructure funds in cross-border refinancings.
Family offices & HNIs
Gulf family offices and high-net-worth investors: patient, relationship-led capital.
Arab & regional funds
Arab investment and development funds for regional infrastructure, trade and growth.
How we work
From first call to a new facility.
Four stages. One point of contact, one version of the numbers, one timetable.
- 01
Diagnose
The debt schedule, maturities, covenants and what has changed in the business.
You receive: A straight view within one business day
- 02
Stabilise
Time bought with existing lenders where it is needed.
You receive: Standstill or waiver in place
- 03
Structure
A new facility sized to cash flow, with covenants that fit the plan.
You receive: Indicative terms in writing
- 04
Close
RFG writes the new facility, documentation run to one timetable, with our partners lined up to refinance it.
You receive: Old debt repaid, new facility drawn
The outcome
A structure that fits the business again.
What a well-run refinancing delivers.
A longer runway
Maturities pushed out to match how the business earns.
Lower cost of debt
Expensive or short-term lines replaced.
Covenants that fit
Tests the business can meet through the plan.
A cleaner capital stack
Fewer lenders, clearer ranking.
Relationships preserved
Existing lenders exited on commercial terms.
A straight answer
If refinancing is not the right route, we tell you why.
Our role, stated plainly. Royal Financial Group lends directly, and refinances, syndicates or participates its facilities through capital partners across the GCC, Europe and Asia. Every facility is subject to satisfactory due diligence, credit approval and formal documentation.
Frequently asked questions
Refinancing, answered.
When should a business refinance?
Before it has to. While covenants are still met and the maturity is still some way off, refinancing is a commercial negotiation. Once they are breached, it becomes a workout and the options narrow.
What kinds of debt do you refinance?
Maturity walls, bridge take-outs, facilities in or near covenant breach, over-leveraged balance sheets, and debt that needs its security re-ranked or its terms reset.
Who provides the new money?
Sovereign wealth funds in the GCC, China and Europe, pension funds, insurance companies, international banks’ specialty finance desks, private equity and private credit, Benelux and DACH funds, Arab and regional funds, family offices and high-net-worth investors.
Can you help if we have already breached a covenant?
Yes. We work on standstills, waivers and forbearance with existing lenders while the refinancing is arranged, so the business has time to reach a commercial outcome.
What do you need to start?
Recent accounts, the current debt schedule with maturities and covenants, the security package, and a short description of what has changed in the business.