01 / 04
Economic basis
Preserve the unfinanced project case.
Use the EVALUATE cash flow, sources and uses, ownership and distributions as the reference case for every financing structure.
Ownership · Cash flow · Full distributions
Put every structure on the table. Know which one works.
Apply debt, equity and transaction terms to the project economics. Compare funding cost, dilution, control, covenants and downside before you agree to a structure.
MERIDIANEVALUATExCAPITAL
Financing + transaction integration
Product surfaces use representative project data — Marlin Deep, senior debt structure.
Financing basis
Change the financing. Keep the project economics fixed.
Apply each term sheet, equity proposal or ownership structure to the existing project case. Change the financing, not the project.
Structure
Debt, equity, hybrids or transaction terms.
Stress
Project distribution, funding profile and downside.
Compare
Cost, dilution, control and risk across structures.
Financing workflow
From funding requirement to financing structure.
Start with the unfinanced project, size the funding requirement, apply the terms and compare the ownership and downside outcomes.
02 / 04
Funding requirement
Size and time the funding requirement.
Translate project cash flow into the timing and scale of the capital requirement.
Sources + uses · Draw timing · Liquidity gap · Peak funding
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Financing structure
Apply financing terms and constraints.
Model project and corporate debt, RBL, mezzanine, vendor or offtake-linked capital, equity, convertibles, royalties and streaming with their actual pricing, fees, draw conditions, amortisation, covenants and control terms.
Debt · Equity · Hybrids · Covenants · Amortisation · Control
04 / 04
Structure stress + transactions
Stress test structures and transaction terms.
Run each structure across the project distribution and compare all-in cost, dilution, control, covenant burden and funding shortfall. Use the same economics for farm-ins, farm-outs, stake sales and contingent consideration.
Covenant breach · Dilution · Farm-in · Farm-out · Stake pricing
Acquisitions + divestments
Define the buyer’s ceiling, seller’s floor. Test acquisition & divestment scenarios against the project economics.
Model ownership, consideration and timing from both sides of the transaction: buyer’s ceiling, seller’s floor and retained value.
Buyer’s ceiling
The maximum consideration that still meets the buyer’s return, funding and downside requirements.
Seller’s floor
The minimum value at which selling or farming down still creates value.
Retained economics
Value, exposure, funding relief and upside retained after the ownership change.
See CAPITAL in action
Bring the term sheet. Compare it against the project economics.
Book a 30-minute EVALUATE x CAPITAL demo. Bring the financing or transaction terms and compare the funding, ownership and downside outcomes.