Transaction

• Power Plus is the largest supplier of backup power and utility design services in the Western United States
• Minority shareholder sought liquidity while the majority shareholder sought to increase ownership and simultaneously desired to lower the overall cost of debt

Challenges

• Locating a financial partner to achieve attractive credit terms, lowest interest rate and flexibility to fund expansion of business
• Combining new debt structure with existing debt structure

Solution

• CWC initiated discussions with lenders and other debt providers
• Competitive process yielded six fully underwritten financing offers for $35 mm, resulting in no dilution to the majority shareholder
• Creative structure for secured debt tranche provided evergreen revolver backed by generator fleet
• CWC closed on transaction with senior bank lender at L+250 and L+650 for second lien lender, saving over $600,000 in annual interest expense