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Private
Credit

“We price for speed and
complexity, not for risk.”

Step in, don’t just secure....
Structuring private credit solutions with practical transaction support
and enforcement.

Our private credit mindset is derived from the investment bank special situations groups of the Asian Financial Crisis.

The success of a private credit transaction is dependent on clear risk identification and clear risk planning. We are ideally positioned to do both. Our finance, legal and technical teams are well placed to evaluate risk, as well as provide ongoing transaction monitoring support. In the event of a default, we tailor true step in solutions rather than relying on security enforcement in unreliable jurisdictions.

We aim to support the full private credit lifecycle, from financial, legal and technical due diligence, to transaction execution; ongoing transaction monitoring (financial and technical) to repayment – and step-in if ultimately required. Practical evaluation. Practical risk management. Practical solutions.

Integrated Advice

Finance

Ensures the credit structure reflects financial reality

  • Financial Due Diligence — Operationally focused financial due diligence, testing key assumptions and risk assessments, which business knowledge feeds into integrated legal analysis.
  • Credit & Financial Modeling — Build lender-ready financial models that demonstrate debt serviceability, test assumptions, and downside scenarios.
  • Transaction Monitoring — Assess and design credit structures and cash waterfalls aligned to the risk profile and cash flow dynamics.

Legal

Ensuring Downside Protection and Enforceability.

  • Legal Due Diligence — Finance and business aligned legal due diligence, testing the legal robustness of critical licenses, key contracts and trading arrangements.
  • Credit Documentation — Draft and review term sheets, facility agreements, intercreditor arrangements, and security packages with commercial precision.
  • Structuring — Enforcement focused structuring with a focus on practical legal solutions.
  • Enforcement — Coordinating asset enforcement, PKPU/bankruptcy proceedings and litigation in various jurisdictions.

Technical

Validates operational and asset integrity.

  • Technical Due Diligence — Assess asset condition, operational performance, and infrastructure quality.
  • Capex & Operational Assessment — Evaluate investment requirements and efficiency improvements.
  • Project Feasibility Analysis — Validate assumptions underpinning business plans and projections.
  • Execution readiness and Technical support — Ensure operational alignment post-transaction. Where required, ongoing technical support can be provided for the life of the transaction.

Green

Know your Borrower.

  • Background Study.Detailed counterparty history, including previous political, joint venture and lender disputes..
  • APolitical Risk Analysis.Understand the borrower’s political exposure and any potential political risk.
  • Asset Tracing. Pro-active asset tracing and enforcement support.
Beyond Boundaries

Integrated Private Credit Solutions

  • By combining comprehensive cross-disciplinary due diligence across operations, finance, legal, tax and environmental matters, Eliot & Luther delivers end-to-end Private Credit solutions — whether we are representing the capital deployer or the capital recipient..
  • This enables clients to lenders close on targets with structured downside protection, and borrowers secure terms that reflect their true commercial position

Our Services

Example Mandates
  • Due diligence, transaction structuring and legal documentation on an agri-financing.
  • Monitoring accountant, technical consultant on a construction project.
  • Transaction support arranging a second creditor to file PKPU proceedings.
  • Appointment by a private credit fund on the restructuring and ultimate white-knight buyout of a restructuring.
  • Acquisition of a distressed portfolio from a local bank.
  • Structured settlement of a share backed financing.
  • Onshore enforcement of offshore shareholding and litigation support.
E&L Value Add
  • Deep commercial knowledge of industry and jurisdiction.
  • Transaction structuring advice, including direct enforcement and practical step-in rights.
  • Financial monitoring and technical support where required.
  • Network of potential white-knight investors.
  • Alignment between commercial objectives and legal strategy.
  • Risk prevention before risk mitigation.
Illustration

Listed Hospitality Company
Debt Restructuring

  • Restructuring of a prominent listed hospitality operator after Covid-19; funded by private credit and onshore bank debt.
  • Secured a buyer for onshore bank debt and equity conversion terms acceptable to equity shareholders.
  • Debt to equity conversion conducted through IDX.
  • Private credit fund outcome improved by increase in equity value of its share collateral.