Tribe employed a multi-phased approach to successfully manage the refinancing of Shams Power. This process—encompassing Market Sounding and Analysis, Recommendation and Strategy Development, Execution of Refinancing and Financial Optimisation, and Stakeholder Engagement—ensured alignment with shareholder objectives and market conditions while delivering a long-term financial solution.

Market Sounding and Analysis

• Conducted a comprehensive review of project documents, financial models, and financing agreements to fully understand the project’s structure and financial standing.

• Prepared and distributed teasers for market sounding, engaging with a wide range of potential lenders across banking and capital markets.

• Collected and evaluated feedback from potential participants including banks, institutional investors and DCM desks, assessing key terms such as pricing, tenor, covenants, processes and intercreditor structures.

• Compiled a comparative analysis of multiple feasible financing plans to guide effective decision-making.

• Refreshed and updated analysis over time, taking into account changes due to the volatile interest rate environment.

Recommendation and Strategy Development

• Used market insights to prepare a detailed Proposed Debt Financing and Hedging Report, offering tailored recommendations on refinancing strategies, hedging mechanisms, and potential finance providers.

• Identified and mitigated execution risks while ensuring proposed solutions were bankable and beneficial to Shams Power and its shareholders.

• Highlighted the anticipated impacts of refinancing on cash flow, earnings, and other shareholder metrics.

Execution of Refinancing and Financial Optimization

• Negotiated favourable fixed margins based on Shams Power’s strong operational history to secure advantageous terms.

• Designed alongside legal counsel the transaction steps involved with executing an Amendment and Restatement of the existing facilities, allowing for an orderly transfer of exiting lenders’ exposures and onboarding of new lenders into the process.

• Transitioned existing loan and hedges from LIBOR to SOFR as part of Amendment & Restatement process

• Restructured interest rate swaps taking into account the requirements of new and existing lenders as well as the optimal cashflow and earnings impacts for Shareholders.

• Completely replaced financial model with a new operational model integrated with Shams Power’s systems allowing the Company to streamline reporting, forecasting, and integration of historical data via one bespoke tool.