Underwriting a $180M facility on machinery nobody else would price

Penfold makes precision components across four plants in Ohio and Coahuila. A syndicate had spent five months failing to agree a valuation on the machinery, and the company had a covenant test coming.

Our valuation team had cleared eleven comparable presses at auction in the preceding year, so the collateral file was built from our own results rather than from published indices.

We wrote the whole facility ourselves — no syndication, no agent — and closed on the appraisal we had produced.

$180M funded nineteen days after the first site visit. Penfold refinanced into a bank facility fourteen months later at a rate the original syndicate never offered.