TULA Capital structures comprehensive leveraged finance packages from $25M-$500M, combining senior debt, unitranche, mezzanine, and equity capital for leveraged buyouts, platform acquisitions, and growth transactions. We deliver optimal leverage, pricing, and covenant flexibility.
Leveraged transactions demand sophisticated capital structuring and coordination across multiple lender types. TULA's expertise ensures you maximize leverage while minimizing cost of capital and preserving operational flexibility.
We architect optimal debt structures combining senior, stretch senior, unitranche, and mezzanine capital. Our modeling identifies the mix that maximizes leverage while minimizing weighted average cost of capital and covenant constraints.
Direct relationships with 100+ leveraged finance providers—banks, direct lenders, BDCs, and mezzanine funds. We know which lenders compete for specific deal profiles and how to position transactions for maximum interest and competitive tension.
We've closed 95+ leveraged transactions totaling $4.2B+. Our process management prevents the coordination failures and timing slips that commonly derail complex financings. We deliver certain, efficient closings under compressed timelines.
Leveraged finance transactions require meticulous structuring and coordination. Our process ensures optimal leverage, competitive pricing, and certain execution.
We model multiple capital structures analyzing leverage capacity, covenant headroom, and cost of capital across scenarios. Our output defines optimal debt quantum, mix of senior and junior capital, and target pricing for each tranche.
Output: Capital structure recommendations, leverage analysis, return sensitivities
We create comprehensive financing package—CIM, detailed financial model, management presentation, and lender-specific materials. Simultaneously, we identify 10-15 best-fit lenders across senior, unitranche, and mezzanine providers based on industry, size, and structure preferences.
Output: Complete deal package, targeted lender list by capital type, outreach strategy
We launch simultaneous processes across capital tranches, managing communications, coordinating management presentations, and maintaining momentum. Our approach creates competitive tension while preserving confidentiality and managing sponsor time efficiently.
Output: Multiple term sheets per tranche, detailed comparison analysis, negotiation roadmap
We negotiate all terms across capital sources—pricing, leverage multiples, covenant packages, prepayment flexibility, and intercreditor dynamics. Our database of 200+ leveraged deals informs every discussion, ensuring you capture market-best terms.
Output: Executed term sheets across capital stack, intercreditor framework agreement
We manage parallel diligence processes across multiple lender types, coordinate with legal and accounting advisors, and proactively address issues. Our experience prevents the coordination failures that commonly delay leveraged closings.
Output: Completed diligence across all tranches, negotiated credit agreements ready for closing
We coordinate simultaneous closings across capital sources, manage funding mechanics, and ensure smooth transaction completion. Post-close, we remain engaged for amendments, add-on acquisitions, dividend recaps, and refinancings.
Output: Funded transaction, ongoing advisory relationship for future capital needs
TULA structures leveraged finance packages for private equity-backed and strategic acquisitions across the middle market.
Representative leveraged finance transactions closed by TULA Capital.
$175M senior + $100M mezzanine for PE-backed buyout. Negotiated 5.8x total leverage at L+525bps / 12% PIK respectively. Covenant-lite structure with accordion for bolt-ons.
Unitranche structure providing simplicity and speed for sponsor. Achieved 5.2x leverage at L+650bps all-in, 30% lower cost than separate senior/sub financing would have delivered.
Complex structure for corporate carve-out: $300M senior, $85M second lien, $40M subordinated. Coordinated transition services agreement and working capital adjustments across three lender groups.
Our leveraged finance team is ready to model optimal capital structures and deliver competitive financing packages. We'll provide preliminary leverage analysis and lender recommendations within 72 hours.
Senior debt has first claim on assets and cash flow, typically offering lower interest rates (L+400-600bps) with financial covenants. Mezzanine debt is subordinated, accepting higher risk in exchange for higher returns (10-15% cash + PIK) plus equity participation through warrants. The combination allows higher total leverage than senior debt alone.
Unitranche simplifies execution with single lender and no intercreditor agreement, closing 2-3 weeks faster. It typically costs 50-100bps more than separate senior/mezzanine but saves legal fees and coordination time. Best for deals under $150M where speed and certainty outweigh cost optimization.
Leverage capacity depends on EBITDA quality, cash flow predictability, asset coverage, and industry dynamics. Typical ranges: 4.5-5.5x for cyclical businesses, 5.0-6.0x for stable recurring revenue models, 5.5-6.5x+ for asset-backed or software businesses. We model sustainable leverage based on multiple downside scenarios, not just base case.
Lenders pay TULA success fees upon closing—you never write us a check. Our compensation is percentage-based on total debt raised, perfectly aligning incentives. We only succeed when you close optimal financing on favorable terms with coordinated timing across all capital tranches.