Case Studies: Corporate Finance

In February 2000, Finley, Colmer and Company was retained on behalf of a multi-state propane distributor to manage a refinancing effort designed to retire debt held by a bank syndicate and raise new capital to fund certain contingent liabilities. A $50 million senior financing was completed in 120 days without any dilution of shareholder interests. The company's subsequent performance warranted a follow-up bank financing on more advantageous terms, which closed several years later. The new credit facility was predicated on cash flow multiples and permitted aggressive expansion and acquisition initiatives.

In December 2007, the company concluded a $70 million senior financing designed to accommodate the expanded working capital requirements of the company. Much higher propane fuel costs and the retirement of the remaining employee stock ownership plan shares held by the most senior employees mandated this financing.

Finley, Colmer continues its association with this company on matters involving corporate finance and strategy.