Lapson
Advisory assists corporate CFOs and Treasurers to structure, negotiate, and
document credit and debt transactions, or acts as the behind-the-scenes coach to
help clients hone their approach to rating agencies, creditors, fixed income
investors, or regulators.
Ellen
Lapson is an independent consultant and advisor with forty plus years of hands-on
corporate finance experience in the world of utility corporate and project
finance. Unlike large consulting firms
or investment banks, Lapson Advisory takes on projects of any size and scope. We
meet clients’ needs quickly and efficiently.
Representative advisory assignments are summarized below:
|
Client
|
Advisory
Assignment
|
|
Utility Holdco (Undisclosed)
2017
|
Credit ratings advisory, hypothetical cases.
Objective: Assess ratings impact of changing business portfolio.
|
|
Energy Texas, Inc.
2016
|
White Paper and recommendations on debt equivalence and capital allocation associated with capacity purchase agreements; effects of new lease accounting standards on PPAs.
Objective: Adjust policy on RFP and contract evaluation.
|
|
Bank (Undisclosed)
2014
|
White Paper and recommendations on Loss Given
Default and historical experience of default and recovery in the regulated
utility sector.
Objective: Appropriate capital allocation for
loan portfolio.
|
|
Northeast Utilities
2014
|
Evaluated
debt equivalence of power purchase obligations.
Objective:
Clarify credit impact of contract obligations.
|
|
GenOn Energy Inc.
2012
|
White Paper on appropriate industry peers for a
competitive power generation and energy company.
Objective: Improve peer comparisons in
shareholder communications and compensation studies.
|
|
Toll Highway (Undisclosed)
2011
|
Recommended
scenario for adding debt while minimizing risk of downgrade. Plan for rating agency communications.
Objectives:
Free up equity for alternate growth investments while preserving credit ratings.
|
|
Transmission Utility (Undisclosed)
2012
|
Recommended the appropriate capital structure and
debt leverage during a period of high capital spending.
Objective: Reduce need for added equity during
multi-year capex project; preserve existing credit ratings.
|
|
District Thermal Cooling Company
(Undisclosed)
|
Recommended
a project loan structure to deal with seasonal cash flow. Optimized payment
schedule, form and timing of financial covenants.
Objectives:
Reduce default risk; improve capital efficiency.
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| 