Lapson
Advisory assists corporate CFOs and Treasurers to structure credit and debt transactions. Ellen
Lapson is an independent consultant and advisor with fifty years of hands-on
corporate finance experience in utility corporate finance and project
finance. She can act as a behind-the-scenes advisor and coach to help clients meet their objectives. Unlike large consulting firms or investment banks, Lapson Advisory welcomes projects both large and small. We meet clients’ needs quickly and efficiently.
Some representative advisory assignments are summarized below:
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Client
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Advisory
Assignment
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Washington Gas Light Co.
2019
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Quantify effect of merger and ratings change upon cost of long-term and short-term debt.
Objective: Regulatory compliance.
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NJ American Water Co.
2018
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Analyzed impacts of tax reform on water utility’s cash flow and ratings.
Objective: Regulatory strategy.
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AltaGas Ltd.
2017
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Credit ratings advisory on ratings of Washington Gas under hypothetical cases.
Objective: Business and regulatory strategy.
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Entergy Texas, Inc.
2016
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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.
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Bank (Undisclosed)
2014
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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.
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Northeast Utilities
2014
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Evaluated
debt equivalence of power purchase obligations.
Objective:
Clarify credit impact of contract obligations.
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GenOn Energy Inc.
2012
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White Paper on appropriate industry peers for a
competitive power generation and energy company.
Objective: Improve peer comparisons in
shareholder communications and compensation studies.
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Toll Highway (Undisclosed)
2011
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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.
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Transmission Utility (Undisclosed)
2012
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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.
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