Insights

An investment made alongside a sponsor or lead investor, usually on terms agreed in advance, that lets an investor take part in a transaction without originating it.

Capital that sits between debt and equity, such as preferred equity or convertible instruments, combining features of both.

An equity interest that is paid before ordinary shareholders, typically with a defined return and specific rights.

Subordinated capital ranking behind senior debt but ahead of equity, usually priced above senior debt to reflect higher risk.

A contract under which a customer pays for capacity or volume whether or not it uses it, which gives the supplier a more predictable revenue stream.

The volume of product that passes through a terminal, port or pipeline over a given period, often the basis for handling fees.

A right, granted by a public authority, to operate an asset such as a port or terminal for a defined period under agreed terms.

A promise in a financing or investment agreement that sets limits or requirements, such as a minimum level of cash cover, with consequences if breached.

The order in which an asset’s cash flow is paid out, setting who is paid first and what conditions must be met before others receive payments.

The customer that agrees to buy the output of an asset, such as power from a generator or capacity at a terminal.

A financial scenario in which key assumptions, such as volumes, prices or costs, turn out worse than expected, used to test whether an investment would survive.

A separate legal entity created to own an asset or hold an investment, which helps isolate its risks and make ownership terms clear.