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Scope of Services

There are numerous steps involved in completing a capital financing, from developing a financing model to document development to securing bond ratings, as well as the actual sale and closing of the financing. Among the more visible of steps taken during the financing process are the following:

 

Financial Modeling

We have extensive experience creating financing models including, among others, state building programs, state revolving fund programs, numerous multibillion transportation plans, and school district capital improvement financing models. Each of these models was created specifically for the particular client. Over time these models are continually revised and refined to fit the changing needs of each project. These financial models are extremely flexible and have been useful as planning tools.

 

Financing Alternatives

Prior to recommending a particular financing structure, we will review various financing alternatives to determine the best fit for the project. Our goal is to develop a structure that provides the most cost effective financing within the client’s risk profile. Among ideas that are considered are fixed rate and floating rate debt, various security structures, and derivative products. By working through multiple scenarios, we are able to determine those that best meet the client’s objective. These scenarios are refined to create the recommended structure.

 

Document Development

Throughout the financing process, various approvals and presentations will be required. JNA Consulting Group will help to develop the materials to be presented in support of the financing. Among these documents are Debt Management Policies, Debt Management Commission packets, bond rating and insurance presentations, and Official Statements.

 

Bond Sale and Closing

JNA coordinates the sale and closing of the bonds. We will review the proposed issue and recommend the appropriate type of sale, competitive or negotiated. We are also heavily involved in electronic bidding and maintain relationships with each of the three providers. Prior to the sale we will prepare a presale memo outlining market conditions, the number of potential bidders, and projected interest rates. After the sale, we prepare the closing memo and provide direction concerning the wiring of bond proceeds. We also prepare a post-sale analysis containing a follow-up on market conditions, comparison to other bond sales, comparison to appropriate indices, and the final financial model.