Convertible Liability Management
A company with convertible debt outstanding has multiple options related to the refinancing – both on a strategic level across different markets (including straight debt, convertible debt, or equity) as well as tactical alternatives related to the convertible execution. Most big banks will typically recommend a new convertible issuance with a simultaneous repurchase of the existing convertible. However, such a tactic may not be in a company’s best interest. In many cases, a private exchange executed directly with the existing holders can produce a similar outcome (the refinancing), but with lower fees, less market risk, and minimal management time. J. Wood Capital Advisors prides itself on helping companies think through and evaluate these choices. We are independent, dedicated, and experienced advisors who will help analyze all the possible execution tactics to achieve the best outcome for the company.
Since founding J. Wood Capital Advisors, Jason Wood and his team have become the leading firm in the private exchange of convertible debt. Prior to founding J. Wood Capital Advisors, Jason Wood was the Head of Equity-Linked Capital Markets for the Americas at J.P. Morgan. Under his leadership, J.P. Morgan earned a #1 ranking in nearly every category of U.S. Equity-Linked issuance, including stabilization agent, number of deals, and league table. Other senior members of J. Wood Capital Advisors worked with Jason on the Equity-Linked Capital Markets team at J.P. Morgan. No other advisory team has the deep experience and expertise associated with the private exchange of convertible debt, including in the areas of investor knowledge, structuring, pricing, economics, documentation, accounting, and execution tactics.
We look forward to acting as an extended part of your team in order to design a more efficient private exchange or repurchase of convertible debt, and to ensure the optimal outcome for your convertible debt refinancing.
