Optimise your capital structure before it becomes urgent.
We structure, refinance and raise debt for corporate transactions in the Spanish mid-market. With no conflict of interest with financial institutions.
Who is this service for?
- →Post-acquisition company whose capital structure needs optimisation
- →Business looking to finance a growth or investment plan
- →Companies with positive operating results but with a debt structure and level that hinders and constrains their development
- →Family business in transition with legacy debt weighing on the balance sheet
"We had never had anyone talk to us about capital structure without a conflict of interest with the bank. That independence changed everything."
A company’s financing structure (capital/equity and debt) is constantly evolving as the business and its needs develop. It must therefore be monitored continuously, with a close eye on market trends and financial conditions. What was an adequate financial structure a few years ago may be limiting growth today. At Dextra we advise Spanish mid-market companies so that their debt structure relative to their capital or equity becomes a strategic asset, not an operational constraint.
We are independent from financial institutions. We do not earn fees from banks or debt funds: we charge the client we advise. This means that when we recommend one structure over another, the sole criterion is the company’s interest — not the institution that would pay us a placement commission. This independence, which might seem obvious, is less common than it should be in the financial advisory market.
Through our international CFA Worldwide network we have access to international institutions and European private debt funds that have gained significant ground in the financing of the Spanish mid-market. When traditional bank debt does not meet the company’s needs — in volume, risk, maturity or flexibility — these alternatives can be the right solution.
The process, step by step.
Capital structure diagnostic
We analyse the current situation: leverage levels, cost of debt, maturities, covenants and real financial headroom relative to the company's objectives.
Define the optimal financial structure
We evaluate available alternatives: senior bank debt, private debt, mezzanine financing, bonds and hybrid structures. We recommend the combination best suited to the company's profile and business plan.
Preparation of materials for lenders
We prepare the information package for lenders: financial model, executive teaser and supporting documentation that positions the company rigorously before investors, funds or banks.
Competitive process with lenders
We run a competitive process with selected institutions, ensuring the company receives real, comparable proposals.
Terms negotiation
We negotiate financing terms: interest rate, maturity, amortisation, financial covenants and security. The goal is to maximise the company's operational flexibility.
Closing and documentation
We coordinate the legal documentation alongside legal advisors and accompany the company through to actual disbursement of funds.
What makes us different.
True independence
We have no business relationship with financial institutions. Our only client is the company we advise. This guarantees that recommendations are driven by the borrower's best interest, not the bank's.
100% senior execution
Founding partners lead and are directly involved in every mandate. The client deals directly with those who have the relationships and credibility needed with lenders and investors.
Access to European private debt
Through CFA Worldwide we have access to European private debt funds that finance the Spanish mid-market when traditional bank financing is insufficient or unsuitable.
When the company needs to make a significant decision about its capital structure: refinancing existing debt, raising new financing for an acquisition or investment plan, or simply reviewing whether current terms are the best available in the market. Also when covenants are approaching their limits or maturities need renegotiating before they become urgent.
We work with all types of external financing instruments: senior bank debt, private debt (direct lending), mezzanine financing, factoring and confirming, syndicated loans and bond issuances for mid-market companies. The choice depends on the company's size, risk profile and use of funds.
Both. Bank financing remains the most common for the Spanish mid-market, but private debt funds have gained significant ground and offer more flexible terms for leveraged transactions or companies with more complex credit histories. We assess both options and recommend what best fits each situation.
A well-executed refinancing process takes between 2 and 5 months, depending on the company's situation, the complexity of the current financing structure, the number of institutions involved and maturity timelines. The ideal is to start the process with sufficient lead time — at least 12 months before maturity — to negotiate from a position of strength, without pressure.
Yes, and it is actually a common situation. Having a prior banking relationship does not mean current terms are the best available. A competitive process — even with the same institutions — typically produces meaningful improvements in interest rate, maturity and covenants. Adding new lenders also broadens the base and reduces dependence on a single financial provider.
For an initial diagnostic we need the last three audited annual accounts, the current-year budget, an up-to-date corporate structure chart and a description of the use of funds. With that information we can assess available options and design the most appropriate process.
Next step
Shall we talk about
your deal?
Founding partners respond directly. No intermediaries.