Debt-to-Equity
Structuring Advisory.
Capital stack analysis and structuring advisory designed to align sponsor economics, debt coverage metrics, and equity positioning with the requirements of institutional capital mandates.
Capital structures built to be approved.
“The capital stack is the first thing institutional reviewers test — and the last thing sponsors usually optimize. We invert that order.”CGC structures the capital stack — senior debt, mezzanine, preferred equity, common equity — with the discipline institutional reviewers expect. Coverage ratios, covenant headroom, sponsor economics, and waterfall mechanics are tested before sponsor-led capital engagement, not after.
Capital Stack Design
Layer-by-layer design across senior debt, mezzanine, preferred equity, and common equity — with explicit payment priority, return profiles, and covenant interactions.
DSCR Optimization
Debt service coverage ratio modeled across base, upside, and downside cases — with sensitivity testing against institutional benchmark thresholds and covenant tripwires.
LTV Positioning
Loan-to-value analysis against the actual mandate criteria of senior lenders, private credit, and bridge providers — including refinance and exit scenarios.
Sponsor Equity & Waterfall
Sponsor equity participation, promote calculations, preferred return mechanics, and full waterfall distribution analysis — modeled to investor-defensible standards.
Covenant & Coverage Testing
Interest coverage, debt-to-EBITDA, fixed charge coverage, and capital efficiency tested against private credit standards — with explicit covenant headroom analysis.
Refinance & Recap Structuring
Refinancing and recapitalization scenarios structured with explicit rationale documentation — for inclusion in investor and lender review packages.
Every layer has its economics.
CGC structures and documents each layer of the capital stack with the rationale, return expectations, and protective mechanics institutional reviewers will examine first.
From most secured · to most subordinated
Senior debt sits at the top with first claim on cash flows and assets. Each layer below carries higher return expectations — and higher subordination risk. Structuring is the discipline of fitting the right layer to the right capital provider.
Common use cases.
- Structuring a new capital stack for an acquisition, development project, or operating business
- Optimizing an existing stack where DSCR, LTV, or covenant headroom is too tight for institutional approval
- Layering mezzanine or preferred equity to bridge a gap between senior debt capacity and total need
- Refinancing existing facilities where covenant resets or rate restructuring is required
- Recapitalization scenarios — partial sponsor exit, dividend recap, or new equity injection
- Multi-tranche capital deployments requiring phased structuring across deployment milestones
Flat fees. Pre-agreed in writing.
All fees are flat, pre-agreed in writing, and non-contingent. Exact scope and fee are documented in a separate written consulting agreement before work begins.
| Engagement Scope | Illustrative Fee |
|---|---|
| Capital Stack Analysis · Single transaction | $5,000 – $10,000 |
| Structuring Advisory · Complex or multi-tranche | $10,000 – $20,000 |
| Ongoing Structuring Support · Monthly retainer | $5,000 – $15,000 / mo |
Start with a $500 review.
If you have an existing capital structure or are designing one, start with our $500 Stage One Institutional Review. The review covers capital structure coherence, debt-to-equity positioning, DSCR/LTV defensibility, and sponsor economics — with a written brief delivered within 3-5 business days.
Centurion Global Capital LLC is a strategic advisory and consulting firm. CGC is not a registered broker-dealer, investment adviser, or fiduciary under U.S. federal or state law, and does not solicit investments, negotiate transaction terms, or offer or sell securities of any kind. All advisory services are provided for strategic planning and preparation purposes only pursuant to executed written consulting agreements. All fees are fixed, pre-agreed, and non-contingent — not indexed to, computed as a percentage of, or triggered by capital raised or transaction outcomes. CGC is not a licensed CPA firm. Edward Gleason holds an individual CPA license and a Series 65 license each in his individual or separate registered capacity outside of CGC. No assurance is given that any engagement will result in financing, a completed transaction, or any specific outcome. Nothing on this website constitutes an offer or sale of securities.