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 Investment Banking
De La Rosa & Co. is known throughout California for the high quality of investment banking we provide to our clients.
PRE-SALE SERVICES
Preliminary review. De La Rosa bankers consult with our issuers, their financial advisors and legal counsel to develop a range of feasible financing options for a project. As part of this exercise, we consider all pertinent statutes, regulations and economic considerations. We also develop and refine a credit profile suitable for internal and external uses.
Survey investors for credit preferences. We use the credit profile to survey investors' interest in an issuer's bonds, and we calculate the interest savings the issuer would receive from the use of a reserve fund or credit enhancement. From this point, we structure the bonds with the mix of a reserve fund and enhancements that will produce the lowest interest cost.
Evaluate alternative debt structures. De La Rosa bankers measure the benefit of using different maturities and types of bonds to determine an optimal structure for the project and to market the bonds. We strive to achieve the highest credit quality possible, and to provide the flexibility desired by our issuers.
Review legal matters and tax implications. We work with bond counsel to analyze the tax implications of all potential structures with respect to rebate requirements and other tax matters.
Establish a timetable. We create a financing timetable that takes into account the various approval processes required to complete the transaction.
Prepare financing and marketing documents. De La Rosa bankers work closely with the issuer's advisors and legal counsel to prepare offering and disclosure documents. We circulate the official statement to the widest possible pool of potential investors.
Implement the financing plan. Our bankers work with our sales and trading officers to develop a pricing strategy that meets the yield, cash flow and maturity objectives of investors, while maintaining the lowest possible interest cost. We survey the market for the best of available dates to sell bonds to investors. Our sales and trading officers will then generate a healthy level of presale interest and formally offer the bonds to investors.
POST-SALE SERVICES
Organize the closing. Once the terms of the sale have been finalized and the bond purchase agreement executed, De La Rosa bankers help the issuer's finance team in the closing and provide the maturity schedule for inclusion in the official statement. We ensure that all actions needed for delivery of the funds and bonds are complete.
Prepare a post-pricing book. We prepare a final pricing analysis and post-sale summary including a final bond sizing and related financial analysis, a breakdown of estimated expenses, an analysis of recent interest rate trends, and comparative information for evaluating the terms and conditions of the sale, such as information regarding comparable financings in the same week.
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