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How to Choose a Debt Advisory Firm: A Guide for Middle-Market Borrowers

A practical framework for evaluating borrower-side debt advisors across capital structure, lender process, credit analysis, conflicts, fees, and fit.

Ryan Patrick ToncheffSeptember 21, 20269 min read

A middle-market company should choose a debt advisory firm by testing whether the team can diagnose the borrower's capital structure, translate its operating plan into a credible credit case, compare suitable financing sources, and manage a disciplined lender process without hidden conflicts. Relevant commercial credit judgment matters more than a long lender list. The best fit is an advisor whose proposed work addresses the company's specific decision: refinancing a maturity, adding liquidity, financing an acquisition, resetting covenants, or restructuring an unsustainable obligation.

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