DC Advisory advises Naturion on its inaugural financing

Background

• Naturion is a market-leading US mitigation banking platform that develops, owns, and operates 175+ wetland and stream projects across 25 states, directly restoring and preserving critical ecosystems
• Naturion operates in the US mitigation banking industry, serving infrastructure developers, DOTs, and public agencies required to offset environmental impacts under federal and state regulations
• Naturion has scaled rapidly to become a vertically-integrated market leader, with deep regulatory relationships and proprietary permitting expertise

Process

• Naturion engaged DC Advisory as its exclusive financial advisor to support its debt raise
• DC Advisory played a critical role in educating lenders on a novel asset class, positioning mitigation credit sales as bankable, infrastructure-like cash flows
• Leveraging extensive debt experience, DC Advisory conducted a comprehensive financing process, including financial modeling, debt structuring, and hedging

Outcome

• DC Advisory delivered a flexible debt package for Naturion, securing commitments from leading infrastructure banks and institutions
• Key highlights include:
  • Structuring and raising an inaugural delayed-draw term facility for a US mitigation banking platform – the first known institutional debt facility for a mitigation banking platform
  • Embedding an accordion feature to scale commitments, supporting Naturion's project pipeline and geographic expansion
  • Designing a flexible capital structure underpinned by strong credit fundamentals, including a diversified project portfolio, contracted revenue streams, and high margins
• This transaction underscores DC Advisory’s ability to structure and execute complex transactions with unique infrastructure credit profiles