Citadel SPV has the ability to step into such a role, drawing from the legal and accounting backgrounds of our team. Our legal governance, program administration and financial accounting experience, combined with our knowledge of complex structures, provides Citadel SPV with a unique capacity to assist our clients in a wide variety of scenarios, each demanding some form of reporting or verification. Add our independent positioning to the equation and it is easy to understand why we have a growing reputation for quality third-party financial administration services.
Services
Credit Facility Administration
For credit facilities, Citadel SPV can assist borrowers and lenders in preparing and/or reviewing and verifying, borrowing base reports, draw notices, and borrower financial covenant reporting for lenders.
Surveillance and Investor Reporting
Citadel SPV can work with transaction parties to prepare customized reporting, including the calculation of covenant tests, to meet the requirements of investors and rating agencies.
Bank and Servicer Reconciliation
Citadel SPV’s team can perform periodic reconciliation of bank accounts and servicer records, verifying data points agreed upon with transaction parties.
Verification and Calculation Agent
In connection with structured credit facilities and other borrowing structures, we can provide third-party verification that a borrower continues to remain within the bounds of key financial covenants and other restrictions related to the facility, a process that typically includes some validation of calculations made by the borrower during a prescribed measurement period.
Back-Up Administration
For securitizations with a rating agency requirement for a back-up administrator, Citadel SPV can routinely monitor the reporting being handled by the issuer, and be prepared as a backup ready to step in and take over such reporting should certain triggers be met.
