[DRAFT] [CONFIRM: Q15]

A refinancing is a negotiation while there is headroom and a rescue once there is not. The date the headroom runs out is usually known months in advance, and the number of lenders willing to look at the situation falls as it approaches.

What changes in the last quarter before a test: the lender list shortens, pricing widens, and the conversation moves from terms to consent.

What early engagement buys: a parallel process rather than a sequential one, offers compared on one table, and the option to do nothing if the terms are not worth taking.

See Special situations for how we run these, and Debt advisory for a routine refinancing.