Sunlight Financial

bankrupt

Solar Finance — Tiger Infrastructure Partners

Deal Terms

Entry Year2015

Entry EV$0.08B

Entry Multiple8x

Leverage4x

Debt Amount$0.4B

Outcome

Exit Year2023

Risk Metrics

LTV (est.)500%

Debt / EV5.00x

Notes

Tiger shepherded $1.3B SPAC valuation (July 2021). Stock cratered 57% in single day (Sept 2022). Chapter 11 Oct 2023. $445.8M goodwill impairment. Multiple securities fraud class actions.

Sponsor

Partners Group$185B AUM

Hot Potato History

2015→Tiger Infrastructure Partners($0.15B)

2021→Public via SPAC (Spartan Acquisition)($1.3B)

Bankrupt October 2023. Securities fraud class actions pending. Shareholders wiped out.