I am working on a roofing opportunity where the business is issuing bonds on ~15% of their revenue. These bonds are backed by a personal guarantee from the owner. For context this is a fairly sizeable ($30M - $50M) commercial roofing operation.

I'm hoping to speak with current / former operators, investors, lenders, or legal advisors that understand how this process works under new ownership. Specifically, I am interested in:

1) How does a company's bonding capacity and (who the ultimate backstop for the bonds is) impact lenders' (senior lenders, in particular) willingness to support an acquisition?
2) How feasible is it to issue bonds without a PG under new ownership?
3) How likely is it that the bonding company would reduce bonding capacity under new ownership?
4) How have similar buyers handled this item post-close?