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Funds encroach further on bank territory in loan market [Reuters]

BARCLAYS (BCS)  More Company Research Source: Reuters
PDF Funds encroach further on bank territory in loan market | Reuters 3 Min Read Feb 23 (LPC) - Banks’ share of the middle market leveraged buyout space is under threat from direct lenders increasingly expanding their role to underwriting working capital facilities in unitranche loans. As funds sit on a record amount of dry powder many are using the deeper pools of capital and large infrastructure to underwrite the revolving credit facility, a role usually reserved for the bank. “We’ve seen this happening occasionally. It’s something a direct lender may want to do to secure their position and then perhaps work with a relationship bank to provide the first lien and/or undrawn lines such as an RCF,” said Ian Tetsill, managing director, structured finance at Barclays. A typical unitranche includes a direct lender providing the term debt and undrawn facilities such as capex and acquisition lines, while the bank finances the RCF. Sponsors benefit from securing the financing early when direct l [Read more]

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