Today we will be discussing how the emergence of unitranche has transformed acquisition finance markets over the last five to ten years; and what its popularity means for the future.
Over less than a decade, unitranche has grown from a quirky debt offering provided by a few new market entrants into the financing structure of choice for the majority of mid-market deals.
Unitranche lenders ripped up the acquisition finance rule book, shedding the need for amortisation and certain covenants and simplifying capital structures through the provision of one piece of debt at a single price point. It has helped direct lenders to hoover up market share from the once dominant High Street banks and opened up the market for a new generation of debt funds and challenger banks
Nicholas Neveling, Editorial Director, Real Deals
Jennifer Murray, Senior Director, Leveraged Finance at Shawbrook Bank
Katie McMenamin, Solicitor at Travers Smith