September 14, 2017 | 10 On The Park, New York

Welcome to the US Mid-Market Financing Forum!

In 2016, direct lenders had another big year with fund managers raising a startling USD 11.4bn among 25 funds. From this flurry of activity, it was clear that life insurance companies, hedge funds and other institutional investors were more than willing to play the role of banker. Alternatively, by the end of Q1 2017, businesses in the technology, telecom, retail and financial services sectors have made up the lion's share of leveraged loan issuance (41.2% in total lending). But with legislation currently being written to dismantle Dodd-Frank, one must ask, what will become of the market if it makes it to the president's desk for signing? Also, will other reforms along with a rising-rate environment slow the pace of private debt deals? How will banks or direct lenders grow their respective share in the middle market?

Please join Debtwire and esteemed panelists for a morning event dedicated to mid-market financing.

Registration & Breakfast

Opening Remarks

Growing Competition and Dicey Market Fundamentals to Upend Primary Market Order

A confluence of macroeconomic trends may stand to upset the current order of players in the leveraged finance middle market. Rising interest rates, inflation, continued influx of direct lenders, buildup of unitranche funding, regulatory reform and other elements foreshadow uncertainty for players looking to establish a leading market position. How will these shifting market fundamentals play into the hands of financial sponsors?

Listen to experts discuss current issues affecting primary loan issuance in the middle market.

  • Examine dynamics between direct lenders and private equity sponsors
  • Have large cap features, such as cov-lite and tight margin deals, played their way into middle market deals?
  • Forecast how market conditions will impact default rates and issuance
  • Debate repercussions of PE sponsors utilizing "white lists" for approved buyers of loans
  • What role, if any, have regulated banks had on middle market sponsor finance?
  • How has "adjusted EBITDA" influenced the way deals have priced?

- Daniel Brazier, Director of Capital Markets, Madison Capital
- John Carlin, Managing Director, Citizens Bank
- Andrew Olinick, Co-head of North America Private Equity team and Global Head of Business & Technology Services, 3i
- Terry Robinson, Vice President , Varagon Capital
- Michael Teplitsky, Managing Director, Wynnchurch Capital
- Bill Weisbrod, Reporter, Debtwire Middle Market (moderator)

Tête-à-tête - Outlook on Retail Industry

The bankruptcy of Aeropostale ended in a stunning conclusion as two mall companies, GGP and Simon, combined with Authentic Brands Group and liquidators to rescue the retail chain. The buyout cost Simon and GGP USD 60m and will not deter the retailer from reducing its real estate footprint to 400 stores from 700-plus stores. The footprint is expected to decrease further as Aeropostale has multiple kick-out clauses and could look to execute on them in 2018 and 2019. With this in mind, how will the company chart a path for any future growth? Also, will mall landlords be forced to play a role in the ongoing restructurings enveloping larger anchor retail tenants such as Neiman Marcus and Sears.

Get an in-depth look into this case as industry insiders review the precedent that Aeropostale’s restructuring established.

- James Doak, Managing Director, Miller Buckfire & Co. LLC
- Jon Berke, Editor, Debtwire Middle Market (moderator)

Coffee Networking Break

New Trends and Players Enter Restructuring

As distressed energy fades into the market's rearview mirror, creditors and investors are looking for the exit ramp to the next industry-wide restructuring. Many market observers point to consumer retail as a major focus in 2017, while others consider financial services and healthcare for opportunities given regulatory reform. Additionally, some market observers have expressed concern about money flowing to fund managers who lack experience in the middle market, which requires meticulous private equity style diligence.

Hear market experts’ forward looking insight into the state of restructuring in 2017 and beyond.

  • Assess PE activity in managing restructurings
  • What alternatives to Chapter 11 are practitioners making use of, such as UCC auctions, ABC, etc.
  • Provide updates on more notable mid-market companies in restructuring
  • What sectors are going to attract the most interest for restructuring in the back half of the year?
  • In terms of asset sales in bankruptcy, is it fight to quality at this point, given all the available financing options out there?

- Colin Adams, Managing Director, M-III Partners
- Todd Feinsmith, Partner, Pepper Hamilton
- Ron Kubick, Managing Partner, OceanArc Capital Partners
- Richard Shinder, Managing Director, Capital Advisory Group, Piper Jaffray Companies
- Rachel Butt, Reporter, Debtwire Middle Market (moderator)

Event Concludes

*Agenda subject to change

Panel Sponsors

Venue details

10 on the Park
60 Columbus Cir
New York
NY 10019
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