With banks fighting hard to keep hold of their turf, offering competitive leverage on deals, asset managers are increasingly looking to stretched senior financing as a way to compete in a level playing field. But with a rising number of players expected to offer the 5-6% stretched senior in 2017, the new debt solution risks doing to the unitranche what second lien did to mezzanine.
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Competition between traditional banks and direct lenders has forced an evolution of the loan product in the Benelux. This discussion focuses on the dynamics of a competitive market environment and what it means for borrowers.