Mid-cap leveraged borrowers turn to unitranche loans

Medium-sized leveraged companies are increasingly turning to unitranche debt as an alternative means of funding buyouts, according to a new report by Altium, a debt advisor. Leveraged loan issuance overall, meanwhile, reached a six year high in 2013.

  • By Olivier Holmey
  • 10 Jan 2014

In its MidCapMonitor review of the fourth quarter of last year, Altium listed 24 unitranche deals for the whole of 2013. These transactions “have become much more popular during 2013,” the firm said.

Unitranche debt combines first and second lien credit facilities into a single debt instrument, with ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 98,446.48 276 13.35%
2 Bank of America Merrill Lynch 90,174.33 262 12.23%
3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%