Perseverance, Caution & Creativity: Reaping Rewards When Money Rules the Day - Five industry executives weigh in with ABF Journal contributor Lisa Miller on the current ABL marketplace. They share their thoughts on 2015 performance, cash flow loans, supply and demand, M&A, alternative lenders and provide an outlook for the year ahead.
Third Quarter 2015 Capital Markets Outlook: Commentary and Perspectives - Fifth Street Asset Management provides a Q3/2015 Capital Markets Outlook. Although middle market deal flow has been low this year, Fifth Street observes that select lenders, especially those with a direct origination platform, saw a pickup in activity heading into September.
State of the Capital Markets: Excess Liquidity & Low Interest Rates - Howard Brod Brownstein interviews three active participants on the current state of ABL capital markets. While market conditions remain extremely competitive, destabilizing factors around the world continue to create uncertainty and will likely provide challenges for syndicated ABL lenders down the road.
Private Equity and Asset Based Lending in the European Union - Hugh Larratt-Smith examines asset-based lending in the European Union’s private equity sector. While private equity exits are on the rise, he says the disciplines of ABL can provide PE firms with an excellent, objective sounding board and a valuable tool for smart investing.
Not Always About Price: Alternative vs. Traditional Asset Based Lending - Marc Adelson illustrates the differences between traditional and alternative lenders servicing the lower middle market space. He advises borrowers to be aware of the processes and hierarchy within a lender’s organization before choosing a lending partner.
Distressed Unitranche Debt After RadioShack: While Instructive, No Cause For Comfort - Nutter McClennen & Fish Attorneys Philip Rosenblatt and John Loughnane examine developments in the RadioShack bankruptcy case concerning agreements among lenders that form the basis of unitranche transactions. While the RadioShack case is interesting and instructive, they argue that it should not provide any false sense of comfort to lenders.
Back to the Future: Kastner Transforms Bibby’s ABL Offerings - ABL veteran Barry Kastner talks about his plans to expand Bibby Financial Services’ ABL offerings. After spending several years working with big banks and entrepreneurial companies, Kastner says Bibby’s family-owned, people-focused culture makes him feel like he’s flown back to the future and found his perfect new home.
Nation-State Cyber Threats: Corporations Must Be Proactive and Prepared - Alvarez & Marsal managing directors, Art Ehuan and Scott Harrison discuss a recent paradigm shift in cyber risk models: nation-state cyber threats. They outline essential steps for corporations to follow in order to minimize exposure to this risk and to ensure that an effective action plan is in place in the event of an attack.
Bridging the Gap: Forming an Alternative Debt Financing Alliance - Patrick Dalton examines the changing role of alternative lenders in the rapidly evolving lending landscape. Due to regulatory constraints, he says it is often in the best interest of a borrower — and a senior lender — to form a strategic partnership with an alternative lender that has institutional knowledge of various asset classes.
Negative Effects of Hidden Liens: How to Identify, Avoid and Protect Against Pitfalls - Attorneys Jeffrey Wurst and Jonathan Bodner discuss how lenders can identify and avoid lending into problem situations that involve hidden liens. The authors note that these liens come in many varieties, including tax, agricultural, materialmen and construction related.
Wells Fargo Buys GE’S $32B Lending/Leasing Businesses - ABF Journal illustrator Jerry Gonzalez gives his take on the significant growth Wells Fargo has achieved this year through a series of strategic acquisitions of GE Capital assets and businesses.