{"id":46972,"date":"2024-03-14T11:52:20","date_gmt":"2024-03-14T15:52:20","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/banks-deploy-private-credit-tactics-in-fight-for-ma-financing\/"},"modified":"2024-03-14T11:52:20","modified_gmt":"2024-03-14T15:52:20","slug":"banks-deploy-private-credit-tactics-in-fight-for-ma-financing","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/banks-deploy-private-credit-tactics-in-fight-for-ma-financing\/","title":{"rendered":"Banks deploy private credit tactics in fight for M&amp;A financing"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a04b92c35c4f]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a04b92c35c4f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Banks deploy private credit tactics in fight for M&amp;A financing<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a04b92c3b6fd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">March 14, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a04b92c3d682'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Eleanor Duncan and Silas Brown. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>Low prices. Risky underwriting. Traditional lenders are\u00a0trying everything\u00a0to win M&amp;A funding deals. And now they\u2019re being asked to provide delayed draw term loans \u2014 previously a hallmark of private credit deals.<\/p>\n<p>DDTLs, in industry jargon, give borrowers an additional pre-defined amount of funds that can be used after the initial financing for a transaction. They appeal to the acquisitive nature of private equity firms because they\u2019re cheap at the point of issuance and provide immediate firepower if sponsors find an attractive target. The loans have been regarded as one of private credit\u2019s main weapons, but bankers say traditional lenders are now increasingly pushing into this complex form of financing.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Bloomberg Intelligence: Data-driven research<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1128172956829600256\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Last month, when banks including Barclays Plc and Citigroup Inc. underwrote a \u20ac920 million ($1 billion) debt package for Bain Capital\u2019s purchase of a majority stake in Swedish infrastructure and services firm Eleda, they threw in a\u00a0\u20ac153 million DDTL\u00a0to sweeten the deal. And in the US \u2014 where DDTLs are more common than in Europe \u2014 the private equity buyer of artificial turf maker TenCate got a\u00a0$150 million DDTL\u00a0as part of its recent deal.<\/p>\n<p>Bankers say there\u2019ll be more to come. Private equity firms are increasingly returning to banks to finance leveraged buyouts because it\u2019s cheaper \u2014 but they also want some of the perks that they got in the private credit market, said people familiar with the matter.<\/p>\n<p>\u201cWe have seen PE sponsors favor underwritten bank debt ahead of private credit solutions in recent months,\u201d said Peter Dahlen, global co-head of leveraged finance at law firm Clifford Chance. \u201cAlthough debt pricing is a key factor, clear capacity for underwritten undrawn debt or DDTLs in the syndicated market may help swing the balance.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"433\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/loan1.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Loan prices\" title=\"loan1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/loan1.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/loan1.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/loan1.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/loan1.jpg 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/loan1.jpg 917w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>It comes after a tumultuous few years for traditional lenders, when rising rates and market volatility saw them lose out to private credit firms. They\u2019re now hungry to get their lucrative buyout financing businesses back in action. But with M&amp;A scarce, banks are increasingly willing to offer borrower-friendly concessions, with DDTLs adding to features like payment-in-kind options \u2014 which allow interest payments to be deferred \u2014 and so-called pre-capitalizations for companies that aren\u2019t even for sale yet.<\/p>\n<p>With the broadly-syndicated loan market now roaring back, it\u2019s easier for banks to sell on debt, potentially giving them the confidence to offer more risky or unusual financing deals. But the push is mainly coming from private equity firms, according to bankers. With competition over deals so high, they see an opportunity to clinch attractive terms \u2014 \u00a0and they also want to lock in financing for future acquisitions now in case things sour in the future.<\/p>\n<p>\u201cFrom a broader leveraged finance perspective, the trend is indicative of the fact that terms are now very good. People are worried that the window might close, and want to lock in the current pricing,\u201d said Giacomo Reali, high-yield partner at\u00a0Linklaters LLP. \u201cIt\u2019s a way to pre-book future use of capital at today\u2019s pricing.\u201d<br \/>\nDespite this, it\u2019s unlikely that DDTLs will become a mainstream part of bank financing deals.<\/p>\n<p>It\u2019s difficult for lenders to hold undrawn loans on their balance sheets, but it can also be tricky to syndicate them out to the market, because collateralized loan obligations \u2014 the biggest buyers of leveraged loans \u2014 typically need to be paid interest immediately to make their economics work. DDTLs usually have so-called ticking fees on the undrawn portion, but these can take a while to kick in.<\/p>\n<p>CLOs in Europe are also typically restricted from holding more than 5% of their holdings in DDTLs, and have to put the cash up front for them. Still, a\u00a0surge in CLO issuance\u00a0this year \u2014 and the accompanying rush to fill new portfolios with loans \u2014 means CLO managers are increasingly amenable to buying DDTLs such as Eleda\u2019s.<\/p>\n<p>It\u2019s also hard for banks to compete on size. Traditional lenders have to sell DDTLs as a strip alongside a funded term loan B, with bankers saying that a DDTL equivalent to 20% of the publicly-syndicated portion would be fairly punchy.<\/p>\n<p>Direct lenders, on the other hand, don\u2019t need to set aside committed capital for DDTLs and are prepared to offer high amounts for businesses they are eager to lend to. In December, a syndicate of lenders including Blackstone Inc.\u00a0provided\u00a0a \u20ac275 million DDTL on top of a \u20ac675 million unitranche loan as part of the financing package for Permira\u2019s buyout of a German insurance broker.<\/p>\n<p>But the trend nevertheless adds to the bigger picture of traditional banks fighting back against private credit firms in any way they can to win business.<\/p>\n<p>\u201cIt\u2019s a function of being in a good market with a lot of appetite from the banks to underwrite and activity levels picking up,\u201d said Linklaters\u2019s Reali.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a04b92c46900]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a04b92c46900'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a04b92c48e44'] = 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1100114001074053334\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Traditional lenders are\u00a0trying everything\u00a0to win M&amp;A funding 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