Part 1: Took place on January 29, 2020

Part 2: Took place on February 6, 2020

Part 1: “An Introduction to Direct Lending and its Impact on the Syndicated Loan Market”: covered the basics of direct lending and provide a market analysis that covered the different sectors in which direct lenders are active and volume trends, and highlighted its impact on the syndicated loan market. In addition, our panel of experts discussed the following:

  • Types of direct lenders and direct lending strategies
  • Distinguishing features of direct lending deals/structure
  • What makes direct lending an attractive alternative for borrowers
  • Unique considerations for direct lenders
  • Impact of direct lenders on traditional bank products

Part 2: “Contrasting Features of Direct Lending and Syndicated Loans”: built on the first part and provided:

  • Analysis of differences between direct lending terms and syndicated lending terms
  • Discussion of distressed direct lending
  • Overview of “Uni-tranche” facilities


Wednesday, January 29, 2020
Thursday, February 6, 2020
2 CLE Credits| NY State Transitional and Non-Transitional – Areas of Professional Practice|1 CLE Credit for Each Part
Presentations and Replays|Scroll Down To View


  • Spyro Alexopoulos: Managing Director, Golub Capital
  • Nicole Drapkin: Managing Director, Owl Rock Capital Advisors
  • Meyer Dworkin: Partner, Davis Polk & Wardwell LLP
  • James Florack: Partner, Davis Polk & Wardwell LLP
  • Jason Kyrwood: Partner, Davis Polk & Wardwell LLP
  • Jeong Lee: Partner, Davis Polk & Wardwell LLP
  • George Mueller: Managing Director, KKR Credit Advisors
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Secondary Trading & Settlement Monthly January Summary

On Monday, February 24, U.S. stock indices recorded their worst decline in two years on concerns the coronavirus outbreak would continue to spread and begin to undermine global economic growth. In the loan market, bid levels indiscriminately dropped 18 basis points to begin the week, which worsened February’s price decline to 32 basis points.

LSTA Newsletter: February 21, 2020

This week, we start off in the markets, comparing defaults (low but rising), leverage (high but edging down), and yields (low and lowering). We move to LIBOR, announcing the new SOFR Index and Averages, and reminding members of our weekly call. We shift to the courts, providing an update on our Madden vs Midland amicus. […]

Market: Defaults, Structure & Pricing

Loan defaults climbed (slightly) this month and leveraged M&A structures have been more conservative in the last three months. These two facts likely are unrelated.