The Subcommittee, led by Maria Barclay (Chair, Practical Law) and Tess Virmani (Vice-Chair, LSTA) invited Jane Summers and Andrew Fayé, partners at Latham & Watkins, and Kate Grimm, Associate General Counsel at Antares Capital, to present “It’s Always Better to Be Direct: A Guide to Direct Lending”. The speakers noted that the business model of direct […]
On Tuesday, the LSTA hosted a webcast presentation, “It’s Always Better to Be Direct: A Guide to Direct Lending” presented by Latham & Watkins partners Andrew Fayé and Jane Summers. Middle market lending has traditionally been primarily through balance sheet banks, but in recent years, direct lenders have evolved from participants in club deals to leading deals for top tier sponsors. Unlike banks many direct lenders are unregulated and, at the very least, direct lenders are not affected by the Leveraged Lending Guidance. The direct lender’s business model is also different from that of arranging banks – the direct lender is relying on returns from the loan itself rather than fee income.
A presentation by Andrew Fayé and Jane Summers, partners at Latham & Watkins, comparing terms in direct lending deals and broadly syndicated lending at the ABA Syndications and Lender Relations Subcommittee meeting hosted by Chair Maria Barclay (Practical Law Finance) and Vice-Chair Tess Virmani (LSTA) done on April 7, 2017.
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