Experienced Senior Team Overview
Persistent Opportunity Set with Attractive Spreads(¹)
($ Billions)
: : : 8898 & 은
90
80
70
60
50
40
30
20
10
Middle Market Annual Sponsored Issuance (²)
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
LIBOR +
Middle Market vs. Large Corporate Leveraged Loan
Average Spread (3)
L+700
L+650
L+600 Currently
L+550
L+500
L+450
L+400
L+350
L+300
L+250
Average Difference in Spread
2003 to 2007
54 bps
2010 to 2016
155 bps
124 bps
L+200
'05
'08
'11
'14
C
(1) There is no guarantee that the fund's investment objective will be successful, that losses can be avoided, or that AG will be able to source suitable investment opportunities for the Fund.
(2) Source: Thomson Reuters LPC
Current Spread:
124 bps
'17
(3) Middle market leveraged loan includes issuers with less than $50mm EBITDA large corporate loans includes issuers with $50mm or more in EBITDA. Average spread includes any LIBOR floor benefit.
Source: S&P Capital IQ LCD
Page 090
AG
'20
Proprietary and Confidential Trade Secret
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