Experienced Senior Team Overview
Differentiation Within the Middle Market(¹)
Market Segmentation
Type of
Market
BSL
Upper MM(6)
Core MM
Lower MM
EBITDA
Range ($mm)
AG
>$75
$40 - 50+
$25 - $40
<$25
85%
Middle Market Loans
(<$100MM)
Arranger Hold of
Senior Debt (3)
4-6.0%
5-7.5%
30 - 100%
Structural Considerations
60 - 100%
Leverage
Please see the slide titled "Additional Disclosures" for further details.
High (>6x)
High (>6x)
Moderate to
High
Moderate
81%
Large Cap Loans (>$200MM)
Financial
Covenants
None
None
50/50
Yes, Multiple
Covenant
Cushions
N/A
N/A
30-45%
78%
Senior Secured Bonds
Facility Size/Structure
Economics
Pricing
(L+bps) (4)
Average Recovery Rate(7)
Page 092
300-375
20 - 30% 450-550
375-425
400 - 475
OID
99.5-Par
99-99.5
99 - 99.5
98.5-99
57%
Senior Unsecured Bonds
Certainty of Outcome(²)
No. of
Reverse Allocation
Lenders Pricing Flex(5) Certainty
50-75
20-40 Sometimes
2-8
Yes
1-3
No
No
33%
No
No
Sometimes
Senior Subordinated Bonds
Yes
Proprietary and Confidential Trade Secret
13View entire presentation