Though alternative debt capital providers such as the credit arms of private equity firms, hedge funds and other investment vehicles do not have the balance sheet size or scale to compete with the likes of banks like JP Morgan or Bank of America Merrill Lynch, alternative lenders willing to increase their capacity to underwrite revolving credit facilities will have the biggest advantage when it comes to earning market share. While it is ultimately the term loan business, and associated fees, that alternative lenders are after, it is the shorter-dated revolvers that come due first that are likely to prompt a borrower to initially seek refinancing options. At some price the access to capital offered by non-banks, at more flexible terms with less restrictive covenants, is a deal borrowers will be willing to cut. Herein lies the opportunity for alternative lenders. "It's a package deal," said Richard Farley, chair of the leveraged finance group at Kramer Levin Naftalis & Frankel LLP. "The revolver gets you a seat at the table." US companies have US$106bn of term debt maturing in 2018, but when looking at credit facilities due that year that include revolvers the tally jumps to US$187bn, according to data from Moody's Investors Service. Issuers with loans that might be criticized under the leveraged lending guidelines designed to curb high leverage levels might have an especially hard time accessing capital. "The deleveraging or the retrenchment of the banks has created some gaps in the financing markets," said a market participant.
For the original version including any supplementary images or video, visit LPC: Alternative lenders step into revolving credits as 2018 maturity wall looms - Yahoo Finance
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