In a recent conversation with a good friend in private credit, a veteran of the industry for many years, he reminded us of the history of one-stop financing. “In the beginning,” he reminded us, “unitranche was a creature of broken markets. It was designed to step in when banks were backing away. Today it’s accelerating…

According to Refinitiv LPC, US unitranche volume came to almost $22 billion last quarter – the highest level they’ve tracked historically. That activity was comprised of records for both the middle and the larger corporate markets. At the same time, one-stop risk/return dynamics have moved in favor of issuers. The average debt/ebitda is now at a…

In October 2015 we published a series of articles on the unitranche, what we called “one of the most innovative, and increasingly popular, financing tools in the middle market.” Those commentaries were consolidated into a white paper: “The Unitranche – What it is, and Why it Matters.”. In that white paper we covered the history…