This week we chat with William P. Brady, a partner in the Corporate Department of Proskauer. He is also a member of the Finance Group as well as the Multi-Tranche Finance Group. Bill is a thought leader on unitranche financings and speaks at various junior capital, multi-tranche finance and related finance conferences and seminars.

The Lead Left: Bill, the unitranche has become a permanent feature in the capital markets landscape. Could you give us a little background from your perspective on its history, and where we are today?

William Brady: It’s really the world of Unitranche 2.0 today. After coming out of the pre-crisis period as a single product with maybe a five to eight page Agreement Among Lenders (AAL) that dealt with a short list of topics like pricing skim, rights of first offer on transfers, purchase options, repayment waterfalls and application of proceeds, today it has evolved to a broad platform with much more in-depth interlender terms.