September 25 - Dealscape Blog from The Deal - With the financing of megadeals hitting walls, the middle market is bracing for fallout, and with lenders tightening the screws, the effects are being felt by companies and sponsors alike.
The Deal's David Carey moderated a panel consisting of Brad Boerick, a partner at Pepper Hamilton LLP; Thompson Dean, managing partner and CFO at Avista Capital Partners; and Robert Willens, a managing director at Lehman Brothers Inc., that discussed the middle market and the credit crunch.
Dean commented that while the middle market didn't participate as much in the LBO debt bonanza, it has still pulled back. However, there are still plenty of middle-market sponsors and hedge funds that didn't get into the LBO rush, who are still doing deals but in a more conservative manner. Boerick agreed that most lenders are saying "they're open for business 'for the right kinds of deals.' " With leverage less available than it was, Boerick added that sellers are waiting on the sidelines to see how things go. Read More.
Read More about the Innovative Deal Financing Conference: Distressed debt
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