DLA Piper survey highlights rise of unitranche

More than a quarter (26%) of respondents in the DLA Piper European Acquisition Debt Finance Report 2013 expect unitranche to be the first alternative to senior-only debt in the coming months.

This is a substantial increase from the 12% expected in 2012 – and higher than any other form of debt products proposed.

Last year, respondents anticipated private debt funds would be the fourth most active participants in relation to the syndication of senior debt. In 2013, alternative lenders have risen to second place: banks and private debt funds are expected to account for 99% of activity, with banks accounting for 79% and debt funds 20%.

Private debt funds are expected to become a major player alongside commercial banks this year due to the additional flexibility around the capital structures they are able to provide sponsors with.

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