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The opening panel at The Deal’s Innovative Deal Financing conference explored what has become of “private equity’s golden age” in the face of a credit crunch that has brought LBO activity to a halt since August. Moderated by The Deal's John Morris, the panel included Henry D'Alessandro, Vice Chairman, of leveraged financing at Morgan Stanley; Kim Davis, Managing Director, Charlesbank Capital Partners LLC; and Jim Epstien, Partner at Pepper Hamilton.
The panelists agreed that things may have hit bottom as new issues are pricing, so it feels as if the healing process has begun. Yet there are some out there saying its only a dead-cat bounce. The relative halt in new deals is starving the financing pipeline, so every day that there’s no new supply, is one day closer to recovery. The result being that as cash is building the buy-side may be moving from panic to getting back in, especially with the market rally over the past two weeks. On the financing side:
Going forward the panelists felt that:
The recent issues with a material adverse change in the buyout of Harmon and the potential for MAC with Sallie Mae is mostly about getting the price down.—George White
See the Deal’s Sept. 21 analysis of financing markets Categories Deal Video
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