Thursday, May 10, 2012 2 p.m. EST
When it comes to deal financing for 2012, lenders remain cautious because of sluggishness in the U.S. economy and uncertainty within the European Union. Some lenders have taken a wait-and-see attitude with potential borrowers. Join The Deal and our experts panel in a discussion of the deal financing landscape as they analyze the condition of credit supply for acquisitions. We'll also focus on financing beyond the traditional options for acquisitions, such as the one-stop blended debt, also known as "unitranche" debt" -- a combination of senior and mezzanine debt supplied by one lender.
Editor, Corporate Dealmaker
The Deal LLC
Suzanne Miller is senior editor, Corporate Dealmaker at The Deal LLC, where she writes a column on M&A-related issues including corporate deal strategies, risk management and M&A trends. She also oversees the Deal's annual Most Admired Corporate Dealmaker awards and writes about exchanges and derivatives. Some of her previous roles include senior writer and editor at JPMorgan Private Bank and London bureau chief at CBS MarketWatch. She has also written about capital markets, emerging markets and banking for Institutional Investor magazine, The Banker magazine and Euromoney, among other publications.
Leonard M. Tannenbaum
Chief executive officer and chairman of the board
Fifth Street Finance Corp.
Leonard Tannenbaum is chairman of the board of directors and CEO of Fifth Street Finance Corp. He is also the managing partner of its investment adviser, Fifth Street Management LLC, and head of its investment committee. Tannenbaum has founded a number of private investment firms since his first one in 1998, including Fifth Street Capital LLC, and he has served as managing member of each firm. Prior to launching his first firm, Tannenbaum gained extensive small-company experience as an equity analyst for Merrill Lynch & Co.
In addition to serving on Fifth Street's board of directors, Tannenbaum serves on the board of directors of several Greenlight Capital Inc.-affiliated entities. He previously served on the boards of directors of several other public companies, including Einstein Noah Restaurant Group Inc., Assisted Living Concepts Inc. and WesTower Communications Inc.
Tannenbaum graduated from the Wharton School of the University of Pennsylvania, where he received a B.S. in economics. Subsequent to his undergraduate degree, he received an M.B.A. in finance from the Wharton School as part of the submatriculation program. He is a holder of the chartered financial analyst designation and is also a member of the Young Presidents' Organization.
Vice chairman of investment banking
Raymond James & Associates Inc.
Frederick Lane is vice chairman, investment banking, at Raymond James & Associates Inc. and is based in its Boston office. Previously, he was chairman, CEO and a founding partner of Lane, Berry & Co. International LLC until Lane Berry's acquisition by Raymond James in May 2009. Prior to that, Lane was a managing director and principal of Donaldson, Lufkin & Jenrette, as well as of Credit Suisse First Boston upon CSFB's acquisition of DLJ in 2000.
From 1989 to 1995, he was co-head of DLJ's mergers and acquisitions department serving on the company's equity underwriting, banking review and fairness and valuation committees. When he joined DLJ in 1976, Lane was one of only eight investment bankers at the firm. He was instrumental in the growth of DLJ's investment banking business as
reflected in his installation to DLJ's Hall of Fame in 1984.
An active private equity investor, Lane was a founding investor of Staples Inc., was instrumental in the acquisition of Seven-Up from Philip Morris and has invested successfully in numerous other private companies, including VMX, Bitpipe, Online Resources and MediaVast.
Paul W. Hespel
Pepper Hamilton LLP
Paul Hespel is a partner in the financial services group of Pepper Hamilton LLP, resident in the New York office. He specializes in finance and restructuring transactions, with a particular focus on transactional finance matters (including leveraged acquisition financings and transactional finance matters in distressed settings), mezzanine financings, out-of-court restructurings and liability management transactions. He handles both domestic and cross-border engagements.
Hespel represents corporate borrowers, financial sponsors, portfolio companies, arrangers, agent banks, financial institutions and alternative capital sources. He has extensive experience in structuring and negotiating secured and investment-grade credit facilities; first-lien, second-lien and mezzanine financings; liquidity lines; letter-of-credit facilities; and project and structured financings. He also counsels clients on forbearance arrangements, out-of-court restructurings and debtor-in-possession and exit financings.
During his 15 years of practice, Hespel has developed sector expertise in education, financial services, REITs, healthcare, manufacturing and telecommunications.
He graduated from Duke University School of Law in 1995, where he obtained an LL.M. degree. He also received an LL.M., cum laude, in 1994 from the Catholic University of Leuven in Belgium. Hespel was a 1993 magna cum laude Erasmus exchange student at the University of Poitiers in France, and he holds an M.B.A. from Insead in Fontainebleau, France.
Durant "Randy" Schwimmer
The Carlyle Group
Durant Schwimmer is a managing director with the Carlyle Group. Widely credited with developing loan syndications for middle-market companies, he has over 30 years of experience in middle-market finance, having spent the majority of his career in loan syndications and distribution building and developing relationships with middle-market lenders and investors in middle-market loans.
Schwimmer is responsible for all middle-market loan capital markets activities, including loan structuring, syndications and distribution within the Carlyle GMS team. He also has primary responsibility for managing the team's indirect origination platform, sourcing new business by tapping relationships with other midcap participants. These include lenders--commercial finance companies, business development companies, mezzanine, hedge funds and more traditional investors in middle market loans and mezzanine securities--and financial intermediaries such as investment banks.
Schwimmer joined Carlyle in November 2011 as part of its acquisition of Churchill Financial, a debt capital provider to middle-market companies. Prior to joining Churchill in 2006 as its senior managing director and head of capital markets, he was a managing director and head of leveraged finance syndication for BNP Paribas where he structured and syndicated leveraged transactions for the bank's private equity clients. Before that, he spent 15 years at J.P. Morgan Chase & Co. in corporate banking and loan syndications in various capacities where he was responsible for originating, structuring and syndicating leveraged loans, including cash flow and asset-based loans along with junior debt such as mezzanine and high-yield securities.