M&A is expected to increase this year, partly fueled by the thaw in deal financing. While the availability of financing has certainly improved from the nadir of a few years ago, banks still remain cautious, and terms and requirements for lending for acquisitions in some cases remain stringent.
Join The Deal and senior editor Mary Kathleen Flynn as she moderates our expert panelists in a discussion of the current landscape of deal financing in the middle market and beyond. We'll look at what banks are requiring from their borrowers for acquisitions and the factors that have contributed to these standards. The conversation will also touch on the market for refinancings that many companies rely on to fund their current operations.
After listening to this in-depth analysis with notable dealmaking experts and our editor, you'll have a refreshed perspective on the key factors that will make a difference in your firm's success.Moderator:
Mary Kathleen Flynn
producerThe Deal LLC
Kathleen Flynn anchors The
Deal's online video show, while also covering technology deals, Web 2.0
entrepreneurs and venture capitalists. Prior to The Deal, she was an
on-air correspondent for CNN, CNNfn and MSNBC, where she was part of the
network's launch team and made regular appearances on news programs of
its sister networks, NBC and CNBC.
Expert panel:John Daniels
Credit Products Executive for Global Commercial Banking
Bank of America Merrill Lynch
John Daniels is a credit products executive for global commercial banking at Bank of America Merrill Lynch. In this role, he oversees a team of financial professionals who provide a broad range of financing solutions to commercial and institutional clients across the country.
Daniels joined the company in 1984 as a management trainee. Prior to his current role, he served as product delivery executive for commercial real estate banking, where he oversaw loan origination, underwriting, monitoring, tax credit equity production and Treasury sales. During his time with Bank of America Merrill Lynch, Daniels has served in a variety of leadership positions in commercial banking, including national credit products executive, Midwest commercial region executive and risk management executive, mid-Atlantic.
Daniels earned a bachelor's degree and M.B.A. from Loyola College in Maryland.
Thomas C. Aronson
Monroe Capital LLC
Thomas C. Aronson is a managing director at Monroe Capital LLC. He is the head of originations and has been with the company since 2004. His previous experience includes head of originations at Hilco Capital LP; senior vice president and group head, banking business group for Cole Taylor Bank; and vice president of commercial lending at American National Bank, which is now a part of J.P. Morgan Chase & Co. Aronson holds a bachelor's of science in finance and marketing from Indiana University and an M.B.A. in management accounting from DePaul University.
Ropes & Gray LLP
Jay Kim is a partner in the corporate department of Ropes & Gray LLP. His practice concentrates on leveraged finance for its finance and private equity groups, including leveraged buyouts, cross-border financings and other complex leveraged transactions. Kim has experience representing private equity sponsors, public and private companies, investment banks, lenders and other debt investors.
Kim has represented Thomas H. Lee Partners LP in connection with $625 million in financing for its proposed acquisition of CKE Restaurants Inc., owner of Carl's Jr. and Hardee's. He also has represented Bain Capital LLP and the Blackstone Group LP in connection with over $1.8 billion in financing for their acquisition, together with NBC Universal Inc., of the Weather Channel Cos., including The Weather Channel television network and Weather.com.
Kim holds a law degree from Boston University School of Law and a bachelor's of science degree from Northwestern University.Andrea Auerbach
Managing Director and Head of U.S. Private Equity Research
Andrea Auerbach is a managing director at Cambridge Associates LLC in the Boston office. She heads the U.S. private equity research team, which performs due diligence on investment opportunities in private equity, mezzanine and distressed markets. Her responsibilities include visiting investment firms and sometimes their portfolio companies and tracking the industry. Auerbach and her team also advise the firm's investment consultants on new and existing firms raising and managing funds.
Prior to joining Cambridge Associates in 2001, Andrea was a senior director at Prudential Private Equity. Over the course of her eight years with Prudential in New Jersey, New York and London, Auerbach invested and managed over $1 billion of capital in U.S. buyouts, venture capital, real estate, and European mezzanine and private equity. She also led early efforts to benchmark Prudential's $5 billion buyout portfolio, and domestic and European fund investment portfolios. Auerbach was also an equity research associate focused on technology at Harris Nesbitt Gerard.