The Debt Finance 2012 Conference – Key Trends, Developments & Opportunities

Sponsorship Package Media Partnership Press Passes

Official Media Partner:

Confirmed Speakers from:

See a presentation of the speakers here

Welcoming note from the chairman:

This conference builds on the highly successful Private Equity conference held by Redcliffe in September 2011 which attracted an audience of 240. It will review the trends, developments, prospects and opportunities for both investment grade and high yield borrowers and will identify and emphasise the key issues in the market.

The impact of the global credit crisis has had a dramatic and adverse effect on traditional bank lending in Europe and the USA as banks have sought to rebuild their balance sheets and face the challenges posed by Basel III, domestic regulatory pressure to raise additional capital and the dislocation in the interbank market triggered by volatile macro-economic conditions. The reduction in bank lending in 2010 and 2011 has been filled in considerable part by the bond markets. However, public bond markets are notoriously skittish and prone to sudden closure when confidence evaporates. Other sources of finance have taken up some of the slack with institutional loan funds, the US private placement market and mezzanine investors all playing their part.

The conference will draw together senior level industry experts from respected international firms and will include commentary on recent deals, current trends and topical issues. They will also debate the most important and pressing topics in this field in today’s capital markets. Their technical presentations from a banking, capital markets or legal perspective will cover many different aspects of raising debt capital and explain the thought process which underpins the structure and negotiation of major transactions.

I look forward to welcoming you on the day of the conference.

Jonathan Trower

Managing Director of the Debt Advisory Group – DC Advisory Partners

Conference Content:

08:15 – 08:45      Coffee & Registration

09:00     Chairman’s Opening Remarks

Jonathan Trower, Managing Director of the Debt Advisory Group, DC Advisory Partners

More info on Jonathan here

09:10     The Leverage Loan Market

Paolo Grassi, Managing Director, Leveraged Loan Syndications EMEA, BNP Paribas

• Key trends and developments in large cap deals (Pricing, Leverage)
• Key challenges to lenders – disintermediation by bond markets, new investors (KKR), private placements
• Outlook for the mid-cap market
• Liquidity – the Institutionalisation of EU loan markets – will Europe catch the US, will CDOs revive, if not who will replace them?
• Is Second Lien back on the menu?

More info on Paolo here

09:40     Asset Based Lending

Jeremy Harrison, Senior Vice President, Bank of America Merrill Lynch

• Recent develoments and trends
• Can it break new ground in volatile markets?
• What do ABL lenders require
• Advantages vs other forms of lending (pricing, security issues)

More info on Jeremy here

10:10     High Yield Bond Market

Kevin Connell, Managing Director – High Yield Syndicate, The Royal Bank of Scotland

• Sponsored vs sponsor less deals – spot the difference
• Market overview, trends and developments
• Is the High Yield market here to stay
• Who are the current players – what is driving liquidity
• Have Sponsors changed their tune on High Yield or will they revert to mezz when conditions improve
• The evolution of bifurcated (Bond / Loan) structures
• Which terms are the most contentious for Investors / Borrowers
• High yield bridges, hung bridges & escrow deals

More info on Kevin here

10:40     Morning Coffee & Networking Opportunity

11:00     Mezzanine – can the resurrection continue?

Matthew Robinson, Director, Intermediate Capital Group

• Who are the key players in the market – how have they changed vs pre 2007
• Recent deal structures in Mezzanine (pricing, leverage, warrants, call protection)
• Does Mezzanine have a future in the face of other options – stretched senior, high yield, 2nd Lien, PIK or upsized equity cheques
• Recent innovations (Securitas Direct)
• Unitranche – an isolated case or here to stay (Courtepaille)

More info on Matthew here

11:30     The Corporate Loan Market (Sponsorless deals)

Atif Malik, Director, Syndicate Debt Finance, Barclays Corporate

• Investment /grade Large-caps
  • Key trends and developments
  • Typical terms, ternors and pricing
  • Market outlook
• Mid-Market lenders
  • Key trends and developments
  • Typical terms, ternors and pricing
  • Market outlook

12:00     The Convertible Debt Market

Steven Halperin, Head of EMEA Convertible Origination, Barclays Capital

• The EMEA convertible universe is shrinking and its characteristics are changing in ways that will benefit future issuers.
• Equity and credit market conditions in Europe support an increase in convertible issuance in 2012.
• A number of structures will encourage debt issuers to use the convertible market.

More info on Steven here

12:30     Lunch & Networking Opportunity

14:00     Documentation Issues in bifurcated structures: Senior Bonds vs Senior Loans

Stephen Mostyn-Williams, CEO, DebtXplained

• Review of bifurcated structures featuring senior bonds and senior loans
• Key negotiation issues and points of contention:
  • Current Market Structures
  • Super Senior RCF’s
  • Disclosure
• Control and default (triggers for note holder/loan holder control)
• Security and shared security
• Release of security/Guarantees (note holders’ consent?) Pre/Post Enforcement
• Differential standstills for bonds and loans
• Which terms are currently the greatest points of contention?
• Critical issues for bondholders in bifurcated structures

More info on Stephen here

14:30     Debt Finance in Corporate (Sponsorless) Acquisitions

Alastair Macdonald, Head of Loan Origination and Acquisition Finance EMEA, Deutsche Bank

• The key deal drivers for M&A in Europe. What should investors focus on?
• Which are the key sectors
• Current trends in the market
• Recent innovations (Accelerated Structured Bond Offerings)
• Future developments in 2012

More info on Alastair here

15:00     Afternoon Tea & Networking Opportunity

15:20     Private Placement Market – filling the gap

Michael Dunn, Partner – Corporate Finance, Norton Rose LLP

• Anatomy of a US private placement
• Advantages and disadvantages versus other debt security products
• What attracts European issuers to the market?
• Profile of a typical issuer
• The investor base
• Recent Trends

More info on Michael here

15:50     Restructuring Renegotiating Debts

Jarek Golebiowski, Director – Restructuring Services, Deloitte LLP

• What is the outlook for 2012 and beyond?
• What is the impact of the refinancing wall?
• What are the options open to borrowers: refinancing, amend and extend or amend and pretend?
• Reactive or proactive debt restructuring – different triggers
• Key aspects of the debt restructuring process
• Dynamics of shaping a solution
• Typical solutions for the current market

More info on Jarek here

16:20     Inter-creditor issues – a new paradigm?

Alistair Hill, Managing Associate - Linklaters LLP

• How are “standard” intercreditor terms changing and what are the key negotiation
  points
• Mezzanine creditor expectations following RBS WorldPay: is there a market “standard”?
• Intercreditor lessons from the 2008-2010 wave of restructurings and impact on documentation
  for new deals – valuation (IMO Carwash), release of security (European
  Directories), fees & costs and options to purchase

More info on Alistair Hill here

16:50     Chairman’s Closing Remarks

Jonathan Trower, Managing Director of the Debt Advisory Group, DC Advisory Partners

Please note that this event is a conference and not a training course. Participants will listen to many expert speakers and will have the opportunity to ask questions, but there is no formal training, exercises or tuitional material being delivered. Should this be your objective, Redcliffe organises several training courses in this and related subjects. Please click here for full details.