unit tranche

2 statements across 2 episodes · 0 bullish · 1 bearish · 2 people on the record · first statement Feb 17, 2020 by Dan Rasmussen · across every show →

Everything said about unit tranche, oldest first

Feb 17, 2020 bearish

Opinion

Private credit funds offer 8x leverage covenant-lite loans to hide defaults

“And they basically start buying market share by offering the riskiest loans. So they're offering unit tranche, eight times debt to EBITDA loans with no covenants, and basically because they don't want to show their LPs that any of their loans have defaulted, T…”

Dan Rasmussen Feb 17, 2020 ▶ 19:25 Dan Rasmussen – Private Equity Risk and Public Equity Opportunity at Verdad Advisers (First Meeting, EP.15)

Oct 26, 2023

Assertion Supported

Unitranche deal sizes grew from $300M in 2016 to multi-billion today

“In 2000, let's say, 16, a three or a four hundred million dollar unit tranche was a pretty decent sized deal. By 2019, that was six hundred million dollars, and as you know today, it's multi-billion dollar unit tranches.”

Tim Lyne Oct 26, 2023 ▶ 14:24 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)

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unit tranche

Everything said about unit tranche, oldest first

Turn any episode into a week of clips.