AlixPartners mid-market debt report H2 2018: Direct lenders now account for half of mid-market term lending and set their sights on the large-cap space

March 14, 2019

We are delighted to release the latest edition of AlixPartners' mid-market debt report, based on our bi-annual survey covering over 100 bank and non-bank lenders active in the UK and European mid-market (debt transactions valued up to €300 million).

At a glance:

  • Credit funds accounted for half of term financings in our survey, up from 38% last year.
  • Sponsors increasingly opted for bilateral fund deals over bank clubs, with the number of participants per transactions decreasing by 15% since 2017.
  • The popularity of the unitranche product continues to increase, with a record 185 unitranche transactions completed in the 12 months to October 2018.
  • Direct lenders are exploring various avenues in order to deploy capital, including some competing in the large cap space.
  • The ABL sector continues to evolve, with multi-asset ABL taking market share from invoice discounting only.

Should you wish to discuss the findings of our report in more detail or learn more about AlixPartners debt advisory services, please contact us.