In the Q1 edition of the Corporate Borrower Update, we look back at Q4 which proved to be a characteristically busy period for our corporate banking team, with high levels of activity in the corporate and leveraged markets, continuing the theme following a busy summer.
The team saw a particular rise in the combination of asset based lending (ABL) facilities with traditional term loans and/or revolving credit facilities. We closed a number of hybrid corporate and ABL deals in Q4, including one of the first ABL unitranche deals in the market, and saw an overall rise of ABL across the piste. Whilst this form of lending was traditionally reserved for the manufacturing sector, a much wider range of borrowers are now using ABL facilities as part of their suite of financing options. We discuss the merits of ABL and how it can be easily combined with other products. Emily Makinson, Head of ABL (South & Midlands) at RBSIF also provides her view from a lender's perspective.
If a corporate takeover is one of your new year's resolutions, we take a look at the key considerations when acquiring a public company. Simon Wood, a corporate partner based in our London office, has recently returned from a two year secondment as Secretary to the Takeover Panel. Simon shares a number of key insights when raising finance for a public takeover.
Finally we take a look at one of 2017's biggest buzzwords – blockchain – and consider its role in finance transactions. Many readers will be aware of blockchain and bitcoin, the most prominent example of a cryptocurrency, and we provide a simple overview of what blockchain is and where borrowers may encounter it in the ordinary course of finance transactions.
If you would like to discuss these topics, or would like us to tackle anything specific, please get in touch.