The Latest Innovation In Middle-Market Lending

Law360, New York (March 15, 2012, 1:17 PM EDT) -- “Unitranche loans” are the latest innovation in middle-market lending. This article describes the evolution of the unitranche structure and some of the key economic and legal features of these facilities.

The Commercial Bank Loan Middle Market

A “middle market” loan facility ranges from $50 million to $500 million and is made to borrowers with pre-tax earnings of $15 million to $100 million. Most middle-market facilities are “club” deals originated by three to five lenders. Once a smaller market dominated by asset-based revolving lenders, middle-market origination has...
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