Jeff K. Davis, CFA, Managing Director, will be the featured speaker at the September 17, 2013 meeting of the Memphis Chapter of ACG Tennessee. His topic will be:
“Corporate Leveraged Recapitalizations and the Role of Solvency Opinions”
The market for corporate loans and high yield bonds remains torrid in spite of the move higher in intermediate- and long-term Treasury rates since May. Leveraged loan issuance totaled $736 billion through August vs. $387 billion last year-to-date. High yield bond issuances totaled $208 billion, up from $189 billion. The majority of activity reflects refinancing-related volume rather than new money borrowing. A sub theme within the refinancing trend is the dividend recap. This presentation will take a look at the pros and cons of such transactions that unlock value for equity holders, create incremental risk for lenders, and the importance of solvency opinions as part of the process.
ACG Tennessee is comprised of professionals across Tennessee and the MidSouth focused on middle-market corporate growth (i.e.: M&A, financing opportunities, business development, etc.), including a diverse group of corporate executives, private equity funds, intermediaries, lenders, and service providers.
About Jeff K. Davis, CFA
Jeff leads Mercer Capital’s Financial Institutions Group. Prior to rejoining Mercer Capital, Jeff spent 13 years as a sell-side analyst providing coverage of publicly traded banks and specialty finance companies to institutional investors evaluating common equity and fixed income investment opportunities. Jeff speaks at financial institution industry gatherings, including SNL Financial/University of Virginia’s annual analyst training seminar, the ABA, state banking associations, and securities industry gatherings. Additionally, he is widely quoted in the media, is an editorial contributor to SNL Financial, and he regularly makes presentations to boards of directors and executive management teams regarding industry and market trends.