In the News February 12, 2010

Richard Grice Quoted in Leveraged Finance News

Richard Grice was quoted in a Leveraged Finance News article discussing the return of M&A activity, albeit in a modified form than before the recent economic crisis.  According to the article, “[t]he leveraged loan and high yield bond markets are seeing more deals motivated by mergers and acquisitions, but those deals are more likely to be made by strategic investors and require a greater share of equity.”


In this context, “the leveraged loan market will still be an important source of funds for M&A activity,” said Grice.  “However, the level of equity required by leveraged financing sources is higher than in the pre-crash era of 2007 and before. This gives strategic acquirers that have an equity medium (e.g., their stock) an advantage over financial buyers and sponsors that must use greater amounts of investor cash to meet the required minimum levels of equity.”

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