Growth finance
Deal Advisory—
24 November 2016
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• 8.30: Ashley Paxton, C.I. Head of Advisory, KPMG in the Channel Islands
• 8.35 – 9.00: Gavin Niven, Associate Director, KPMG in the Channel Islands
• 9.00 – 9.25: Mark Ward and Mark Challis, Royal Bank of Scotland Plc Leveraged Finance
• 9.25 – 9.50: David Madoc-Jones and Siobhan Murray, KPMG Debt Advisory London
• 9.50: Q&A
• 10:00: Close
Timings and speakers
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Document Classification: KPMG Confidential
• Global M&A
• CI M&A trends
• Key due diligence matters
• Industry performance
• Future trends
KPMG Agenda
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Document Classification: KPMG Confidential
Global M&A in 2016
Source: Thomson Reuters, Mergers and Acquisitions Review Financial Advisors H1 2016
614.6 465.0 446.9 566.6 759.1 636.1
586.4 565.5 559.7
963.9 1,039.0
723.2
599.6 522.9 646.4
856.5
955.6
448.9
474.4 757.5 571.4
865.9
1,204.2
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2011 2012 2013 2014 2015 2016
Num
ber of deals
$ B
n
Global M&A Trend
Q1 Value (US$b) Q2 Value (US$b) Q3 Value (US$b) Q4 Value (US$b) No. of Deals
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Document Classification: KPMG Confidential
CEO global survey September 2016
58%
55%
55%
Inorganic growth(M&A or jointventures)
Organic growth (newlines of business,geographic expansion)
Collaborative growth(external partnershipsor collaboration withother firms)
Which of the following describes your development plans to drive shareholder value for the next 3 years?*
What forms of M&A or other significant deals do you expect to undertake in the next 3 years?*
50%
47%
45%
41%
40%
Creating partnershipsor collaborative
arrangements withother firms
Changing the capitalstructure through
equity
Changing the capitalstructure withdebt/financing
Buying business(es),assets or capabilities
Selling business(es),assets or capabilities
* Percentages represent the proportion of the 100 CEOs surveyed who share a particular view
NOW OR NEVER
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Document Classification: KPMG Confidential
Current key trends in Channel Islands M&A
Current Transaction
Drivers
New Business
flows
Multi jurisdictional
presence
Access to new distribution
channels
Regulatory pressures
Yielding counter cyclical
investments
Industry consolidation
Availability bank debt
PE buy and build strategy
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Document Classification: KPMG Confidential
Equity gap
Valu
e ex
pect
atio
ns
Junior, minority & incoming shareholders
Senior, majority & exiting shareholders
GAP
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Document Classification: KPMG Confidential
Due diligence themes– cross sector
Customer “stickiness”
Cash generative
Differentiated propositionStrength of
senior management
Regulatorycompliance
Appropriate funding structure
Corporate and private client risk
IT due diligence
Pipeline conversion
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Document Classification: KPMG Confidential
2016 CI M&A highlights
Buyers
Buyer
Targets
Target
ConsolidatorsInbound acquisitions Outbound acquisitions
Buyer TargetBuyer Target
10
Document Classification: KPMG Confidential
© 2016 KPMG Channel Islands Limited, a Jersey Company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
Channel Island multiples
9.5x
7.2x
Oct 162.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
14.0x
15.0x
16.0x
Jan-07 Jun-08 Oct-09 Feb-11 Jul-12 Nov-13 Apr-15 Aug-16
Tran
sact
ion
EV
/ E
BIT
DA
mul
tiple
s
Transaction announcement date
Oct-16
Historic development of transaction valuation multiples by size of target in corporate, trust and fiduciary services market
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Document Classification: KPMG Confidential
CI CSPs industry performance
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
2014 2015
% G
row
th
Annual Growth (%)
Revenue Gross profit Net profit after tax
0%
10%
20%
30%
40%
50%
60%
2013 2014 2015
% M
argi
n
Average Margins (%)
Net profit margin Gross profit margin
22% 23%20%
44%48%49%
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Document Classification: KPMG Confidential
Listed fiduciary performance in 2016 Brexit
*As at October 31 2016
40
60
80
100
120
140
160
Jan
uary
201
6
Feb
ruar
y 20
16
Mar
ch 2
016
Apr
il 20
16
May
201
6
Jun
e 20
16
Jul
y 20
16
Aug
ust 2
016
Sep
tem
ber 2
016
Oct
ober
201
6
Shar
e pr
ice
reba
sed
to 1
00
Sanne Intertrust STM FTSE
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Document Classification: KPMG Confidential
Predicted future trends in Channel Islands M&A
Future Transaction
Drivers
Growth alternative
assets
Increasing partnerships/
JV’s model
PE exits (capital
markets)
Succession planning
Next generation of
clients
Service and jurisdictional diversification
Clients flight to quality
Technology and service
delivery models
RBS Regional Structured Finance, South
Offshore M&A ~ A Lender’s Perspective
November 2016
Mark Ward and Mark Challis
Confidential
Agenda
Regional Structured Finance (‘RSF’) – Who We Are
Dedicated Specialist Team
RSF South, Corporates
Funds and Administration
The Evolving Lending Landscape
Product Innovation
~ RBS Evolution
~ Unitranche Alliance
~ Direct Co-Lending Arrangements
A Lender’s Perspective
Key Learnings
Summary
15
Regional Structured Finance (‘RSF’) – Who We Are The RBS Structured Finance Team focuses on the proactive
origination and execution of event-driven financing for bothexisting and new clients.
A national team of over 120 corporate finance professionals, operatingon a regional basis with 20 based in the South region ~ comprisingBristol, Reading & the Offshore Territories.
The team has extensive experience of originating, structuring andexecuting across a wide range of deal types, sectors and businesssize.
Working alongside both Corporates and Sponsors, and drawing uponthe market wide expertise across RBS, we are able to offer a holisticrange of structured finance solutions with innovative products to meetthe needs of the customer through their lifecycle, including:
1DC Advisory Transaction Volume
Commercial &Private Banking
Structured Finance
Regional Structured Finance
Scotland
16
London
South Midlands North
– Bilateral or multi bank club transactions
– Complex acquisition or refinancing
– Sponsor backed transactions (including Management Buy Outs, Buy and Builds, Recapitalisations etc)
– Shareholder liquidity
– Public to Private
– Debt capital market transactions including Private Placements and Bond Issuance
– Syndication and underwriting
– Infrastructure and PFI transaction financing.
Supporting the Indigenous RBSI Coverage Teams
The RSF South Team has specific expertise in supporting sponsor and corporate backed investments across a variety of sectors. Whereappropriate, flexible structures are tailored to help businesses capitalise on value creation opportunities.
Responsible within RBSG for the Trust and Intermediary asset class from a financial sponsors perspective, RSF South provide support toRBSI and management teams. The team has built up considerable experience of leveraging offshore businesses with financial sponsorbacking, together with follow on funding for acquisition opportunities.
Our aim is to build a select portfolio of high performing offshore clients, across all sectors, and since Mar ‘12 we have completed 19offshore transactions, including follow-on funding.
Viewed by the market as the “go to” Transactional and Relationship banking team providing leveraged debt and market leading after careto the offshore market.
Dedicated Specialist Team
17
RSF South, Corporates
Originating, structuring, and executing significant financing events for our customers
18
South and Offshore focused origination and execution of our structured finance large & mid cap corporate loans and SME origination:
Responsible for the execution of event-driven financings and re-financings for Corporate & Commercial customers
Responsible for origination, deal structuring through to documentation.
Focus on Bilateral and Syndicated transactions with a debt quantum >£30m
Full product capability including IPO, Underwriting, Syndications
Mid Market Debt Origination (MMDO) proactively identify and support high growth UK businesses in the mid-market
Focus on strategic debt coverage to UK mid-market:
Thought-led engagement alongside Coverage
Focusing on where we can add value
Thought led – first to the client with ideas and strategies, prior to point of transaction
Engaged in shared relationship plans
Drive risk appetite debate
Clients span SME to FTSE 250 with UK domiciled HQs and are:
Management Buy-Outs
Company Acquisitions
Share & Balance Sheet Restructuring
Roll-out Funding
Growth & Development Capital
CustomersThe South Franchise
We help to support more UK mid-
corporates than any other bank
Trust and Fund Administration
Increased regulation / legislation driving consolidation opportunities.
Desire to diversify revenue streams (i.e. into corporate, personal, funds admin).
Balancing growth in core markets with potential fee sensitivity.
Globalisation of wealth driving roll out into new jurisdictions.
More mature markets are relatively low growth & gaining organic share in a sticky market isn’t easy.
All against the backdrop of increased political rhetoric.
Key Sector Trends
19
The Evolving Lending Landscape
• Continue to lead the market.
• Some retrenchment (e.g. Bx).
• In H1 16, 27% of bank deals were Unitranche with junior lenders (vs. 20% in H1 15).
Summary
• Continued proliferation of funds and Unitranchestructures.
• Large hold positions of up to and exceeding £100m.
Competitor Type
Primary UK Clearers Debt Funds Other Banks
• Growing presence in UK mid-market.
• Increased competitive tension on senior club processes.
20
Influencing
• Leverage
• Pricing
• Returns
• Structuring
• Covenants
We have developed our product capability over the last 18 months to offer greater flexibility and access to institutional liquidity to sponsors and borrowers
1Includes transactions with non Unitranche Alliance partners
Traditional Acquisition Finance Facilities Direct Co-Lending ArrangementsUnitranche Alliance
We provide term debt, acquisition / capexfacilities, working capital and ancillary facilities alongside operational banking requirements to support UK and Western European mid-market leveraged buy-outs
We have additional capabilities across the large-cap market providing syndicated leveraged loans, post-IPO facilities and high yield bonds
We have strong links across RBS, including our, award-winning Invoice Finance and Leasing teams. We also work in partnership with Coutts, with a number of our core sponsors acquiring Coutts clients, and providing personal banking services to management teams
We have a compelling synthetic unitrancheproposition, providing super senior debt (drawn and undrawn) alongside our leading junior debt fund partners, providing higher leveraged flexible debt structures on competitive terms, typically at a lower weighted average cost of capital (WACC) than traditional rival unitranche products
Pre-agreed intercreditors are in place with each junior debt provider ensuring extremely efficient transaction execution
13
9
2014 2015 YTD 2016
Unitranche transaction volumes1
We have exclusive partnerships with 3 market leading pension / insurance fund investors to allow RBS to coordinate and front materially higher senior debt commitments (up to £100m+)
Fully aligned processes, with the PE sponsor / advisor / borrower only dealing with RBS, ensuring efficient execution from NDA through structuring, credit approval and legal documentation to AML/KYC
38
2015 YTD 2016
2002 – To Date 2014 First Unitranche transaction with Alcentra 2015 First Direct Co-Lending transaction with M&G
Product Innovation ~ RBS Evolution
21
RBS has developed Unitranche Alliances with a number of junior debt funds to offer a flexible, non-amortising debt structure rivalling traditional unitranche products
Transaction examplesOverview of arrangement
RBS has joined up with leading mid-market junior debt lenders :Alcentra; Barings; BlackRock; CVC Credit Partners; KKR Credit Advisors; and Rothschild Five Arrows Credit Solutions (FACS)
This enables the offering of a non-amortising unitranche debt package which provides enhanced flexibility to the borrower with higher leverage, and competitive pricing, terms and conditions (covenants, headroom, etc.).
RBS provides drawn term debt, acquisition / capex facilities and working capital RCF on a super senior basis with RBS’ junior fund partners providing junior term debt. The blend creates a non-amortising synthetic unitranche structure with competitive weighted average cost of capital (WACC), often lower than traditional unitranche products, and with the same typical level of flexibility
RBS has agreed detailed LMA-based intercreditor agreements and related loan document clauses with each partner for speed of transaction execution
March 2016United Kingdom
Citation Limited
UndisclosedManagement Buyout
Mandated Lead Arranger
First Names Group Ltd
UndisclosedRefinance
Mandated Lead Arranger
June 2016United Kingdom
“We were extremely pleased with the delivery of the refinance package which
achieved closing within a short time frame. Key to this was the pre-agreed joint junior / senior terms sheets, the pre-agreed
Intercreditor and the highly effective relationship between RBS and Alcentra.”
Sovereign Capital - 2015
”Their [RBS/FACS] joint package met all of our refinance priorities with a competitive and well structured solution including a flexible capex / acquisition line to enable the business to take advantage of development opportunities. We are delighted to have closed this transaction
with two longstanding relationship led lenders. We look forward to working with them
as the business continues its development”. Livingbridge - 2015
Product Innovation ~ Unitranche Alliance
22
RBS’ Direct Co-Lending investors include: AIG Asset Management (Europe); Hermes Investment Management; and M&G Investments
RBS has contracted separately with each of AIG Asset Management (Europe) Limited (“AIG”), Hermes Investment Management (“Hermes”) and M&G Alternatives Investment Management (“M&G”), in order to provide RBS with exclusive access to their long term funding capacity, to invest in UK Mid Market Leveraged Loans for Sponsor Owned Corporates. In these materials, the terms “co-lending investor", “co-lending investors" and “arrangement" refer to these contracts, not to any legal partnership, joint venture or agency arrangement.
RBS has developed exclusive Direct Co-Lending Arrangements with AIG, Hermes, and M&G to enable RBS to arrange higher holds without compromising on risk discipline
Transactions to dateOverview RBS has sourced and negotiated exclusive arrangements with leading
institutional investors (AIG, Hermes, and M&G), to participate as Lenders of Record alongside RBS in senior debt leveraged transactions
This enables RBS to significantly improve competitive positioning, through co-ordination and private pre-placement, to deliver PE sponsor clients materially higher hold levels without compromising RBS’ credit and portfolio discipline (regarding hold levels and portfolio diversification)
RBS originates, arranges, fronts and co-ordinates each transaction and all Direct Co-Lenders, introducing a new source of substantial senior debt liquidity and reducing complexity in terms of building a syndicate of lenders
Fully aligned processes from NDA, through credit structuring and legal documentation to AML/KYC. All negotiations are through RBS
RBS can now ‘speak for’ up to £100m+ per transaction, through innovation and co-ordination of a distinct club of co-lenders
Illustrative
15-30+
10-25+
15-20+
Up to £100m+15-25+
Available funding per transaction through partnerships (£m)
“We were very pleased with the joined up approach between RBS and M&G. Even though this is a new
venture for both parties, from a borrower perspective it worked seamlessly.”
Richard Donner, Hg Capital
RBS have completed 11 transactions to date on these senior co-lending structures, with PE sponsors and advisors confirming the efficiency and reliability of RBS’ Direct Co-Lending process with its partner investors
All Direct Co-Lending partners are currently involved on multiple live transactions
“From an adviser’s perspective it is absolutely fantastic. The ability to deliver what was on each of
the two deals well north of £70m of committed funding is a real positive.”
Adviser
Total
“We were highly impressed with the way in which RBS and its 3 Direct Co-Lending investors executed the
transaction smoothly, efficiently, and without disruption in a
compressed timeline. The ability to seamlessly deliver £65m of senior liquidity was a key enabler for the process and we appreciate RBS’ efforts and its well organised co-
lending process.” Alexander Clark, LDC
Product Innovation ~ Direct Co-Lending Arrangements
A Lender’s Perspective
TCE1 % - May 15
Transaction Rationale Strategic Vision Historic Investment Employee Track Record
What We Seek To Understand
What ‘Good’ Looks Like for a Cashflow Lender
Other Considerations
Recurring Revenue Defensible Niche Market Strong Net Profit Margins “Sticky” Clients
Regulatory Landscape and Approvals The Economics - Returns Ancillaries
Customer Dynamics Level of Granularity Management qualities & Experience
Resilience in an Economic Downturn High Cash Conversion Appropriate Financing Structure Providing
Comfortable Levels of Headroom
Appropriate Covenants LMA Documents
24
Key Considerations
Be prepared to come to market.
Don’t underestimate the level of deal distraction on your day to day business. Get an advisor on board.
Choose your sponsor carefully. Biggest price doesn’t always translate to best sector knowledge / cultural fit.Personal relationships are vital – can you work together?
To over leverage senior debt on day one may hamper your M&A ambitions. Leave liquidity in the structure.
Don’t be tempted to include acquisitions in your forecasts when preparing Banking Case forecasts which willbe used for setting covenants. They never occur in the same form or when predicted.
Don’t be too prudent in your financing case; we will always sensitise your assumptions.
Deals in the current environment take longer to complete. The more prepared you are in terms of provision ofinformation, the due diligence process, and selecting advisors who truly understand the nature of thetransaction you are embarking on, then the smoother the process will be. Taking short cuts or skimping onadvice for cost reasons invariably turns out to be a false economy.
25
Summary
RSF South & Offshore
Fund & Admin Market
The Evolving Debt Market
A Lender’s Perspective
Differentiated senior offering: unique and exclusive Direct Co-Lending partnerships to deliver institutional senior debtliquidity with a proven highly efficient transaction execution and delivery process, fully fronted by RBS.
Proven Unitranche Alliance product delivering higher leverage, greater flexibility and competitive pricing, allied withefficient execution underpinned by pre-agreed intercreditor agreements.
Large-cap underwriting capability: providing syndicated leveraged loans, post-IPO facilities, high yield bonds, andbridges.
The Offshore market is one we understand and one with dynamics conducive to the provision of leveraged debt.
Genuine sector experience within the sponsor and corporate communities to sit alongside management teams and drivevalue creation opportunities.
Within the Funds and Administration sector in particular there are clear M&A opportunities driven by tightening regulationand globalisation of wealth.
Increase in scale & presence in key jurisdictions are attractive to large trade players at exit.
As one of the leading debt providers over the last decade, our challenge lies in the unearthing of quality opportunitiesrather than that of lack of capacity to support our markets. Our focus has been to originate opportunities and supportmanagement teams & sponsors in key markets (including the offshore space).
With the capabilities to support you across the corporate lifecycle (be that sponsor ownership, M&A, IPO etc) we arevery keen to meet and develop a dialogue with management teams who have aspirations of undertaking a transaction,whether the thought process is in its infancy or more advanced.
26
KPMG Debt Advisory
Debt market conditionsNovember 2016
28
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The Agenda
1Introduction
2
3
Debt markets overview
Market trends
Good practice4
29
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
We are a highly experienced, market leading independent debt advisory team focussed on delivering the best financing outcomes for our clients
■ KPMG’s Debt Advisory Group has 25 specialists with each senior practitioner having over 15 years of direct debt market experience
■ In the last two years we have advised on debt financing aggregating in excess of £60bn across the full spectrum of bank and debt capital markets
Introduction – KPMG Debt Advisory
Client first approach1
Independent advice2
Broad client base3
Market expertise4
Track record5
David Madoc-JonesDirectorKPMG Debt Advisory
T: +44 (0)20 7694 3039E: [email protected]
Siobhan MurrayManagerKPMG Debt Advisory
T: +44 (0)20 7641 1871E: [email protected]
1
30
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Post – Referendum debt markets landscape
There has been some volatility in the UK market since Brexit, but lenders remain receptive to new deals, albeit with a greater level of caution
■ Liquidity and volume strong 2014 through to H1 2016
■ “Hard Brexit” fears, Eurozone concerns, Sterling depreciation and the US election have all contributed to higher volatility
■ US election has led to a sell off in bonds
2
Underlying rates
00.20.40.60.8
11.21.41.61.8
2
%
3 month libor 10 year gilts 5 year swap
Source: Eikon
Brexit
There continues to be a number of threats to market confidence – but the market is proving to be resilient and continues to offer attractive terms to borrowers
- 20 40 60 80
100 120 140 160 180 200
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16
$bn
EMEA loan volume by purpose
Refinancing M&A Non-M&A New Money
Source: LoanConnector
Brexit
31
Document Classification: KPMG Confidential
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Market trends
Corporate market Leveraged market
■ Range of financing options available
■ Relationship driven bank market
■ Continuing shift towards debt capital market issuance for larger borrowers
■ Low interest rate environment with attractive spreads resulting in opportunistic refinancings and desire to extend maturities
■ Banks are ‘open for business’ but focussed on ancillary income as lending returns are being compressed
3
Over-arching trend across the the debt markets of increasing competition and emergence of alternative lending structures and providers
■ Lending is generally transactional based and priced for risk
■ Some pressure on leverage post-Referendum
■ New lenders adding liquidity
Increasing number of debt funds is making the lender market crowded
Funds have significant levels of dry powder in Europe
32
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Market trends – Leveraged market
Increasing competition in the lender market is resulting in more innovative / collaborative financing structures from banks and funds
3
Bank lenders Credit funds
33
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Market trends – Leveraged market
There has been a shift in the market that allows borrowers to achieve higher leverage levels
■ The unitranche structure provides a single tranche of debt from one lender with a blended margin – this means no inter-creditor complexity between senior and mezzanine lenders
■ The chart below shows the upper range of EBITDA leverage currently achievable in each debt structure
3
0
1
2
3
4
5
6
Indi
cativ
e EB
ITD
A le
vera
ge (x
)
Senior bank Credit fund Unitranche
SENIOR BANK UNITRANCHE FIRST OUT, SECOND OUT
SENIOR AND 2ND LIEN /
MEZZANINE
Source: KPMG analysis
34
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Market trends – Leveraged market3
Unitranche issuance (number of deals)
Source: LoanConnector
0
2
4
6
8
10
12
14
16
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16
Num
ber o
f dea
ls
UK France Germany Other
Strong unitranche market in Europe
35
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Market trends – Leveraged market3
Private Debt Dry Powder by Fund Geographic Focus
Source: Preqin Private Debt Online
Credit funds have significant levels of dry powder after a number of years of substantial fund growth
36
Document Classification: KPMG Confidential
© 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Things to think about . . . .
1. . . . . General tips
■ Preparation and information provision
■ Forecasting and sensitivity analysis
■ Anticipate questions (for example there may be additional scrutiny from lenders on the impact of the Referendum)
2. . . . . In the financial services sector
■ Corporate governance and oversight
■ Strength of regulatory compliance
■ Aggressive tax structuring
■ Other reputational risks inherent in business model
3. . . . . Around M&A financing
■ The appropriate leverage level and the impact of covenants on business flexibility and the ability to pay shareholders
4
Q&A
Thank you
Document Classification: KPMG Confidential
The KPMG name and logo are registered trademarks or trademarks of KPMG International.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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© 2016 KPMG Channel Islands Limited, a Jersey company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.