{"id":1937,"date":"2020-08-10T11:58:56","date_gmt":"2020-08-10T15:58:56","guid":{"rendered":"https:\/\/bearamergers.com\/?p=1937"},"modified":"2020-08-10T11:58:56","modified_gmt":"2020-08-10T15:58:56","slug":"mid-market-loans-have-plummeted","status":"publish","type":"post","link":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/","title":{"rendered":"Mid-Market Loans Have Plummeted"},"content":{"rendered":"<header id=\"site_header\">\n<nav id=\"masthead\" class=\"fixed\" role=\"navigation\">\n<div class=\"inner\">\n<div class=\"logo\"><a title=\"Home\" href=\"https:\/\/www.institutionalinvestor.com\/\"><img decoding=\"async\" class=\"img\" src=\"https:\/\/institutionalinvestor.euromoneycdn.com\/~\/media\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg\" alt=\"\" \/><\/a><\/div>\n<div class=\"actions\"><\/div>\n<\/div>\n<\/nav>\n<div id=\"announcements\"><\/div>\n<\/header>\n<div id=\"wrapper\">\n<article class=\"article article--default is_current\">\n<div class=\"primary\" data-sticky-container=\"\">\n<div class=\"main_rail\">\n<header class=\"article_header\">\n<div class=\"header_inner\">\n<div class=\"standfirst\">\n<p class=\"\">The world may seem to be binging on debt, but loans for smaller mergers and acquisitions are in a slump.<\/p>\n<\/div>\n<div class=\"attribution\">\n<div class=\"authors\">\n<ul class=\"authors_list\">\n<li>\n<address class=\"author\"><span class=\"details\"><a href=\"https:\/\/www.institutionalinvestor.com\/topic?author=Julie+Segal\"><span class=\"author_name\">Julie Segal<\/span><\/a><\/span><\/address>\n<\/li>\n<\/ul>\n<\/div>\n<p class=\"publication\">August 07, 2020<\/p>\n<\/div>\n<\/div>\n<div class=\"social_share stuck_down_in_article\">\n<div class=\"social_share_inner is_sticking\" data-sticky=\"\" data-sticky-for=\"900\">\n<div class=\"addthis_wrapper addthis_inline_share_toolbox\" data-url=\"https:\/\/www.institutionalinvestor.com\/article\/b1mv1sqwmmzfbr\/Mid-Market-Loans-Have-Plummeted\" data-title=\"Mid-Market Loans Have Plummeted\" data-description=\"The world may seem to be binging on debt, but loans for smaller mergers and acquisitions are in a slump.\">\n<div id=\"atstbx\" class=\"at-resp-share-element at-style-responsive addthis-smartlayers addthis-animated at4-show\" role=\"region\" aria-labelledby=\"at-dc98731f-c19e-4291-8c92-25c1df2f4b80\"><span id=\"at-dc98731f-c19e-4291-8c92-25c1df2f4b80\" class=\"at4-visually-hidden\"><\/span><\/p>\n<div class=\"at-share-btn-elements\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured_image\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"img responsive_image\" src=\"https:\/\/i0.wp.com\/institutionalinvestor.euromoneycdn.com\/media\/AMG\/II\/articles\/1\/1\/1\/art-cliff.jpg?w=1020&#038;ssl=1\" alt=\"Illustration by II\" data-srcset=\"\" \/><figcaption>Illustration by II<\/figcaption><\/figure>\n<\/header>\n<div class=\"article_body em-userInteraction\" data-ga-interaction-scroll=\"\" data-ga-interaction-object=\"{&quot;interaction_name&quot;:&quot;end of article&quot;,&quot;event&quot;:&quot;visitor interaction&quot;}\">\n<p>Direct lending funds may be flush with cash, but financing for deal-making is scarce. Loans to finance middle-market leveraged buyouts have plummeted nearly 80 percent from the previous quarter, according to Randy Schwimmer, head of senior lending origination and capital markets for Churchill Asset Management, which lends to private-equity owned middle-market companies.<\/p>\n<p>In the first quarter, middle market LBO issuance was over $13 billion, said Schwimmer, who cited Refinitiv data. A quarter later, that had fallen to about $3 billion.<\/p>\n<p>It\u2019s an inevitable consequence of the Covid-19 shutdown, but Schwimmer explained that it\u2019s been worsened by the pick-up of cases in some states and the stabilization in others. A second round of lockdowns has been instituted in some states because of the rise in coronavirus cases. In addition, travel has been further restricted as some states require quarantines when people return from visits to hard-hit locales. Zoom may cross state lines, but deals still happen between people, who want to see each other.<\/p>\n<p>According to his newest research on M&amp;A, Schwimmer said the ratcheting back up of Covid-19 cases in certain parts of the country has led to new pessimism and uncertainty about companies\u2019 future prospects. \u201cIt\u2019s a real risk given the reversed course of new cases across the U.S.,\u201d one banker told Schwimmer.<\/p>\n<p>Given the uncertainty, companies may want to keep their financials close to the vest.<\/p>\n<p>\u201cIn the current climate you don\u2019t want to run a big process,\u201d the banker added. \u201cHaving dozens of lenders witness softer monthly numbers is not a path to success.\u201d<\/p>\n<p>The industry is smelling opportunity and getting creative about the problem. Middle-Market lender PennantPark recently formed a joint venture with the private credit investment business of Pantheon to create a senior loan fund.<\/p>\n<p>Still, the markets are opening up for buyers that have an in-depth knowledge of certain sectors and businesses. Few players can find the absolute bottom of a market and uncertainty has scared off many competitors.<\/p>\n<p>Schwimmer said one advisor told him that private equity sponsors have moved from risk-off in March and April to the opposite now. \u201cDespite the persistent economic uncertainty, there\u2019s plenty of liquidity for the right businesses,\u201d the advisor said. \u201cFinancing is firming up. There\u2019s willingness to underwrite. Non-COVID-impacted businesses are still valued at a premium. And lenders are realizing if they don\u2019t step up now, it\u2019s going to be a disappointing year.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The world may seem to be binging on debt, but loans for smaller mergers and acquisitions are in a slump. Julie Segal August 07, 2020 Illustration by II Direct lending funds may be flush with cash, but financing for deal-making is scarce. Loans to finance middle-market leveraged buyouts have plummeted nearly 80 percent from the [&#8230;]\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1937","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mid-Market Loans Have Plummeted - Beara Mergers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mid-Market Loans Have Plummeted - Beara Mergers\" \/>\n<meta property=\"og:description\" content=\"The world may seem to be binging on debt, but loans for smaller mergers and acquisitions are in a slump. Julie Segal August 07, 2020 Illustration by II Direct lending funds may be flush with cash, but financing for deal-making is scarce. Loans to finance middle-market leveraged buyouts have plummeted nearly 80 percent from the [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/\" \/>\n<meta property=\"og:site_name\" content=\"Beara Mergers\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Beara-Mergers-110125322375489\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-10T15:58:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/institutionalinvestor.euromoneycdn.com\/~\/media\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg\" \/>\n<meta name=\"author\" content=\"Jean-Daniel Leclair\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jean-Daniel Leclair\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/\"},\"author\":{\"name\":\"Jean-Daniel Leclair\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#\\\/schema\\\/person\\\/ba0989e0b06aa33dd900573545626a65\"},\"headline\":\"Mid-Market Loans Have Plummeted\",\"datePublished\":\"2020-08-10T15:58:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/\"},\"wordCount\":434,\"publisher\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/institutionalinvestor.euromoneycdn.com\\\/~\\\/media\\\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/\",\"url\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/\",\"name\":\"Mid-Market Loans Have Plummeted - Beara Mergers\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/institutionalinvestor.euromoneycdn.com\\\/~\\\/media\\\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg\",\"datePublished\":\"2020-08-10T15:58:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/#primaryimage\",\"url\":\"https:\\\/\\\/institutionalinvestor.euromoneycdn.com\\\/~\\\/media\\\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg\",\"contentUrl\":\"https:\\\/\\\/institutionalinvestor.euromoneycdn.com\\\/~\\\/media\\\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/mid-market-loans-have-plummeted\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mid-Market Loans Have Plummeted\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/\",\"name\":\"Beara Mergers\",\"description\":\"Sp\u00e9cialiste Canadien des ventes et acquisitions d&#039;entreprise\",\"publisher\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#organization\",\"name\":\"Beara Mergers and Acquisitions\",\"url\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i2.wp.com\\\/bearamergers.com\\\/wp-content\\\/uploads\\\/2018\\\/06\\\/beara-logo-fr.png?fit=421%2C113&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i2.wp.com\\\/bearamergers.com\\\/wp-content\\\/uploads\\\/2018\\\/06\\\/beara-logo-fr.png?fit=421%2C113&ssl=1\",\"width\":421,\"height\":113,\"caption\":\"Beara Mergers and Acquisitions\"},\"image\":{\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/Beara-Mergers-110125322375489\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/in\\\/jean-daniel-leclair-b8aa426\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/bearamergers.com\\\/en\\\/#\\\/schema\\\/person\\\/ba0989e0b06aa33dd900573545626a65\",\"name\":\"Jean-Daniel Leclair\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mid-Market Loans Have Plummeted - Beara Mergers","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/","og_locale":"en_US","og_type":"article","og_title":"Mid-Market Loans Have Plummeted - Beara Mergers","og_description":"The world may seem to be binging on debt, but loans for smaller mergers and acquisitions are in a slump. Julie Segal August 07, 2020 Illustration by II Direct lending funds may be flush with cash, but financing for deal-making is scarce. Loans to finance middle-market leveraged buyouts have plummeted nearly 80 percent from the [...]","og_url":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/","og_site_name":"Beara Mergers","article_publisher":"https:\/\/www.facebook.com\/Beara-Mergers-110125322375489\/","article_published_time":"2020-08-10T15:58:56+00:00","og_image":[{"url":"https:\/\/institutionalinvestor.euromoneycdn.com\/~\/media\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg","type":"","width":"","height":""}],"author":"Jean-Daniel Leclair","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jean-Daniel Leclair","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/#article","isPartOf":{"@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/"},"author":{"name":"Jean-Daniel Leclair","@id":"https:\/\/bearamergers.com\/en\/#\/schema\/person\/ba0989e0b06aa33dd900573545626a65"},"headline":"Mid-Market Loans Have Plummeted","datePublished":"2020-08-10T15:58:56+00:00","mainEntityOfPage":{"@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/"},"wordCount":434,"publisher":{"@id":"https:\/\/bearamergers.com\/en\/#organization"},"image":{"@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/#primaryimage"},"thumbnailUrl":"https:\/\/institutionalinvestor.euromoneycdn.com\/~\/media\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg","articleSection":["News"],"inLanguage":"en-CA"},{"@type":"WebPage","@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/","url":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/","name":"Mid-Market Loans Have Plummeted - Beara Mergers","isPartOf":{"@id":"https:\/\/bearamergers.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/#primaryimage"},"image":{"@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/#primaryimage"},"thumbnailUrl":"https:\/\/institutionalinvestor.euromoneycdn.com\/~\/media\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg","datePublished":"2020-08-10T15:58:56+00:00","breadcrumb":{"@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/"]}]},{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/#primaryimage","url":"https:\/\/institutionalinvestor.euromoneycdn.com\/~\/media\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg","contentUrl":"https:\/\/institutionalinvestor.euromoneycdn.com\/~\/media\/FBDAF1C7C7FD455E9AB16F4AD1E5D43F.svg"},{"@type":"BreadcrumbList","@id":"https:\/\/bearamergers.com\/en\/mid-market-loans-have-plummeted\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bearamergers.com\/en\/"},{"@type":"ListItem","position":2,"name":"Mid-Market Loans Have Plummeted"}]},{"@type":"WebSite","@id":"https:\/\/bearamergers.com\/en\/#website","url":"https:\/\/bearamergers.com\/en\/","name":"Beara Mergers","description":"Sp\u00e9cialiste Canadien des ventes et acquisitions d&#039;entreprise","publisher":{"@id":"https:\/\/bearamergers.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bearamergers.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":"Organization","@id":"https:\/\/bearamergers.com\/en\/#organization","name":"Beara Mergers and Acquisitions","url":"https:\/\/bearamergers.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/bearamergers.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/i2.wp.com\/bearamergers.com\/wp-content\/uploads\/2018\/06\/beara-logo-fr.png?fit=421%2C113&ssl=1","contentUrl":"https:\/\/i2.wp.com\/bearamergers.com\/wp-content\/uploads\/2018\/06\/beara-logo-fr.png?fit=421%2C113&ssl=1","width":421,"height":113,"caption":"Beara Mergers and Acquisitions"},"image":{"@id":"https:\/\/bearamergers.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Beara-Mergers-110125322375489\/","https:\/\/www.linkedin.com\/in\/jean-daniel-leclair-b8aa426\/"]},{"@type":"Person","@id":"https:\/\/bearamergers.com\/en\/#\/schema\/person\/ba0989e0b06aa33dd900573545626a65","name":"Jean-Daniel Leclair"}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9Y7L5-vf","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/posts\/1937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/comments?post=1937"}],"version-history":[{"count":1,"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/posts\/1937\/revisions"}],"predecessor-version":[{"id":1938,"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/posts\/1937\/revisions\/1938"}],"wp:attachment":[{"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/media?parent=1937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/categories?post=1937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bearamergers.com\/en\/wp-json\/wp\/v2\/tags?post=1937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}