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Direct Lending

Flexible, creative financing solutions
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Overview
Overview

What is Direct Lending?

Direct lending capital is an avenue for companies to access capital as an alternative to the syndicated loans or senior floating-rate capital traditionally provided by banks. Direct lending loans are provided by "non-bank" lenders, such as institutional investors

Direct Lending Structure

Direct lending loans are primarily first lien, senior secured floating-rate loans, but can also be second lien, revolvers, or accordion/delayed-draw facilities. They have flexible amortization profiles and final maturities that usually range from 5 to 6 years.

The direct lending market has become a permanent source of capital for borrowers. It is largely a leveraged buyout-driven, sponsor-led market, but relies on private placement-style credit and terms underwriting.

Hear Matt Harvey, Jeff Dickson, and Sarah Bittner provide an overview of Direct Lending.

Typical size, structure, uses, and benefits ▼

Typical size

  • $25 million - $400 million

Typical uses

  • Recapitalizations/dividend recapitalizations
  • Growth
  • Acquisitions
  • Shareholder buyouts
  • Generational transfers
  • Non-sponsored management buyouts
  • Sponsored leveraged buyouts
  • Cross-border financings

Structural characteristics

  • Floating rate
  • Revolvers, accordions, and/or delayed-draw term loans
  • 1%-10% yearly amortization with an excess cashflow sweep
  • Typical maturities of 5-6 years

Issuer benefits

  • Ability to do multi-currency, cross-border transactions
  • Flexible prepayment terms
  • Relationship-focused capital provider
Direct lending Case Study
See All Case Studies
Smarter information management: ZircoDATA expands in the Australian market
ZircoDATA refinances bank debt, pays special distribution, and secures additional funding capacity to support acquisitions.​
“This partnership with Prudential is critical in helping ZircoDATA meet its strategic goals, including a strong platform for continued growth.”
Get the Full Story

Direct lending Case Study

Smarter information management: ZircoDATA expands in the Australian market
ZircoDATA refinances bank debt, pays special distribution, and secures additional funding capacity to support acquisitions.​
“This partnership with Prudential is critical in helping ZircoDATA meet its strategic goals, including a strong platform for continued growth.”
See The Full StorySee all case studiesSee The Full Story

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“The market can be very transactional. It’s short term and somewhat fleeting in terms of relationships – that's not our approach. We take a longer-term perspective.”
Matthew Harvey, Managing Director Prudential Private Capital
“The market can be very transactional. It’s short term and somewhat fleeting in terms of relationships – that's not our approach. We take a longer-term perspective.”
Matthew Harvey, Managing Director Prudential Private Capital
Our Team
With representatives around the world, finding the right person is easy.
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Our Team
Meet our team
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Sarah Bittner headshot
312.228.6512
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Direct Lending
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Dianna Carr-Coletta headshot
Dianna Carr-Coletta
Managing Director
312.540.4224
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Direct Lending
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Jack Gilbert headshot
Jack Gilbert
Vice President
+44 203 837 3404
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Direct Lending - London
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Chris Halloran headshot
Chris Halloran
Senior Vice President
214.720.6235
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Direct Lending
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Matthew Harvey headshot
Matthew Harvey
Executive Managing Director
312.565.6296
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Head of Direct Lending
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PJ LaFemina headshot
PJ LaFemina
Vice President
702.812.9168
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Direct Lending, Canada, North America - West Coast
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Anthony Ma headshot
Anthony Ma
Vice President
312.565.6230
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Direct Lending
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Elise Moulinier headshot
+33.1.5795.3523
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Direct Lending - Paris
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David Thompson headshot
David Thompson
Senior Vice President
212.626.2053
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Direct Lending
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