Madison Capital Funding Market Overview
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1 Communicate. Commit. Deliver. Third Quarter 2014 Table of Contents Loan Volume 2 CLO Issuance, Investors 3 Madison Capital Funding Market Overview Yields, Debt and Equity Multiples 4 Madison Capital Overview 5 Middle market * sponsored loan volume fell to $9.5B in 3Q14, its lowest level since 1Q10, driven by a decrease in LBO activity, as well as less opportunistic recapitalization and refinancing activity... Read more on page 2 * Thomson Reuters defines the middle market as borrowers with <$500mm of revenue and <$500mm in facility size. The opinions expressed are those of Madison Capital Funding LLC as of the date of this report and are subject to change. This is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Unless noted otherwise all data is as of 09/30/14. NYLIM Exp 02/15
2 $ in billions $ in billions Madison Capital 3Q2014 Middle Market Update Loan Volume Middle Market LBO Volume 1 Middle market 1 sponsored loan volume fell to $9.5B in 3Q14, its lowest level since 1Q10, driven by a decrease in LBO activity, as well as less opportunistic recapitalization and refinancing activity; middle market sponsored loan volume declined by 44% from 2Q14, and 41% from the prior year. $7 $6 $5 $4 $3 $2 $ % 2 1 LBO activity remained minimal at 21% of 3Q14 middle market sponsored volume, compared to 22% in 2Q14. Refinancing activity accounted for 37% of sponsored volume, while dividend recaps represented $1.2B, or 13% of sponsored volume, consistent with 2Q14 but down 65% from $3.5B in 3Q13. First time issuer LBOs accounted for 68% of 3Q14 middle market LBO volume, up significantly compared to 36% of 2Q14 volume. LBO LBO % of Sponsored Middle Market Dividend Recap Volume 1 $7 25% $6 2 $5 $4 13% 15% $3 1 $2 5% $1 Dividend Recap Dividend Recap % of Sponsored * Thomson Reuters defines the middle market as borrowers with <$500mm of revenue and <$500mm in facility size. 1. Source: Thomson Reuters LPC s Middle Market 3Q14 Review 2
3 $ in billions CLO Issuance CLO issuance remained strong in 3Q14, reaching $91.8B for the YTD period. By contrast, loan mutual fund AUM contracted by $5.2B through the first nine months of the year, according to Lipper and fund filings. CLO Issuance and Loan Mutual Fund Flows 2 $100 $91.8 $80 While expectations at the end of 3Q14 pegged CLO issuance to be as high as $125B for FY14, current market conditions have begun to drive liability spreads up, bringing uncertainty about CLO issuance for the remainder of the year. $60 $40 $20 -$20 ($5.2) YTD Sep-14 Unrated, illiquid middle market loans continue to garner a pricing premium to liquid single-b loans, and are currently pricing in a range of 5.42%- 5.83% all-in (L , 100 floor, 17-33bps 3 year OID). CLO Issuance Loan Mutual Fund Flows Investors While active, banks have become more selective due to a more stringent regulatory environment. Nonetheless, non-banks have filled the gap and provided more than enough liquidity in the middle market. According to S&P Capital IQ, investors do not foresee any meaningful pickup in bank interest outside of cyclical downturns, such as 2009, when issuers were forced to turn to asset-based loans and other bank friendly structures for financing Source: S&P Capital IQ LCD s 3Q14 Leveraged Lending Review 4. Source: S&P Capital IQ LCD s 3Q14 High-End Middle Market Lending Review
4 All-in Interest Rates Yields According to S&P Capital IQ, single-b all-in yield (spread + LIBOR floor + 3 year amortized OID) was unchanged in 3Q14 when compared to 2Q14, remaining at 5.19%. 11% 1 9% 8% 7% All-in Yield (Middle Market vs. B+/B Institutional Loans) 2, 3 6% 5.63% 5% 5.19% Unrated, illiquid middle market loans typically garner a pricing premium to liquid single-b loans. Currently, however, the market has become inverted due to technical issues in the broader market (loan fund outflows, volatility) as the single-b all-in yield has risen 47 basis points since the end of 3Q14. 4% 3% 2% 1% 3M LIBOR LIBOR Floor Less 3M LIBOR Loan Spreads (B+/B) OID Middle Market All-in Yield Note: OID yield assumes a 3 year average life. Debt and Equity Multiples Middle market leverage and purchase multiples for 1Q14 through 3Q14 increased from FY13 levels, with senior leverage, total leverage and LBO purchase price multiples at 4.3x, 5.4x and 9.5x, respectively. These levels are up from 4.0x, 5.1x and 8.9x, respectively for FY x 10.0x 8.0x Debt Multiples of Sponsored Middle Market Loans 1 8.7x 7.9x 7.8x 8.5x 8.2x 8.9x 8.9x 9.5x 42.9% Excess liquidity within the private equity community as well as among mezzanine and middle market senior lenders relative to the new deal opportunity set has helped drive debt and purchase multiple expansion. 6.0x 4.0x 2.0x 0.0x 5.4x 4.3x YTD Sep-14 Senior Debt/EBITDA EV Total Debt/EBITDA Equity Contribution
5 A Stable Lender You Can Count On Founded in 2001 Products & Services Stable Source of Capital Our parent, New York Life Insurance Company remains one of only three life insurers with the highest ratings 1 for financial strength, currently awarded by the four major rating agencies. Backed by this superior strength, Madison Capital has the financial stability you can count on through all economic cycles. Focus Madison Capital s focus is to provide superior financing solutions to private equity sponsors. We work with a wide range of private equity sponsors, most of whom manage private equity funds ranging from $50 million to $2 billion. Our products and services support the acquisition, recapitalization and growth investment efforts of private equity firms focused on middle market companies. Our reputation is built on key relationships and effective communication. We build relationships by concentrating on the needs of our clients and delivering outstanding services. Transactions* Since our founding in April 2001, Madison Capital has closed over 786 transactions totaling more than $18.7 billion in net funded commitments with over 219 different sponsors. We served as Lead Arranger, Co-Lead Arranger, Sole Lender and/or Administrative Agent on over 751 new platform investments. Our Promise The Madison Capital seal is our commitment that each deal will close as promised efficiently, consistently and predictably. We understand the pressures and time constraints of the deal environment. We will never leave you waiting for an answer. For results you can count on and to learn about our uniquely disciplined approach call Third Party Ratings Reports based on financial strength, August 13, *As of September 30, 2014, total transactions represent all new platform deals and major recapitalizations. New platform investments represent data from January 1, 2008 through September 30, NYLIM and its affiliates assets under management were over $537 billion as of September 30, Madison Capital Funding LLC is an affiliate of New York Life Investment Management LLC, a wholly owned subsidiary of New York Life Insurance Company. We offer a variety of cash flow based, leveraged capital products: Senior loans Senior stretch loans Last out term loans Unitranche loans Mezzanine Equity co-investments Industry Expertise Our deals are financed across a broad scope of industries: Manufacturing Distribution Services Consumer products Healthcare Insurance/Financial Services Aerospace & Defense Technology Services Credit Characteristics Key attributes of our investments are: Superior management teams Diversified revenue base Stable historical earnings with at least $3.5 million of EBITDA Competitive industry positioning Madison Capital Funding LLC 30 S. Wacker Drive, Suite 3700 Chicago IL (312) NYLIM Exp. 02/15
Madison Capital Funding Market Overview
Communicate. Commit. Deliver. Third Quarter 2013 Table of Contents Loan Volume 2 Yields and Debt and Equity Multiples 3 Madison Capital Funding Market Overview Investors, CLO Issuance and 4 Default Rate
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