“Unitranche: Opening The Loan Market For New Participants,” an article by Akin Gump cross-border transactions counsel Catriona McDevitt, has been published by Law360. The article discusses the rise of unitranche facilities in the European loan market “largely as a result of an increasing number of credit funds and nonbank lenders wanting to provide this financing and tap into the loan market for middle market companies.”

Unitranche financing, Catriona writes, “involves one layer of senior secured debt, without a separate subordinated debt structure.” By combining several tranches of debt into a single financing, thereby necessitating only a single loan facility agreement, it “negates the complexity, time and costs involved under first/second lien or subordinated debt financings.”

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