Click icon to print
NAVIGATING MIDDLE MARKET FINANCE
IN CHOPPY WATERS
2012 Roster: 59 Speakers
Detailed program is below roster.
LUNCHEON ADDRESS:
Fred Barnes, Executive Editor, The Weekly Standard,
Fox News Commentator
• Mike Arougheti, Senior Partner, Ares Management; President, Ares Capital Corporation
• Steve Beckett, Partner, Peninsula Capital Partners, L.L.C.
• David Blair, Partner, PNC Mezzanine Capital
• Jason Block, Partner, Freedom III Partners
• Tony Bowe, Managing Director, Credit Suisse
• Bill Brady, Partner, PROSKAUER
• David Buttolph, Managing Director, Brookside Mezzanine Partners
• Al Cantrell, CFA, Managing Director, Investments; Head of Alternative Investments,
MEMBERS Capital Advisors, CUNA Mutual Group
• Mike Cerminaro, Partner, Sound Harbor Partners
• Chip Chaikin, Managing Director, Blue Point Capital Partners Asia
• Brad Charchut, Executive Vice President, Sankaty Advisors, LLC
• Tim Clifford, President & CEO, Abacus Finance
• Tim Donahue, Managing Director, Head of High Yield and Leveraged Loan Capital Markets,
JPMorgan
• Robin Engelson, Managing Partner, Sapphire Financial Group
• Scott Essex, Managing Director, Partners Group (USA) Inc.
• Andrew Frawley, Managing Director, Head of Private Capital, KeyBanc Capital Markets
• Charlie Garoklanian, Senior Vice President, Northeast Market Manager, PNC Business Credit
• Dave Gezon, Senior Managing Director, Midwest Mezzanine Funds
• Lawrence Golub, Chief Executive Officer, Golub Capital
• Kevin Griffin, Managing Director, Highbridge Principal Strategies, LLC
• Michael Grossman, Principal, Transaction Advisory Services, McGladrey
• Mike Hall, Managing Partner, Yukon Partners
• Jeri Harman, Founder and Partner, Avante Mezzanine Partners
• Hiter Harris, Managing Director, Harris Williams & Co.
• Harry Haskins, Deputy Associate Administrator for Investment, U.S. Small Business
Administration
• Bob Horak, Managing Director, Lincoln International
• Grant Johnson, Managing Director, Newstone Capital Partners
• Ken Jones, Managing Partner, Boathouse Capital
• Ron Kahn, Managing Director, Lincoln International
• Ken Kencel, Managing Director, The Carlyle Group
• Kent Laber, Managing Director, Conway MacKenzie
• Tom Lane, Managing Director, Wells Fargo Capital Finance - Technology Finance
• Christopher "Kit" Lisle, Managing Partner, Acclaro Growth Partners
• Reynold Martin, Associate Director, Allstate Investments
• David McLean, Partner, PATTON BOGGS LLP
• David Miller, Managing Director, Goldman Sachs Specialty Lending Group, L.P.
• Paul Murphy, Partner, Sentinel Capital Partners
• Brett Palmer, President, Small Business Investor Alliance
• Art Penn, CEO, PennantPark
• Rob Podorefsky, Managing Director, Interest Rate Management, GE Capital Americas
• Anthony Polazzi, Managing Director, Sun Capital Partners, Inc.
• Rob Polenberg, Vice President, Standard & Poor's Leveraged Commentary & Data
• Robert Radway, Chairman and CEO, NXT Capital
• James Roche, Principal, GSO Capital Partners
• Alan Roth, Partner, Edwards Wildman Palmer, LLP
• Susan Ruskin, Managing Principal, NYL Investment Management
• Devon Russell, Senior Managing Director, Madison Capital Funding
• Jeff Sangalis, Managing Director, Mezzanine & Private Equity Co-Investments, ORIX
Corporate Capital
• Daniel Schmidt, Managing Partner and CEO, CEPRES
• Ian Schnider, Managing Director, Fortress Investment Group
• Charlie Schroeder, Managing Partner, Northstar Capital
• Ben Silver, Managing Director, Global Private Finance Group, Babson Capital Management LLC
• John Sinnenberg, Chairman, Cyprium Partners
• Glenn Stewart, Managing Director, Head of Loan Syndicate, Sales and Trading,
SunTrust Robinson Humphrey, Inc.
• David Toll, Editor, Buyouts
• Matthias Unser, Founding Partner & Managing Director, YIELCO Investments GmbH
• Preston Walsh, Partner, PNC Mezzanine Capital
• Steven Wayne, Managing Director, Oak Hill Advisors
DAY 1
Tuesday, May 15
_________________________
7:45 a.m. - 8:15 a.m.
REGISTRATION & CONTINENTAL BREAKFAST
Sponsored by McGladrey
8:15 A.M. - 8:30 A.M.
CHAIRMAN'S WELCOME & OPENING REMARKS
Navigating Middle Market Finance in Choppy Waters
Andrew Frawley
Managing Director, Head of Private Capital, KeyBanc Capital Markets Inc.
8:30 a.m. - 9:25 a.m.
THE STATE OF THE MIDDLE MARKET
A presidential election looming; the ongoing risk of instability in Europe; signs of growth in the US economy; a seemingly unstoppable Chinese juggernaut; and predictions of record M&A activity for the Middle Market. What's really ahead for 2012? Join us as Symposium 2012 kicks off with a panel of expert investment bankers and investors as they explore what's in store for middle market finance for the next twelve months.
• How important is the 2012 election for economic recovery?
• As China thrives, where do US companies turn for low cost production?
• Will Europe work out its problems and does it really matter here?
• Why have the capital markets recovered faster than the US economy?
MODERATOR:
Andrew Frawley
Managing Director, Head of Private Capital, KeyBanc Capital Markets Inc.
SPEAKERS:
Hiter Harris
Managing Director, Harris Williams & Co.
Tim Donahue
Managing Director, Head of High Yield and Leveraged Loan Capital Markets
JPMorgan
Tony Bowe
Managing Director, Credit Suisse
Anthony Polazzi
Managing Director, Sun Capital Partners, Inc.
9:25 a.m. - 9:45 a.m.
DATA SPONSOR: BABSON CAPITAL
STANDARD & POOR'S LEVERAGED COMMENTARY & DATA MARKET ANALYSIS
The state of play in the leverage/loan market, including middle market and predictions for the coming year.
Robert Polenberg
Vice President, Standard & Poor's Leveraged Commentary & Data
9:45 a.m. - 10:15 a.m.
NETWORKING & REFRESHMENT BREAK
10:15 a.m. - 11:00 a.m.
SENIOR DEBT: IT ALL STARTS AT THE TOP
Growth and ownership transition require a vibrant senior debt market. As we saw when the economy faltered in 2008 and the banks stopped lending, a willing mezzanine market and sponsors with an ample supply of equity couldn't keep the transaction window open on their own. A year and a half into the recovery, traditional lenders are back and new lenders continue to emerge. Traditional working capital and term lending exist, but so do a myriad of alternative products such as second lien, bifurcated lien term and unitranche loans. What's going on today and where is senior lending headed?
• What is the competitive landscape like and what does it mean?
• Who's able to borrow?
• Have terms and conditions changed?
• Are the new products new or just traditional products repackaged?
MODERATOR:
Bob Horak
Managing Director, Lincoln International
SPEAKERS:
Tim Clifford,
President & CEO, Abacus Finance
Charlie Garoklanian
Senior Vice President, Northeast Market Manager, PNC Business Credit
Devon Russell
Senior Managing Director, Madison Capital Funding
Glenn Stewart
Managing Director, Head of Loan Syndicate, Sales and Trading,
SunTrust Robinson Humphrey, Inc.
11:00 a.m. - 11:30 a.m.
DATA SPONSOR: BABSON CAPITAL
18th ANNUAL ATLANTIC CONFERENCES MEZZANINE MARKET SURVEY
The 18th annual informal, high-level survey of the traditional mezzanine markets explores the current trends in leverage, pricing and terms.
Preston Walsh
Partner, PNC Mezzanine Capital
11:30 a.m. - 12:15 P.m.
TRADITIONAL MEZZANINE: STABLE, CONSISTENT and RESILIENT
In 1897, a very healthy Mark Twain wrote "The report of my death was an exaggeration." The same could be said for the traditional mezzanine lending market. For over 30 years it's been a consistent source of long term, patient capital that continues to provide an attractive risk-adjusted return to lenders and their backers. Yet, in each of the past financial cycles, stretch senior, second lien, unitranche, junk bonds and opportunists in search of attractive yield have supposedly replaced it. What's really going on with traditional mezzanine? With so many new products and players, why is the traditional mezzanine market still here?
• Who is providing it?
• Who is funding it?
• Who is taking it?
• What's new, what's old and what works?
MODERATOR:
Dave Gezon
Senior Managing Director, Midwest Mezzanine Funds
SPEAKERS:
Steve Beckett
Partner, Peninsula Capital Partners, L.L.C.
Mike Hall
Managing Partner, Yukon Partners
Charlie Schroeder
Managing Partner, Northstar Capital
Grant Johnson
Managing Director, Newstone Capital Partners
12:15 P.m. - 2:00 p.m.
LUNCHEON AT THE NEW YORKER
Luncheon Sponsor: KeyBanc Capital Markets
At KeyBanc Capital Markets, more than 500 professionals leverage extensive industry knowledge, equity and debt capital markets expertise, and a leading merger & acquisition and private capital advisory practice to deliver strategic solutions that help our clients capitalize on opportunities. key.com/corporate
LUNCHEON ADDRESS
FRED BARNES: The Political Landscape in Washington
Fred Barnes is the Executive Editor of The Weekly Standard.
Luncheon Address sponsored by RR Donnelley / Venue
Venue provides a leading edge intuitive cloud-based secure interface to facilitate secure transactions for fundraising, IPO due diligence, M&A diligence and corporate repository services. With over 15,000 users globally and multiple terabytes of information exchanged daily, Venue has become the standard for state of the art VDR.
2:00 p.m. - 2:45 p.m.
TRANSACTION DUE DILIGENCE: CRITICAL AT EVERY STEP OF THE DEAL
Finding quality deals at the right value in today's volatile global economic environment isn't an accident. Executing and closing on successful deals in these dynamic financial markets requires thorough and penetrating diligence to properly assess, and more importantly, allocate risk. This occurs both in identifying trouble spots that might derail a transaction as well as in framing risks associated with complex or challenging issues in order to safely accept the risk and retain a competitive advantage in seeking deals. This panel of transaction and diligence experts will provide their insights in achieving the proper scope and balance of risk during the diligence process through both traditional and nontraditional methods - and what is the impact if you don't.
• Deal identification - using legislative, regulatory and compliance insights to understand a company's environment and properly identify opportunities, measure risk and thus reduce competition in the bid process.
• Risk management in negotiation and closing - where to drill down and how deep.
• Continual monitoring of issues after close - managing performance and preparing for an exit.
MODERATOR:
David McLean
Partner, PATTON BOGGS LLP
SPEAKERS:
Michael Grossman
Principal, Transaction Advisory Services, McGladrey
Jeff Sangalis
Managing Director, Mezzanine & Private Equity Co-Investments, ORIX Corporate Capital
Christopher "Kit" Lisle
Managing Partner, Acclaro Growth Partners
Kent Laber
Managing Director, Conway MacKenzie
2:45 p.m. - 3:30 p.m.
ALTERNATIVE JUNIOR CAPITAL: CREATIVE, FLEXIBLE and PLENTIFUL
Credit hedge funds, CLOs, BDCs, opportunity funds. Alternatives to traditional forms of finance are not new. Every financial cycle has its alternatives to banks, insurance companies and traditional funds. Some are old organizations offering new investment products, some are new investment vehicles offering old investment products, some are veterans of the alternative market who have successfully provided capital cycle after cycle. What are the veterans doing? Who are the providers that emerged from the Great Recession? What are they offering and is it truly different?
• What's available?
• Who's providing it?
• When is it appropriate?
• What does it mean for the traditional players?
MODERATOR:
Robin Engelson
Managing Partner, Sapphire Financial Group
SPEAKERS:
Brad Charchut
Executive Vice President, Sankaty Advisors, LLC
Mike Cerminaro
Partner, Sound Harbor Partners
Steven Wayne
Managing Director, Oak Hill Advisors
Kevin Griffin
Managing Director, Highbridge Principal Strategies, LLC
3:30 p.m. - 4:00 p.m.
NETWORKING & REFRESHMENT BREAK
4:00 p.m. - 4:45 p.m.
UNITRANCHE LENDING: WHY IT'S SO POPULAR WITH SPONSORS
Streamlined when arranging, simple when documenting, easy when communicating:
unitranche lending. Sounds convenient. One lender instead of two or even three means one document, one set of covenants and one party to talk to during good times and bad. But, is it always a good thing? This panel of legal and financial professionals shares their expertise on what you need to know if you are going to lend or borrow on a unitranche basis.
• Who is providing unitranche capital and why?
• Is a unitranche deal always "unitranche" or do participants choose what pieces they will hold?
• What are the economics and features?
• When does it make sense to have one tranche vs. two?
MODERATOR:
Bill Brady
Partner, PROSKAUER
SPEAKERS:
Tom Lane
Managing Director, Wells Fargo Capital Finance - Technology Finance
David Miller
Managing Director, Goldman Sachs Specialty Lending Group, L.P.
James Roche
Principal, GSO Capital Partners
Ian Schnider
Managing Director, Fortress Investment Group
4:45 P.M. - 5:30 P.m.
ATLANTIC CONFERENCES' SPOTLIGHT ON IMPORTANT TRENDS
Two simultaneous sessions addressing issues of importance to fund managers.
Session I addresses the role for SBICs as an alternative format and means of leveraging the continuously limited amounts of capital available for private equity and mezzanine funds.
Session II addresses the opportunities available for investors in Asia.
Breakout Session I
SPONSORED BY EDWARDS WILDMAN PALMER
SBIC SEMINAR SESSION: OPPORTUNITIES & UPDATES
Before there were traditional mezzanine and equity funds, before there were BDCs, CLOs and other providers of alternative junior capital, there were Small Business Investment Companies (SBICs). Since 1959, SBICs have supplied equity capital, long-term loans and management assistance to qualifying small businesses. Privately owned and managed investment funds, licensed and regulated by the US Small Business Administration, SBICs use their own capital plus funds borrowed from the government to make equity and debt investments for growth and ownership transition.
• How are SBICs becoming very active participants in the lower middle market private equity and mezzanine market? Is this a change from the past?
• What recent legislative issues and opportunities affect SBICs?
• The process and requirements to become an SBIC as well as specific limitations.
• SBIC fundraising - what kind of LPs are backing SBICs? Is the institutional market embracing SBICs? Does the Volcker Rule hurt or help?
• The pros and cons of being an SBIC in today's market?
• Best practices for SBIC fund managers - how do you deal with the government?
MODERATOR:
Alan Roth
Partner, Edwards Wildman Palmer
SPEAKERS:
Ken Jones
Managing Partner, Boathouse Capital
Brett Palmer
President, Small Business Investor Alliance
Harry Haskins
Deputy Associate Administrator for Investment, U.S. Small Business Administration
David Buttolph
Managing Director, Brookside Mezzanine Partners
Jeri Harman
Founder and Partner, Avante Mezzanine Partners
Breakout Session II
DOING BUSINESS IN THE ASIA PACIFIC REGION:
IF YOU'RE NOT, YOU SHOULD BE
Not too long ago, an article in January 2012's Mergers & Acquisitions noted that as a means of containing costs it was commonplace for US companies to ship raw materials to Asia and then have the finished product shipped back for domestic consumption. While increasing wages and rising commodity prices make that less appealing today, booming Asian economies have created attractive end markets in their own right. Many operating companies were forced to recognize the need to go overseas early and now benefit from learning how to conduct business abroad. But most US lenders and investors, except through their portfolio companies, have not. What are financiers missing? Join this panel of experts for an insider's perspective on investing and lending in Asia.
• What are you missing out on?
• What do you need to know?
• What are the risks?
• How does it compare to what we do in the US?
MODERATOR:
John Sinnenberg
Chairman, Cyprium Partners
SPEAKERS:
Ben Silver
Managing Director, Global Private Finance Group, Babson Capital Management LLC
Chip Chaikin
Managing Director, Blue Point Capital Partners Asia
Scott Essex
Manging Director, Partners Group (USA) Inc.
5:30 p.m. - 7:00 p.m.
ANNUAL INDUSTRY COCKTAIL RECEPTION
Sponsored by PATTON BOGGS LLP
PATTON BOGGS is an international law firm with over 600 lawyers and professionals. With offices in Washington, D.C., Northern Virginia, New Jersey, New York, Dallas, Denver, Anchorage, Doha, Qatar, and Abu Dhabi, UAE, the firm advises clients on a wide array of business matters, including senior debt, junior debt, private equity and fund formation transactions. www.pattonboggs.com
End of Day 1
DAY 2
Wednesday, May 16
____________________
7:45 a.m. - 9:00 a.m.
A WORKING BREAKFAST
Sponsored by PROSKAUER
PROSKAUER'S Multi-Tranche Finance Group is comprised of seasoned attorneys experienced and active in all aspects of the multi-tranche market. Each attorney is experienced in insolvency and intracreditor issues that are critical to all financing transactions. Multi-Tranche Finance is Proskauer's focus. We know the market and bring this extra value to every transaction. www.proskauer.com
ROB PODOREFSKY:
ECONOMIC OUTLOOK: IS THE RECOVERY FINALLY HERE?
Rob Podorefsky, Managing Director, Interest Rate Management, GE Capital Americas
9:00 a.m. - 9:30 a.m.
DATA SPONSOR: BABSON CAPITAL
ATLANTIC CONFERENCES SEVENTH ANNUAL PRESENTATION
OF THE CEPRES DATABASE
CEPRES Community 2012 Breaking News:
Mezzanine and Middle Market investment Strategies and Deal Performances
• Investment Platform Strategy Analysis
>30,000 deals, >225,000 cash flow transactions, >30 PE investment styles in >45 industries
in more than 200 countries
• First-time presentation of 2011 Q4 2011 data on returns & middle market financing.
Dr. Daniel Schmidt
Managing Partner & CEO, CEPRES
9:30 a.m. - 10:15 a.m.
INVESTING IN FUNDS 2012: HAS THE MONEY COME BACK?
Harris Williams reported that 2011 was stronger than their record 2010 for closed transactions. According to the Private Equity Analyst, the $450 billion overhang in un-invested equity touted in 2009 is running off. Money is being invested and capital is being returned. Does that mean capital is available for returning fund managers? Dow Jones/LP Source reported that through November 2011, 369 funds had raised $114 billion versus $83 billion raised by 305 funds for the same period in 2010. Pitchbook reported that 30% of the 2011 commitments went to first time managers. With expectations for even more M&A activity in 2012, and a 37% increase in year over year US fundraising, the answer appears to be "Yes!" If so, where is it going and who's providing it?
• What types of funds are getting new commitments?
• Where is the money coming from?
• What track record is required?
• How does size, focus and history factor in?
MODERATOR:
Jason Block
Partner, Freedom III Partners
SPEAKERS:
Matthias Unser
Founding Partner & Managing Director, YIELCO Investments GmbH
Susan Ruskin
Managing Principal, NYL Investment Management
Reynold Martin
Associate Director, Allstate Investments
Al Cantrell, CFA
Managing Director, Investments; Head of Alternative Investments,
MEMBERS Capital Advisors, CUNA Mutual Group
10:15 a.m. - 10:45 A.m.
NETWORKING & REFRESHMENTS
10:45 a.m. - 11:30 A.m.
RAISING CAPITAL FOR DEBT FUNDS
In today's environment, raising capital for a debt fund is often more difficult than deploying it. Traditional funds, public BDCs, private BDCs, SBICs and single investor funds are all viable alternatives. But what are the advantages and disadvantages of each structure - and can they co-exist? Three experienced managers who have consistently and successfully navigated the fundraising challenges talk about the alternatives and how best to raise capital for your next fund.
• What are the funding alternatives available for junior capital?
• What is the role of leverage in raising a fund?
• How do the various funding alternatives affect investment strategies?
MODERATOR:
Ron Kahn
Managing Director, Lincoln International
SPEAKERS:
Lawrence Golub
Chief Executive Officer, Golub Capital
Robert Radway
Chairman and CEO, NXT Capital
Ken Kencel
Managing Director, The Carlyle Group
11:30 a.m. - 12:30 P.m.
PULLING IT ALL TOGETHER: A LOOK AHEAD
Based on what we know now, where will 2012 end up? What's in store for 2013? In 1905, historian George Santayana wrote: "Those who cannot remember the past are condemned to repeat it." Join this panel of veterans as we wrap up Symposium 2012 and they discuss what went wrong and what went right, what opportunities exist and how we can avoid the pitfalls of the past and enjoy a profitable future.
• How does the economic recovery feel from the portfolio perspective?
• Will capital continue to become more plentiful?
• Where is leverage and pricing headed?
• What are the signs that the deal business is getting overheated again?
DISCUSSION LEADER:
David Toll
Editor, Buyouts
PANELISTS:
Mike Arougheti
Senior Partner, Ares Management; President, Ares Capital Corporation
David Blair
Partner, PNC Mezzanine Capital
Art Penn
CEO, Pennant Park
Paul Murphy
Partner, Sentinel Capital Partners
12:30 P.m.
CHAIRMAN'S CLOSING REMARKS
Andrew Frawley
Managing Director, Head of Private Capital, KeyBanc Capital Markets Inc.
END OF 2012 PROGRAM
__________________________________________
