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Article Excerpt
Byline: Durant D. Schwimmer
The mood at the annual ACG InterGrowth conference is usually a good barometer of the state of acquisition finance. Attendees at this year's event in Las Vegas were engaged, but subdued. When one moderator cited forecasts that senior debt defaults might hit 18.5%, you could have heard a pinball drop. And when the depressingly familiar charts flashed on the screen showing columns shrinking dramatically from left to right, leaving the most recent quarter's deal activity with an empty slot and an apologetic footnote...well, "Insufficient Data" said it all.
In panel after panel, the hottest topic was the absence of leveraged lending and how that impacted all sectors of finance - M&A, public and private equity, credit, and restructuring. The "big question" remained: When will lending return, and what it will look like when it does?
The lack of deal activity isn't all the fault of lenders. One panel offered a glimpse into the thinking of some corporate boards. Though directors demand price and certainty regarding buyouts, they are getting neither. Even strategics are handcuffed. "If you...
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