Article by Florent Le Quintrec for L’Agefi: « La marge par tour de levier a atteint son plus haut niveau depuis 2018 au quatrième trimestre ». Published the 12 march 2024
The latest Aether FS Unitranche France index indicates that the margins applied by unitranche lenders in small-mid LBO (leveraged byout) operations increased further in the fourth quarter of 2023. Asked about the cost of the unitranche debt, Edouard Narboux, CEO of Aether Financial Services and Louis Thuillez, Head of Private Debt Execution, speak about and give their views on the unitranche debt market in France.
According to Edouard Narboux, until a year and half ago, no borrower accepted a double-digit unitranche debt cost. This is no longer the case today, issuers have accepted the increase in borrowing costs, which explains the increase in unitranche rates overall.