Lloyds Bank and Oaktree Partner to Launch a New Direct Lending Facility
18 Julio 2024 - 4:00AM
Business Wire
- Lloyds Bank to partner with Oaktree’s European Private Debt
platform to support UK middle-market financings
- Gives clients and sponsors access to a one-stop senior debt
solution to simplify transactions
- Facilitates a combined single name hold capacity of £175
million per transaction
Lloyds Bank and Oaktree Capital Management, L.P. have today
announced a strategic partnership (the “Partnership”) to support UK
middle-market sponsor-backed borrowers. Lloyds Bank Structured Debt
Finance team will partner with Oaktree’s European Private Debt
platform to provide clients with a comprehensive senior debt
solution for new buyouts and refinancings with term debt,
acquisition and working capital facilities in addition to agency
and full ancillary product services.
Building on Lloyds Bank’s 20-plus-year track record supporting
sponsor-backed UK middle-market transactions, this Partnership will
offer market-leading relationship banking, providing clients with a
faster, more tailored service. It removes the need for multiple
funding parties, reducing complexity for clients and providing them
easy access to follow-on capital and Lloyds Bank’s full range of
banking services.
Oaktree’s European Private Debt platform, which sits within the
firm’s Performing Credit group, has deployed over $3.9 billion
during its two decades of experience in private credit. Lloyds
Bank’s clients will benefit from Oaktree’s history of partnering
with sponsors to develop bespoke, efficient financing solutions
across multiple sectors. This will provide borrowers with quicker
decisions and commitments when compared to traditional bank
lending, as well as certainty of execution.
James Ranger, Managing Director and Head of Sponsors and
Structured Finance at Lloyds Bank, said:
“We have a proven track record of financing sponsor clients’
transactions in the Mid-Market, and by partnering with Oaktree, we
can provide a market-leading one-stop solution. As a result,
sponsor clients will be able to finance larger transactions without
needing to bring on board additional lenders, which will make deals
easier to conclude and reduce uncertainty for all concerned.
Oaktree’s deep expertise in this space makes them an ideal partner
for us, and we look forward to further supporting our sponsor
clients’ growth ambitions.”
Nael Khatoun, Managing Director and Portfolio Manager within
Oaktree’s European Private Debt strategy, said:
“Providing financing solutions to sponsor-backed companies in
the UK remains a significant long-term opportunity. We believe
Oaktree’s Partnership with Lloyds Bank will be a compelling
proposition to meet this demand, providing borrowers with certainty
of execution and an expedited transaction process. Lloyds Bank has
long established itself as a market leader in the UK, and we look
forward to working with them to provide sponsor clients with a
comprehensive one-stop senior debt solution for their capital
needs.”
The Partnership will have a combined single name hold capacity
of £175 million per transaction. Lloyds and Oaktree will seek to
originate loans to UK middle-market sponsor-backed companies with
£10-75 million in EBITDA.
Lloyds Bank and Oaktree have made a multi-year commitment to
work together. PwC, Lloyds Bank Corporate Markets and Linklaters
LLP served as advisors to Lloyds Bank. Oaktree was advised by White
& Case, LLP and EY.
About Lloyds Bank’s support for businesses:
- Lloyds Bank provides comprehensive expert financial services
for businesses of all sizes, from start-ups, SMEs, and mid-sized
corporates all the way to large multinational corporations and
financial institutions. It has over one million UK business
customers.
- With a network of relationship teams across the UK, Lloyds Bank
delivers the mix of local understanding and sector expertise
necessary to provide long-term support to its clients.
- Lloyds Bank offers a broad range of financial support beyond
term lending, and this spans working capital and cash management
services and solutions, international treasury and risk management
services, trade import and export trade finance, structured and
asset finance, securitisation facilities and capital market
funding.
- Lloyds Bank supports its clients to achieve their
sustainability ambitions through expertise, products, services and
insight tools.
About Oaktree Capital Management:
Oaktree is a leader among global investment managers
specializing in alternative investments, with $192 billion in
assets under management as of March 31, 2024. The firm emphasizes
an opportunistic, value-oriented and risk-controlled approach to
investments in credit, private equity, real assets and listed
equities. The firm has over 1,200 employees and offices in 23
cities worldwide. For additional information, please visit
Oaktree’s website at http://www.oaktreecapital.com/.
Oaktree’s Private Credit platform was created in 2001 and
manages approximately $34.5 billion across its Global, U.S., and
European Private Debt strategies as well as its 17Capital NAV-based
financing business. Oaktree takes a collaborative, integrated
approach to private credit investment that leverages the firm’s
reputation, long track record in global credit, and expertise in
navigating market cycles to source, underwrite, structure, and
execute a wide range of investments.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717434460/en/
Media Contacts: For Lloyds Bank Rachael Neill
Media Relations Manager rachael.neill@lloydsbanking.com 07856 127
187
For Oaktree Prosek Partners Josh Clarkson / Kailyn
Myshrall pro-oaktree@prosek.com 646-818-9190