Matt, what is unitranche debt?
Good question. Unitranche debt is a little bit of a new
phenomenon for the middle market of, say, the last ten years, so it’s similar to a
bank term loan, but instead of being provided by banks, it’s provided by private debt funds. But the differences would be generally more capital or
higher debt leverage multiples available to companies, one. Two, generally limited covenants versus bank debt. Three, generally no personal guarantees, which is a big deal for company owners and then the last thing would be – and very
importantly – generally you can use this type of capital – unitranche debt – for
special dividends, non collateralized financing, non-personal guarantee
financing, those types of things. Well, thank you, Matt.
You’re welcome, Sue. Thank you.