“The #unitranche was invented in response to broken capital markets, when banks were backing away. Today it’s thriving when markets are booming.”  

The size of these financings has also grown dramatically. How large could they get? We remember the same questions being asked about broadly syndicated loans in 2007.   

If the largest direct lenders collaborate, a $5 billion unitranche could come by year-end. Particularly with a large software company...