ATLANTIC CONFERENCES INC. 5 6 ST 21 3 4 Symposium on ANNUAL! THE SUMMIT FOR 1 2 MEZZANINEMEZZANINE MIDDLE MARKET L M & ™ MIDDLEMIDDLE MARKET MARKET DEBT FINANCE DOOR DOOR OPEN CLOSE FINANCEFINANCE 2014 2014 May 13-14, 2014, at The Roosevelt Hotel, NYC TED KOENIG President & CEO, Monroe Capital LLC 62 HIGH-LEVEL SPEAKERS CYNTHIA KRUS Partner, Sutherland Asbill & Brennan LLP CHAIR EMERITUS: ED LEWIS Senior Managing Director, Head of Alternative Assets, Cigna Investment Management RON KAHN Managing Director, Lincoln International STEVEN LILLY Chief Financial Officer, Triangle Capital Corporation ADVISORY PANEL CHAIR: DAVID LOBEL Founder & Managing Partner, Sentinel Capital Partners DAVID BLAIR Partner, PNC Mezzanine Capital PETER LOMBARD Managing Director, Head of TMT M&A, Investment Banking, Piper Jaffray 2014 CHAIR: RYAN MCGOVERN Managing Director, Star Mountain Capital, LLC BOB HORAK Managing Director, Lincoln International PHIL MCNEILL Managing Partner, Farragut Capital Partners, LLC RICK MILLER Group Managing Director, TCW Direct Lending Group ALLAN ALLWEISS Managing Director, LBC Credit Partners JEFF MORALES Managing Director, Newstone Capital Partners, LLC GARY B. APPEL Vice Chairman, Corporate Investment–North America ROB NEWBOLD Managing Principal, Graham Partners, Inc. Investcorp International Inc BRETT PALMER President, Small Business Investor Alliance BOB ASHCOM Managing Director, SunTrust Robinson Humphrey, Inc. DAYL PEARSON Chief Executive Officer, KCAP Financial, Inc. DAVID BLAIR Partner, PNC Mezzanine Capital GRETCHEN PERKINS Partner, Huron Capital Partners LLC JONATHAN BOCK Director, Wells Fargo Securities ROB POLENBERG Vice President, Standard Poor’s Capital IQ STEVE BOYKO Partner; Co-Head, Multi-Tranche Finance Group, PROSKAUER MICHAEL PSAROS Co-Founder and Co-Managing Partner, KPS Capital Partners, LP DAVE BRACKETT Senior Managing Director, GE Antares Capital TIM RAFALOVICH Senior Vice President–Limited Partner, MEREDITH COFFEY Executive Vice President, Research & Analysis, Institutional Investor, Wells Fargo Community Lending and Investment The Loan Syndications and Trading Association JIM ROCHE Managing Director, GSO Capital Partners JEFF COLE Partner PATTON BOGGS LLP ALAN ROTH Partner, Edwards Wildman DEAN D’ANGELO Partner, Stellus Capital Management, LLC CHRIS ROYSTON Managing Partner, Patriot Capital TED DENNISTON Managing Director, Northeast US Region, DEVON RUSSELL Senior Managing Director, Madison Capital NXT Capital Funding LLC DAN DUFFY Senior Managing Director, Ally Commercial Finance JAVIER SAADE Associate Administrator, Office of Investment and ROBIN ENGELSON Managing Partner, Sapphire Financial Group Innovation, US Small Business Administration MICHAEL EWALD Managing Director, Sankaty Advisors, LLC CHARLIE SCHROEDER Managing Partner, Northstar Capital ANDREW FRAWLEY Managing Director, KeyBanc Capital Markets Inc. BOB SHETTLE CFA, Managing Director, Babson Capital CHARLES GAROKLANIAN Senior Vice President, Northeast Market Management, LLC Manager, PNC Business Credit JOHN SINNENBERG Chairman, Cyprium Investment Partners LLC CHUCK GEORGIS Managing Director, Wells Fargo Capital Finance ALEX SMIGELSKI Head of Bridge Financing, BRIAN GERSON Executive Vice President, Solar Capital Partners Leveraged Finance Capital Markets, JPMorgan DAVE GEZON Senior Managing Director, Midwest Mezzanine Funds STEVE STANDBRIDGE Managing Partner, Capstone Partners LAWRENCE GOLUB Chief Executive Officer, Golub Capital JASON STRIFE Director, Private Equity & Mezzanine Finance, ADAM GOODMAN Director, Mezzanine Investments, TIAA-CREF | Financial Services MetLife Investments LEN TANNENBAUM Chief Executive Officer, KEVIN GRIFFIN Managing Director, Highbridge Principal Strategies, LLC Fifth Street Management LLC TOM HALL Director, Credit-Suisse Corporate Credit Solutions DAVID TOLL Editor-in-charge, Buyouts, Insurance Finance & PATRICK HANRATY Managing Director, Harris Williams Investment, Thomson Reuters JERI HARMAN Founder & Partner, Avante Mezzanine Partners MATTHIAS UNSER Managing Partner, YIELCO Investments BOB HORAK Managing Director, Lincoln International VICTOR VESCOVO COO & Managing Partner, Insight Equity JIM HUNT CEO, THL Credit MARK VITNER Managing Director, Senior Economist, JAY JESTER Managing Director, Business Development, Audax Wells Fargo Securities, LLC RON KAHN Managing Director, Lincoln International PRESTON WALSH Partner, PNC Mezzanine Capital Liquidity breeds creativity. The 21st How are financings getting done? Annual Symposium ADVISORY PANEL: is sponsored by: JASON BLOCK Partner, Freedom III Capital MEL CHEZ Managing Director, Forbes Private Capital Group TIM COSTELLO Managing Director, Newstone Capital Partners COCKTAIL RECEPTION: STEVE ETTER Partner, Greyrock Capital Group ANDREW FRAWLEY Managing Director, KeyBanc Capital Markets Inc. DAVE GEZON Senior Managing Director, Midwest Mezzanine Funds ERIC GREEN Co-Head, Middle Market Capital, Muzinich & Co. JERI HARMAN Founder and Partner, Avante Mezzanine Partners PROGRAM SPONSORS: BOB HORAK Managing Director, Lincoln International JIM HUNT CEO, THL Credit DOUG LADDEN Principal, QS Capital Strategies, L.P. ED LEWIS Senior Managing Director, Head of Alternative Assets, Cigna Investment Management TIM MACKENZIE Managing Director, Merit Capital Partners CHARLIE SCHROEDER Managing Director, Northstar Capital, L.L.C. JIM UPCHURCH President and CEO, Caltius Capital “An extraordinary networking event.” – JIM HUNT, CEO, THL Credit DATA SPONSOR: “The Symposim offers a broad array of active mezz lenders to meet, speak with, and get first- hand information on where the debt markets really are. Not a month or two ago, but right now.” – VICTOR VESCOVO, COO & Managing Partner, SBIC SPONSOR: Insight Equity “Informative and highly useful. It’s one of the key events for middle market finance professionals. We always attend.” NETWORKING SPONSORS: – KEN KENCEL, Managing Director, The Carlyle Group “As an active mezzanine investor in the lower middle market, this conference is a must attend for me. There is no better forum for keeping up to date on where the mezzanine market is, where it is heading, and who the current players are.” – JERI HARMAN, Founder and Partner, Avante Mezzanine Partners TUESDAY, MAY 13, 2014 7:45 A.M. - 8:15 A.M. 9:45 A.M. - 10:15 A.M. market practices and investment requirements. Critical issues include the threat, via the Dodd- REGISTRATION & CONTINENTAL BREAKFAST NETWORKING & REFRESHMENT BREAK Frank Act, of double regulation, which could CONTINENTAL BREAKFAST HOSTED BY occur if the $150 million SEC-RIA registration THL CREDIT 10:15 A.M. - 11:00 A.M. threshold is crossed by managers advising both 8:15 A.M. - 8:30 A.M. Alternative Junior Capital: SBICs and non-SBIC funds (including otherwise Alternative to What? exempt venture capital firms) and the prospect Chairman’s Welcome & Opening Over the last twenty years the Symposium has of regulation at both the federal and state levels Remarks spotlighted the expanding universe of junior because Dodd-Frank did not specifically exclude Bob Horak capital. However, what was once “alternative” SBICs from state regulation. Managing Director, Lincoln International is now mainstream, with unitranche loans, • How might this impact existing licensees? one-stop facilities, “stretch” senior debt and 8:30 A.M. - 9:25 A.M. • Latest trends in licensing–what is the status structured equity receiving strong consideration of licensing? The State of the Middle Market from private equity sponsors and borrowers. • Given the economic power of almost $20B in Following a record 2012, M&A activity in 2013 These alternatives to traditional mezzanine/sub- ordinated debt provided by independent funds AUM, how might issues with the SBIC was meager by most accounts. Opportunistic program affect middle market finance? transactions such as refinancing and dividend are plentiful, both in terms of the products recapitalizations, led by aggressive lending, being offered and the types of providers. In this • What are the differences between GAAP and dominated the year. A market characterized by environment of continuously anemic interest OCBOA (SBA standards)? pent up demand for transactions and maturing rates, the spread of junior capital pricing over • How does a manager prepare for an SBA private equity portfolios should mean a robust the five year treasury rate vs. other forms of audit and how does it compare to the SEC 2014, or does it? Join us as Symposium 2014 debt draws capital “like moths to a flame.” RIA audit? kicks off with a panel of expert investment • Who is providing “alternative” capital and • What are the attractions and concerns when bankers and financiers discussing what’s in store what’s being offered? managing an SBIC? for middle market finance in the next year. • Will an end to the Fed’s lid on interest rates MODERATOR: • The economy has been expanding for five bring in more competitors? Alan Roth years; will in continue, grind to a halt or • If junior spreads don’t expand as rates rise, Partner, Edwards Wildman stumble? will many alternative lenders move back up • How might actions by the Fed and on the the balance sheet to the realm of lower risk SPEAKERS: Hill help or hinder the M&A and financing senior debt? Phil McNeil markets? Managing Partner, MODERATOR: Farragut Capital Partners, LLC • New senior and junior lending groups abound Steve Boyko and record debt capital has meant rising Brett Palmer Partner; Co-Head, President, Small Business Investor Alliance leverage and declining rates; is it because of