Firm lawyers advised on over $3.5 billion in BDC transactions in 2020
NEW YORK, February 3, 2021 - Proskauer, a leading international law firm, today announced that the Firm's business development company (BDC) team advised on transactions valued in excess of $2.0 billion in the second half of 2020, building on its success in the first half of the year.
"The BDC market was exceptionally active in the second half of 2020. In particular, we saw a number of BDCs take advantage of low interest rates and robust investor demand to lock in fixed rate debt financing on attractive terms," said Nicole Runyan, a partner in Proskauer's Corporate Department and co-head of the Firm's BDC practice.
"While the COVID-19 pandemic presented challenges throughout most of 2020, we saw a number of BDCs successfully execute on their corporate strategies both through accessing the public and private capital markets and through entry into strategic M&A transactions. For the full year, our team advised on over $3.5 billion in BDC transactions," said Will Tuttle, a partner in Proskauer's Corporate Department and co-head of the Firm's BDC practice.
Transactions completed in the second half of 2020 include:
- Advised the underwriters in the $1 billion notes offering by Owl Rock Capital Corporation, the first single bond issuance in BDC history of $1 billion.
- Advised Gladstone Capital Corporation in its inaugural $100 million institutional notes offering.
- Advised the initial purchasers in $400 million and $375 million notes offerings by Owl Rock Technology Finance Corp.
- Advised Oaktree Specialty Lending Corporation and Oaktree Strategic Income Corporation in connection with the pending two-step merger of Oaktree Strategic Income Corporation with and into Oaktree Specialty Lending Corporation.
About Proskauer's BDC Practice
Over the last 15 years, Proskauer's interdisciplinary team of lawyers have advised approximately two-thirds of all BDCs, their sponsors and platforms, underwriters or independent directors across a range of matters, including lending and financing arrangements, strategic and formation transactions, joint ventures, public and private equity and debt offerings, regulatory and corporate governance matters, and SEC exemptive relief and investigations.
