January 24, 2017 (New York) – International law firm Proskauer announced today that its first-in-kind Multi-Tranche Finance Group has changed its name to The Private Credit Group as they release their annual, proprietary deal data report at an exclusive event for their private credit clients.

The 2016 study provides a unique in-depth analysis of deal terms contained in over 180 private deals completed by The Private Credit Group during 2016, including the largest unitranche financing to date.

Steve Boyko, co-head of The Private Credit Group explains, "We track over 200 deal terms in our proprietary database which enables us to provide our clients with real-time intelligence on the state of the market. In 2016, we saw a significant increase in market activity, continued pressure on interest rates and leverage multiples and a further stratification of deal terms by deal size."

Highlights from the study include:

• Increased deal value and volume: Total dollar value of deals increased 37% compared to 2015. Aggregate deal volume increased by 9% for the year.
• Industries and lenders: In 2016, deals were concentrated in 15 distinct industries with the "Top 5" being: business services, consumer, health care, manufacturing and technology. These industries represented 72% of all deals down from 82% in 2015. Along with a growing diversification in the industries represented, is a growing diversification in the types of lenders represented in these deals. In 2014, 74% of lenders were business development companies, and this year that number had declined to just 49%.
• Deal types: Secured deals remained prevalent amid continuing market uncertainty. Secured deals represented 90% of deal volume, and senior secured deals represented 54% of total deal volume. While 2L deals increased market share to 32% of deals up from 26% a year earlier, mezzanine deals declined to just 13% of deals down from 21% in 2013.

Proskauer represents the largest number of private credit providers in the market and has advised on over 150 transactions each of the past three years. The re-named Private Credit Group is widely regarded as a pioneer in the industry, developing new and innovative products such as the upside-down unitranche and synthetic mezzanine. The firm was also the first to migrate the bifurcated unitranche structure into the European market.

"The breadth and depth of our practice was not necessarily being reflected in our current practice name. It was time for a change. Our clients provide comprehensive private credit solutions across the market, and we believe that our name should be aligned with what they do and what we do," says Steve Ellis, co-head of The Private Credit Group.

Hear direct from our Practice Leaders on the reason for the change and the evolution of our practice.

For inquiries into acquiring a copy of the 2016 Private Credit Insights email privatecredit@proskauer.com.