Our U.S. finance practice provides clients, including major banks, private credit funds and financial sponsors with a full service offering for a broad range of debt finance products, including senior, second-lien and asset-based credit facilities, mezzanine and holdco debt, bridge and bank/bond financings, high yield bond offerings, securitization take-outs, debtor-in-possession and exit financings and restructurings. We have extensive experience across virtually all industries and sectors in which our clients operate, and are well positioned to advise on the latest terms and structures in the marketplace – whether middle-market or large cap. We regularly advise on the structuring and execution of deals encompassing all of the major private debt strategies such as senior debt, unitranche, subordinated debt (second lien/PIK), growth capital, structured equity and mid-cap private placements, and have deep product expertise across private equity, corporate, infrastructure, distressed assets and credit opportunities.
DBRS Morningstar is a global credit ratings business with more than 700 employees in eight offices across the world. We’re a market leader in Canada, and in multiple asset classes across the U.S. and Europe.
DBRS Morningstar rates more than 2,600 issuers and 54,000 securities worldwide, providing independent credit ratings for financial institutions, corporate and sovereign entities and structured finance products and instruments. Market innovators choose to work with us as they need the agility, transparency, and tech-forward approach that only DBRS Morningstar provides.
We are empowering investor success as the go-to source for independent credit ratings. And we are bringing transparency, responsiveness and leading-edge technology to the industry.
That’s why DBRS Morningstar is the next generation of credit ratings.
Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence. Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is owned by Hearst.
Ropes & Gray is one of the world’s premier law firms, with approximately 1,200 lawyers serving clients in major centers of business, finance, technology and government. The firm has offices in New York, Washington, D.C., Boston, Chicago, San Francisco, Silicon Valley, London, Hong Kong, Shanghai, Seoul and Tokyo, and has consistently been recognized for its leading practices in many areas, including private equity, M&A, life sciences, healthcare, finance, investment management, hedge funds, tax, intellectual property, litigation, securities litigation and government enforcement.
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With $24 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 80 professionals in New York, Charlotte and Chicago.More information can be found athttp://www.churchillam.com/.
Moody’s Analytics provides financial intelligence and analytical tools supporting our clients’ growth, efficiency and risk management objectives. The combination of our unparalleled expertise in risk, expansive information resources, and innovative application of technology, helps today’s business leaders confidently navigate an evolving marketplace. We are recognized for our industry-leading solutions, comprising research, data, software and professional services, assembled to deliver a seamless customer experience. Thousands of organizations worldwide have made us their trusted partner because of our uncompromising commitment to quality, client service, and integrity.
Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO). MCO reported revenue of $4.2 billion in 2017, employs approximately 11,900 people worldwide and maintains a presence in 41 countries.
Michael EwaldManaging Director, Global Head of the Private Credit GroupBain Capital Credit
Mr. Ewald joined Bain Capital Credit in 1998. He is a Managing Director, Global Head of the Private Credit Group, Portfolio Manager for the Middle Market Credit and Senior Direct Lending strategies and a Credit Committee member. He also serves as President and CEO of Bain Capital Specialty Finance, Inc., a registered business development company. He is based in Bain Capital Credit's Boston office. Previously, Mr. Ewald was an Associate Consultant at Bain & Company and an analyst at Credit Suisse First Boston in the Regulated Industries group.
Mr. Ewald received an M.B.A. from the Amos Tuck School of Business at Dartmouth College and a B.A. from Tufts University
Michelle HandyManaging Director and Head of Portfolio & UnderwritingFirst Eagle Alternative Credit
Handy is a Managing Director and Head of Portfolio & Underwriting for First Eagle Alternative Credit’s Direct Lending platform. As a member of the Boston investment team, her role includes overseeing the underwriting and management of portfolio investments. Ms. Handy became part of First Eagle in 2020 upon the firm’s acquisition of THL Credit. Prior to joining THL Credit in 2016, Ms. Handy worked at GE Capital where she held several roles in underwriting, portfolio management and workouts. Most recently, she was the COO of GE Capital Americas’ workout function. Ms. Handy earned her M.S. in Finance from the University of Wisconsin-Madison and her B.S. in Finance and Spanish from Boston College.
Kenneth KencelPresident and CEOChurchill Asset Management
Kenneth J. Kencel serves as president and CEO of Churchill Asset Management. Throughout his over 30 year career, Kenneth has accrued a broad range of experience in leading middle market financing businesses. Previously, he was a director and president of Carlyle GMS Finance; founded and was president and CEO of Churchill Financial; and served as head of leveraged finance for Royal Bank of Canada, as well as head of Indosuez Capital - a leading middle market merchant banking and asset management business. He also helped to found high yield finance businesses at both Chase Securities (now JP Morgan) and SBC Warburg (now UBS).
Mr. Kencel serves on the Board of Trustees of Canisius High School and is the Chair of the Investment Committee. He also serves on the Archdiocese of New York Pension Investment Advisory Committee. Mr. Kencel is a guest lecturer at Boston University Questrom School of Business and a former member of the Board of Advisors and Adjunct Professor at the McDonough School of Business at Georgetown University. He earned his BS in business administration, magna cum laude, from Georgetown University and his JD from Northwestern University School of Law. He lives and works in New York.
Todd is a partner in Allen & Overy’s Leveraged Finance & Private Debt group in New York. He advises a wide variety financial institutions and investment funds across a full range of domestic and international finance transactions. He regularly counsels commercial and investment banks, financial services companies, asset managers and private credit funds, as well as borrowers, sponsors and other market participants, on secured and unsecured loans, leveraged and acquisition financings, asset-based loan facilities, debtor-in-possession financings, bridge loans, restructurings and recapitalizations, and general corporate finance and banking matters. His practice spans the syndicated loan and “direct lending” markets and multiple asset classes, including corporates and infrastructure.
Todd leads A&O’s annual Leveraged Finance Training Camp and has published articles in The Banking Law Journal and the International Comparative Legal Guide to Lending & Secured Finance, among other outlets.
He received his BBA from The University of Georgia and his JD and MBA from Vanderbilt University.
Raj MakramManaging Director and Co-Portfolio Manager, Middle-Market FinanceOaktree Capital
Mr. Makam joined Oaktree in 2001 and currently serves as co-portfolio manager for the Middle-Market Finance Group. His primary responsibilities include oversight of the group’s professionals, portfolio construction and overall management of the Mezzanine Finance and Middle-Market Direct Lending strategies. Prior to joining Oaktree, Mr. Makam worked at Banc of America Securities LLC (previously NationsBanc Montgomery Securities LLC) for four years in their Leveraged Finance/High Yield Group. During that period, he specialized in bridge finance and was responsible for deal origination, market analysis, structuring, due diligence and legal documentation. Prior to joining Banc of America Securities in 1997, he worked for five years as a senior software engineer at Montage Group Ltd. and Dantec Electronics Inc. Mr. Makam received a B.S. degree with distinction in engineering from the Bangalore Institute of Technology, India. He then went on to receive an M.S. degree in engineering from the University of Akron, Ohio and an M.B.A. in finance from Yale University
John Toronto is a managing director focused on private credit transactions at Oak Hill Advisors in New York. Prior to joining OHA, John worked as a managing director and Head of Corporate Lending for the Americas at Credit Suisse. Previously, he served as co-head of the Loan Execution Team at Goldman Sachs & Co. and as a corporate associate at Ropes & Gray LLP in the private equity and debt financing groups. Mr. Toronto served as an infantry officer in the United States Marine Corps and is a board member for the Children of Fallen Patriots.
He graduated from Cornell University in 1991 and from Harvard Law School in 1999.
Jerry van KoolbergenManaging Director, Structured CreditDBRS Morningstar
Jerry van Koolbergen is the Managing Director responsible for Structured Credit at DBRS Morningstar. In this role, he oversees US and European teams rating CLOs, CLO warehouses, direct origination funds, leveraged loan funds, CFOs of private equity, SME CLOs, CLNs, ABCP, trade receivables, subscription loans, special projects and surveillance. He also is jointly responsible for middle market corporate ratings, oversees corporate credit estimates and new product development. Mr. van Koolbergen joined DBRS Morningstar in 2008.
Prior to DBRS Morningstar, Mr. van Koolbergen was an Executive Director for Morgan Stanley in 2006, and a Vice President for JPMorgan from 1998-2006 responsible for CLO structuring and origination.
Mr. van Koolbergen holds an MBA in Finance from New York University, a BS in Electrical Engineering and a Bachelor of Music in Piano Performance from Northwestern University.