Proprietary

MIDDLE MARKET

Database

Q4 2019

Valuations & Opinions Group

Connect with the Valuations & Opinions Group

Inside this Issue

Private equity backed portfolio company performance remains robust as market participants remain cautiously optimistic.

Click below to navigate to each page

  • Key Takeaways
  • Overview of Q4 2019 Database
  • Lincoln Middle Market Index
  • Middle Market Portfolio Company Performance
  • Enterprise Value and Leverage Multiples
  • Impact of EBITDA Adjustments
  • Quarterly New Issuances and M&A Transactions
  • Credit Market Environment
  • Distressed Assets
  • Valuations & Opinions Group Key Contacts

Historical Loan Values

Strong fundamentals through 2019 drove a quarterly decrease in securities valued at less than 50%, 80%, and 95% of par; while covenant breaches remain in line with historical levels

Loan Value Relative to Par – Percent of all Securities

Loan Value Relative to Par (Q3 '19 vs Q4 '19) (1)

Leverage Compliance Tracking – 2019 Q4

Leverage Compliance Tracking – 4 Quarter Average

Note: Number of companies in leverage compliance and out of leverage compliance provided in each pie chart; quarterly average shown in the 4-quarter average

(1) Q3 2019 data is presented on the left for each respective industry