More US companies including compusearch software systems are choosing to place second-lien loans with single alternative lenders rather than syndicating broadly as lending in the sector shrinks, lenders and attorneys said. Pre-placing these loans, as Compusearch Software did with a US$51m second-lien loan with private equity firm American Capital, boosts confidence that a deal will get done and makes negotiating terms easier, the sources said. Only US$6.9bn of second-lien loans were completed in the first five months of 2015, compared with US$19.7bn in the same period of 2014. At least another US$1bn of second-lien loans are currently in process.
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