The crunch in the high yield debt market is increasingly leading a number of companies to turn to the private mezzanine market as an alternative venue for funding, sources familiar with that market said.
While the bank loan market did step up to the plate for sometime, banks have also become more restrictive in their lending this quarter after the Office of the Comptroller of the Currency tightened credit standards, said Kevin Cross, senior vice president at Houlihan, Lokey, Howard & Zukin. "The only players in the market right now are the mezzanine funds," he said.
As a result of the high demand it is facing, and thereby the seniority status it has gained …
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