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SFNet's Asset-Based Capital Conference 2020

February 4 to 5, 2020

3131 S Las Vegas Blvd
Las Vegas, Nevada

February 4-5, 2020
Encore at Wynn Las Vegas

Our Asset-Based Capital Conference brings together key players from the major asset-based market participants. Join your colleagues in asset-based lending, alternative asset management, private debt, private equity, distressed debt, and service providers such as attorneys and appraisers for two days of panels focusing on the rapidly changing economic environment and the way it is impacting our portfolios and our business opportunities.

After an afternoon networking event on the second day, the program will finish with the Capital Markets Update panel, followed by our popular joint reception with the TMA Distressed Investing Conference.

ABCC is the only conference where you will find outstanding networking opportunities combined with in-depth presentations and discussions geared just for asset-based lenders in the capital markets. To see the current attendee list, click here.

Hotel Information: Encore at Wynn Las Vegas is the official hotel of ABCC 2020. A special discounted rate of $249.00 + tax per night has been negotiated for ABCC attendees. The rate is available until January 13th, 2020. Reservations can still be made at the standard rate after Jan. 13. You will receive the link to book your hotel room in your registration confirmation email.

#SFNetABCC20

Agenda:

Tuesday, February 4, 2020

Registration
Sponsored by Richter Consulting
12:00 p.m. - 5:00 p.m.

It's the Economy
1:00 p.m. - 2:00 p.m.
Seldom in history has there been greater interaction between economics, strategic competition, government policies, trade, and tariffs. With so many of the institutions and practices established after World War II being challenged to change and adapt, and with the rise of populism potentially impacting trade as well as tax policy across the world, the spillover to corporate earnings and financial markets has been swift and dramatic. David Chmiel and Elizabeth Rust will guide us through these changes, and offer their thoughts on the future directions that may result.

Moderator: Jeff Wacker, Managing Director, US Head of ABL Originations, TD Bank
Panelists: David Chmiel, Managing Director, Global Torchlight
Elizabeth Rust, Economist, Keybridge

The Global Metals Industry—Rapidly Adjusting to Changes from All Directions
2:00 p.m. - 2:55 p.m.
The metals industry has recently experienced the full range of exogenous shocks: globalization of trade; trade disputes and “trade wars” between countries resulting in the implementation of tariffs and quotas; World Trade Organization challenges and decisions; disruptions in supply chains; global expansion in production and capacity throughout the world; and most recently, slowing economic activity. Intense competition, continued consolidation, significant demand and supply swings, and their effects on end markets have all created a more volatile metals industry. Our distinguished panel provides in-depth perspectives on the trends in the metals market.

Moderator: Andrew Pappas, Managing Director & Head of ABL Metals Lending, BMO Harris Bank
Panelists: James Tumulty, Partner, Calibre Group–Merchant Bank, Investor and Advisor
Vince Pappalardo, Managing Director & Metals Group Head, Brown Gibbons Lang & Company, an Investment Bank–M&A sell-side and Advisor

Coffee Break
Sponsored by Gordon Brothers
2:55 p.m. - 3:20 p.m.

Food for Thought
3:20 p.m. - 4:15 p.m.
Few industry segments are more heavily represented in credit portfolios than food. Regardless of whether the exposure is to a grower, a processor, a distributor or a retailer, factors such as weather, tariffs, population growth, and changing consumer preferences all have global impact. This panel of food industry professionals will discuss the dramatic changes in food markets and provide guidance on how the changes could impact investment decisions, credit quality, transaction activity, and asset valuations.

Moderator: Elizabeth Mitchell, Director, BMO Harris Bank
Panelists: David Bechstein, Director, Animal Protein, BMO Harris Bank
Deborah Perkins, Global Head Food & Agribusiness, ING
Alex Sutton, Managing Director–Industrial Valuations, Gordon Brothers

Credit Migration–Threat or Opportunity
4:15 p.m. - 5:15 p.m.
With more and more economists predicting the end of the record economic expansion, capital markets are turning their attention to the companies most vulnerable to the business cycle. There are over $3 trillion in bonds issued by companies rated BBB today that could be on the cusp of downgrade to junk quality if the economy weakens. How easily can these companies transition to below-investment-grade financings? Are there market or legal issues that may make this transition more challenging? Given all of the changes banks have undergone since the last credit cycle, how easily will they adapt to this financing need? This panel, with perspectives as lenders, attorneys, and debt capital markets professionals, will explore these questions and more.

Moderator: Peter York, Managing Director, J.P. Morgan Securities, LLC
Panelists: Jennifer Ezring, Partner, Cahill Gordon & Reindell
Bill Hughes, Managing Director, Head of Loan Syndicate, Citibank
Peter Hall, Managing Director, Bank of America Merrill Lynch
Monica Cole, Commercial Banking Division Executive, Wells Fargo

Opening Reception
Sponsored by McGuireWoods
5:15 p.m. - 7:00 p.m.

Wednesday, February 5, 2020

Registration
Sponsored by Richter Consulting
7:45 a.m. - 1:30 p.m.

Breakfast
8:00 a.m. - 8:45 a.m.

Things that Keep You Up at Night
8:45 a.m. - 9:45 a.m.
While portfolio quality is strong from a historical standpoint, credit and portfolio metrics are indicating signs of emerging stress. While some participants always adapt faster than others, the speed and degree of this decline will ultimately affect lender risk appetite and credit structures. This panel will examine portfolio quality in both the cashflow and asset-based lending worlds, along with a detailed examination of current deal structures.

Moderator: Lawrence Chua, Managing Director, Ares Management LLC
Panelists: Ian Feng, Senior Covenant Analyst, Covenant Review
Brian Garfield, Director, Lincoln International
Bob Beiter, Managing Director, Wells Fargo

State of the Private Debt Market
9:45 a.m. - 10:45 a.m.
Private credit funds, BDCs and other non-bank lenders have been taking market share and playing an increasingly large role in the financing of middle-market companies. To operate effectively in the middle market, it is critical to understand who these players are, where their capital comes from and their strategies going forward. Join us as a panel of leading non-bank lenders discuss:

The fundraising environment for private debt
Current market terms and structures
How banks can work with / partner with non-bank lenders
How these experienced lenders view where we are in the credit cycle
What’s next in the evolution of private debt

Moderator: Bob Horak, Managing Director and Co-Head of Capital Advisory, Lincoln International
Panelists: Matthew Liepert, Managing Director, Antares Capital
Michel Bayard, Managing Director, Falcon Investment Advisors
Vali Shokrgozar, Managing Director, HPS Investment Partners
Frank Cupido, Partner, Tree Line Capital Partners

Coffee Break
Sponsored by Gordon Brothers
10:45 a.m. - 11:15 a.m.

Restructuring Professionals Get Recession Ready
11:15 a.m. - 12:15 p.m.
No one knows for certain what the next recession will look like, but the next recession is now on our minds. This panel of restructuring experts will address best practices for secured lenders to have the highest recoveries for both new loans as well as underperforming loans, while also sharing insights on prospective opportunities. The panel will discuss such questions as: How may different structures and different types of collateral impact your recovery? What are the risks to prepare for with respect to other constituents in either an in-court or out-of-court restructuring? How is this cycle different than prior cycles? Where will you see new business?

Moderator: Penny Fine, Managing Director, CIT Northbridge Credit
Panelists: Paul Basta, Partner, Paul, Weiss, Rifkind, Wharton & Garrison
Cheryl Carner, Senior Managing Director, Crystal Financial
Holly Etlin, Managing Director, AlixPartners
Jeffrey Finger, Managing Director, Jefferies LLC
Joshua Sussberg, Partner, Kirkland & Ellis

Luncheon Discussion: A Reformed Comedy Writer's Insider View on Financial Services Regulation
12:15 p.m. - 1:45 p.m.
David Moskowitz, head of Government Relations and Public Policy for Wells Fargo, spends every day in the company of regulators, lobbyists, influencers, politicians and their staffs working on current and potential financial services regulation. He will share his thoughts on the process of financial services regulation and the potential for changes in the current environment.

"Roll the Dice" Networking Event
Presented by the SFNet Women in Secured Finance Committee and sponsored by Paul Hastings
2:00 p.m. - 4:15 p.m.
Join your fellow ABCC attendees and members of the TMA Network of Women in the Brahms Room for cocktails and tasty desserts, and to learn to play Blackjack and Craps from the Vegas pros.

ABCC Capital Markets Update
4:30 p.m. - 5:30 p.m.
2019 marks the 10^th year of one of the longest economic expansions on record and, in the middle of an election cycle, the financial markets seem braced for change. Earnings and equity markets are increasingly volatile, but are still near record levels. Liquidity in the debt markets remains very strong, and given low treasury rates, borrowers benefit from near-historic low costs. For the first time in the history of this conference, rates are trending downward. Concerns about future economic change have weighed on M&A activity, and lenders are becoming increasingly defensive in their credit appetite, with particular pressure on names deemed poised for downgrades. This panel of capital markets professionals will discuss all of this and more in the conference wrap up, open to both SFNet and TMA conference attendees.

Moderator: Barry Bobrow, Managing Director, Wells Fargo Capital Finance
Panelists: Meredith Coffey, EVP of Research & Public Policy, Loan Syndications and Trading Association
Darryl Kuriger, Managing Director, Banc of America Securities
Erica Frontiero, Managing Director, Head of Capital Markets, Carlyle Global Credit
Fred Bower, Executive Director, JP Morgan

Joint Reception with TMA Distressed Investing Conference
sponsored by Sidley Austin, Wells Fargo, and Winston & Strawn LLP
5:45 p.m. - 8:00 p.m.
Attendees from both conferences come together in the Encore Ballroom to network and enjoy cocktails and passed hors d'ouvres.