MAJOR TOPICS: What is on the menu for owner/operator borrowers today? Difference between a regulated bank and Debt Fund Can owner/operators get financed like their PE owned competitors? What is the optimal structure for a borrower with 4x-5x leverage? Uni’s vs senior/junior combination? Does a dislocation in the broadly syndicated market affect this area? How to prepare for a financing; Understanding the requirements to close/fund Process breakdown – single points of failure Lender point of view – why we like these financings Understanding this is an arranged marriage and you have to live with one another – the relationship begins when the deal closes

1. Moderator: Alex Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Pete Connoy, Founder & Managing Partner, ECS Debt Advisory
• Sung Pak, Partner, Chair of Corporate Finance Group, O’Melveny & Myers LLP
• Stephen Krawchuk, Managing Director, LBC Credit Partners
• Doug Lyons, Managing Director, Private Credit, PineBridge Investments
© Copyright 2019 Expert Webcast – All Rights Reserved
LOWER MIDDLE MARKET FINANCE
FOR OWNER OPERATORS
April 18, 2019

2. 1
Expert Webcast is a sophisticated source of expertise for the
professional and the business communities locally, nationally and
cross-border.
Producing the industry’s leading webcast panels covering corporate,
M&A, restructuring and finance topics, Expert Webcast features
foremost experts in law accounting and finance, and addresses timely
and relevant issues faced by general counsel, C-level executives,
boards of directors, business owners and their advisors, as well as
institutional investors.
We welcome you to join our upcoming video webcasts or visit our on-
demand library to access recorded programs: www.expertwebcast.com.

3. 2
MODERATOR: Alex Kasdan, Senior Managing Director, DelMorgan &
Co., brings more than twenty-five years of senior-level Wall Street advice to
middle market companies, entrepreneurs and institutional investors. He has
extensive experience in investment banking, corporate law and restructuring at
world’s leading firms, including Credit Suisse First Boston, O’Sullivan Graev &
Karabell LLP (now O'Melveny & Myers LLP), Battle Fowler LLP (now Paul
Hastings LLP) and Schlumberger Ltd., and as a founding partner of
Convergence Capital Partners. Alex has worked on more than 100 domestic and
cross-border transactions in North America, Europe and Africa.
Alex is a Senior Advisor to Governance and Transactions LLC, an advisory firm
established in 2003 by Mr. James L. Gunderson, former Secretary and General
Counsel of Schlumberger Limited, to assist boards, management and owners
with corporate governance, compliance, structuring and strategic transactions.
Alex is a frequent moderator and an interviewer at Expert Webcast roundtable
discussions attracting business leaders and leading professionals from around
the world.
Alex graduated magna cum laude from Middlebury College with a B.A. degree
in Economics and Italian and was elected to Phi Beta Kappa during his junior
year. In addition, he holds a J.D. degree from Columbia University Law School
and has studied at the University of Florence in Italy.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 310 980 1718 mobile
+1 310 935 3826 office
ak@delmorganco.com
www.delmorganco.com

4. 3
Panelist: Pete Connoy, Founder & Managing Partner, ECS Debt
Advisory, has over 25 years of debt financing experience.
Prior to founding ECS Debt Advisory in 2014, Pete was involved in
over $10 billion of debt financings spanning roles as both a borrower
and a lender - experiences that inform his current processes to source,
structure and close optimal debt financings on behalf of borrowers.
Pete previously headed capital raising and M&A activity for a
publicly traded Fortune 1000 telecommunications company,
PAETEC, where he raised over $2.7 billion of debt capital, prior to
which he was SVP & Team Leader for Union Bank’s
Communications/Media Lending group where he oversaw over $8
billion in financings.
ECS takes advantage of the middle market’s significant inefficiencies
that leave most borrowers paying more than they should with tighter
terms than what is achievable. Working on behalf of borrowers only,
ECS executes financings for middle market owner/operators and
equity sponsorship groups to deliver best-in-class debt financings,
having funded over $750 million in debt capital since ECS was
founded.
221 Main Street
PO BOX 113
Seal Beach, CA 90740
connoyp@ecsadvisory.com
ecsadvisory.com
657-600-7517

5. 4
Panelist: Sung Pak, Partner and Chair of
Corporate Finance Group at O’Melveny & Myers
LLP, handles leveraged finance matters, focusing on
acquisition financings for corporations and private
equity sponsors, as well as restructurings and
investments in distressed companies.
Mr. Pak represents a number of private equity
sponsors, investment funds and corporations in
capital-raising transactions, including syndicated loan
facilities, high yield bond issuances, public equity
offerings, private placements, and mezzanine
financings. He has significant experience in cross-
border financing transactions.
Mr. Pak received a Bachelor of Arts from Stanford
University and a J.D. from Harvard Law School.
Times Square Tower
7 Times Square
New York, NY 10036
United States of America
+1 (212) 408-2456
spak@omm.com
www.omm.com

6. 5
Panelist: Stephen Krawchuk, Managing Director, LBC Credit
Partners, has 25 years of corporate finance and investing
experience. He oversees LBC's Los Angeles office.
Prior to joining LBC Credit Partners, Mr. Krawchuk was a
Managing Director with Crystal Financial for over a decade. Prior
to that date, Mr. Krawchuk was Senior Vice President at
Contrarian Capital Finance. Mr. Krawchuk was the Western
Regional Marketing Director for Wachovia Capital Finance, a
Director with Deutsche Banc Alex Brown, and a Director with
Greyrock Capital.
Mr. Krawchuk began his finance career with Foothill Capital in
Los Angeles, after attaining his CPA with PriceWaterhouse.
Mr. Krawchuk is a graduate of the Eller School of
Entrepreneurship and Management and received his BA in
accounting and finance from the University of Arizona.
Mr. Krawchuk currently serves on the Board of Directors for the
Los Angeles chapter of the Commercial Finance Association.
1967 Carmen Avenue
Los Angeles, CA 90068
(323) 839-5526
skrawchuk@lbccredit.com
www.lbccredit.com

7. 6
Panelist: Doug Lyons, Managing Director, Private Credit,
PineBridge Investments, is responsible for sourcing, screening,
analyzing and executing the middle market senior loan strategy. Mr.
Lyons has over 25 years of financial advisory and service
experience, inclusive of middle market direct lending, investment
banking, and public accounting.
Prior to joining PineBridge, Mr. Lyons was a senior origination team
member and Head of Origination at Business Development Corp of
America. From 2006 to 2013, Mr. Lyons worked for UBS
Investment Bank in their Leverage Finance Group and became the
Managing Director overseeing the firm’s leverage finance efforts in
the gaming, lodging, consumer, retail and leisure industry verticals.
Prior to UBS, Mr. Lyons held various financial services and
advisory roles at the following institutions: CIBC World Markets,
Deutsche Bank Securities, Duff & Phelps and Coopers & Lybrand,
LLP.
Mr. Lyons received a Bachelor of Science in Accounting from the
University of Southern California and a Masters of Business
Administration from the University of California Los Angeles.
399 Park Avenue, 4th Fl
New York, NY 10022
D: + 1 (646) 857-8625
M: + 1 (310) 227-9276
doug.lyons@pinebridge.com
www.pinebridge.com

8. 7
MAJOR TOPICS
• What is on the menu for owner/operator borrowers today?
• Difference between a regulated bank and Debt Fund
• Can owner/operators get financed like their PE owned competitors?
• What is the optimal structure for a borrower with 4x-5x leverage? Uni’s vs.
senior/junior combination?
• Does a dislocation in the broadly syndicated market affect this area?
• How to prepare for a financing; Understanding the requirements to
close/fund
• Process breakdown – single points of failure
• Lender point of view – why we like these financings
• Understanding this is an arranged marriage and you have to live with one
another – the relationship begins when the deal closes