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Debt Markets Conference 2025

Navigate Europe's Evolving Debt Landscape

Date: 25 November 2025
Location: Leonardo Hotels, 10 Godliman Street, London, EC4V 5AJ

Join senior debt professionals for a high-impact, in-person conference covering private credit, syndicated loans, high-yield, ABL, and more. Get expert insights, benchmark strategies, and network with peers from across Europe’s evolving credit markets.

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This exclusive in-person event is designed for senior professionals in private credit, investment banking, law, advisory, and corporate finance looking to gain actionable insights, network with industry leaders, and benchmark their strategies in today’s volatile market.

Event details

Benefits of attending
Who Should Attend?
Meet Our Speakers
Agenda
Prices

In today's uncertain credit environment—defined by rising defaults, shifting deal terms, and new sources of liquidity—the need for market intelligence and cross-border dialogue has never been greater.

The Redcliffe Debt Markets Conference brings together senior professionals from across the UK and European debt ecosystem for a one-day, high-impact event in London. Covering the full spectrum of debt products—private credit, syndicated loans, high-yield bonds, asset-based lending, real estate debt, distressed debt and restructuring—this conference is designed to equip participants with the insights and perspectives needed to navigate volatile markets across jurisdictions.

Attendees will hear directly from senior professionals at leading advisory firms, law firms, lenders, and borrowers who are actively engaged in both UK and continental European markets. Each session focuses on practical deal insights, current trends, and suggestions that will provide insight into the future direction of the market. Structured to promote both learning and networking among European practitioners, the day includes technical panels, deal-focused presentations, and open discussion of the most pressing issues facing European credit markets today.

Lawyers (Banking, Restructuring, High Yield): To stay updated on legal innovation in structuring and cross-border challenges.
Debt Advisory Professionals: To explore new instruments, blended structures, and evolving lender preferences.
Investment Bankers / DCM / Leveraged Finance Professionals: To gain insight into deal structuring, market liquidity, and refinancing options.
M&A Advisers: To assess whether deals are financeable and aligned with current lender appetite.
Distressed Investors & Turnaround Advisers: To assess emerging opportunities in credit stress, evolving restructuring practices, and capital structure repair strategies.
Financial Sponsors & PE Deal Teams: To assess execution risk, lender receptivity, and market conditions across private equity-backed transactions.
Portfolio Company CFOs: To evaluate financing options for acquisitions and recapitalisations in a tighter market.
Private Credit Fund Managers: To assess risk appetite, pricing trends, and syndicate behaviour; to benchmark strategy against peers.
Corporate Finance Directors & Treasurers: To understand lender expectations, term trends, and the shifting debt landscape.
Corporate Development Teams: To evaluate financing strategies for acquisitions and strategic initiatives.
Relationship Managers / Business Development (Banks/Lenders): To understand competitive positioning and client origination opportunities.
Capital Markets Lawyers: To stay abreast of evolving credit structures and documentation trends.
CLO Structuring Specialists: To understand implications for CLO issuance and secondary loan trading.
Credit Analysts / Portfolio Managers (Institutional Investors): To benchmark credit outlooks, understand structuring trends, and evaluate risk across private and public debt.
Real Estate Finance Professionals: To track lending appetite across CRE sectors and understand how refinancing challenges are reshaping deal flows.

Speaker	Bio
Hosted by: Michael Dance Chairman	Michael Dance is a highly experienced finance professional with over 30 years of expertise spanning investment banking, debt advisory, and corporate finance across global markets.Michael currently serves as a Senior Advisor to KPMG Finland and as a Senior Consultant to Grant Thornton UK (Debt Advisory). For a decade, he was a Senior Advisor to DebtExplained prior to its acquisition by Reorg (now Octus), the leading provider of information to the European High Yield community. Michael brings a unique perspective to debt markets, having operated from multiple angles throughout his career as senior executive in Corporate & Investment Banking, qualified Chartered Accountant and lawyer. His international experience includes speaking at numerous debt conferences across Europe, Australia, New Zealand, and South Africa. He was a member of the advisory panel for the IIR Mezzanine Conference in 2005 and 2006. Michael was also involved in the EU Phare programme, during which he advised the Estonian Government on its privatisation programme and on the formation of its stock exchange and capital markets development. Michael is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) and holds multiple qualifications including a BA, LLB, B Compt. (Hons), and a Diploma in Taxation.
Chris Hawes Managing Director Debt & Capital Advisory at PricewaterhouseCoopers LLP (PwC)	Chris has around 30 years experience in the Trade and Receivables and Asset Based Lending Markets. Commencing with GE Capital and then moving on to lead, develop and grow the RBS Asset Based Lending Business in the UK.Moving on to HSBC, Chris was Head of Transaction Risk Management in Europe for Global Trade and Receivables Finance. This role gave Chris experience outside the UK, including assignments to Hong Kong ans South Korea. In 2012 Chris joined PwC to work in their Debt and Capital Advisory business, and to lead the ABL channel.
Alex Griffith Private Credit Partner at Proskauer	Alex Griffith is a Private Credit partner at Proskauer and a member of the Global Finance practice. Alex’s practice focuses on the private credit markets, advising senior, second lien, unitranche, Holdco PIK and other private capital providers. Alex’s extensive experience covers a wide range of transactions, including corporate refinancings, management buyouts and but-ins, recapitalizations, institutional acquisitions, restructurings, public-to-private takeovers (both domestic and international), and other innovative, first-in-kind transactions involving private sources of capital.
Stuart Hawkins Head of Private Credit UK and Managing Director at Ardian	Stuart Hawkins, joined Ardian in 2018 and has over 20 years of experience in the European leverage buyout market. He began his career working in the leveraged finance team at UBS, and then spent 9 years in the European mezzanine and private debt group at Barings investing in European middle market credit. Prior to joining Ardian he worked at TSSP, TPG's credit platform, as a Director helping develop its European private debt business.
Adam Horey Partner, Debt and Capital Advisory at PricewaterhouseCoopers LLP (PwC)	Adam is a Partner in PwC’s Debt & Capital Advisory team, with 25 years of corporate finance experience across advisory, leveraged finance, and principal investment. Prior to joining PwC, he held senior roles at Bank of Scotland, ABN AMRO, Barclays, and was a founding member of the European Leveraged Finance team at Royal Bank of Canada. Adam advises financial sponsors and corporates on the structuring and execution of complex financing solutions, including buyouts, refinancings, dividend recapitalisations and structured capital. He has particular expertise in private equity transactions, having advised on numerous UK and cross-border deals across a range of sectors.
Salil Shah Managing Director at Houlihan Lokey	Mr. Shah is a Managing Director in Houlihan Lokey’s EMEA Restructuring Group and advises debtor and creditor clients in Europe, the Middle East, South Africa, and India. He has nearly two decades of experience advising clients on financial restructurings and capital markets transactions across a wide range of sectors and geographies. Mr. Shah is based in the firm’s London office. Prior to joining Houlihan Lokey, Mr. Shah had a 12-year career at Goldman Sachs, where he held a number of roles within the debt restructuring, leveraged finance, and credit risk management groups. Before that, he held strategy and business development positions at Jaico Securities and Citigroup. Mr. Shah began his career in the Financial Sponsors coverage group at Salomon Brothers. Mr. Shah holds a BA in Economics and Art History from Columbia University and an MBA from Columbia Business School.
Marc-Henry Bellier Managing Director – Leveraged Finance at BNP Paribas	Biography to follow

08:30–09:30	Welcome Registration & Coffee
09:30–09:40	Chairman’s Welcome Introduction to the day’s themes: credit tightening, rate volatility, shifting deal terms Housekeeping and acknowledgements
Morning Sessions
9:40–10:15	Private Credit – A fireside chat with; Stuart Hawkins, Head of Private Credit UK and Managing Director, Ardian and Michael Dance, Senior Advisor to Grant Thornton (Debt Advisory) An informal one-on-one discussion exploring the strategic landscape, deployment challenges, and evolution of the asset class across Europe. How global private credit platforms are positioning across the cycle Capital deployment, LP pressure, and return targets: what keeps managers awake? Balancing origination discipline with competitive realities in a tightening market How are firms differentiating themselves beyond price and leverage? Opportunities and risks across the European mid- and upper-mid market
10:15–10:50	Asset-Based Lending – Liquidity Solutions in Tightening Markets [Chris Hawes, Managing Director, PwC Debt & Capital Advisory] The role of ABL in current conditions Borrowing base dynamics and lender controls Sector applications (retail, manufacturing, logistics) Deal structures: standalone vs combined with cashflow lending
10:50–11:20	Coffee Break
11:20–11:55	Real Estate Debt – Navigating Value Shifts, Refinancing Risk & Structural Change [James Spencer-Jones, Head of Real Estate Debt UK & Europe, Legal & General Investment Management (LGIM)] The European Refinancing Challenge: Maturity walls, valuation gaps, and regional variations across UK/EU markets Capital Sources in Transition: Banks retreating, debt funds advancing, insurance capital re-pricing - who's lending and at what cost? Sector Divergence: Office stress vs logistics resilience vs residential opportunity - where capital is flowing Workout Playbook: Practical approaches to loan modifications, covenant negotiations, and restructuring strategies Cross-Border Complexity: Currency, regulatory, and structural considerations for pan-European portfolios ESG Impact: How sustainability requirements are reshaping lending terms and asset valuation
11:55–12:40	Debt Capital Markets: Loans, Bonds and Legal Perspectives Amid Global Uncertainty [BNP Paribas] DCM Snapshot: What current pricing, issuance, and borrower behaviour reveal about today’s debt markets Funding Choice in a Fragmented Market: Loans, bonds, or private credit — who’s choosing what, and why Structuring Tensions: Pushback from investors as issuers test limits on terms, covenants, and controls Syndicate & Execution Risk: Navigating underwriting, investor appetite, and pricing in choppy waters Liquidity Crunch: Maturity walls, refinancing challenges, and the scramble for capital The Road Ahead: Legal tools, hybrid instruments, and evolving strategies shaping the future of DCM
12:40–14:10	Lunch (90 mins)
Afternoon Sessions
14:10–14:40	Panel Discussion – Navigating Uncertain Markets: Borrowers, Lenders & the Battle Over Terms Moderator: Michael Dance Panellists: Alex Griffith, Private Credit Lawyer,Partner at Proskauer Private Credit Fund Manager Sponsor-Backed Borrower or In-House PE Debt Specialist Adam Horey, Debt Advisory Professional, Partner at PWC
14:55–15:30	Infrastructure Finance – Driving Europe’s Energy Transition and Connectivity The European Refinancing Challenge: Maturity walls, valuation gaps, and regional variations across UK/EU markets Financing Europe’s energy transition: Renewables, grids, and green hydrogen Debt structures for large-scale infrastructure projects: bonds, syndicated loans, and hybrid models The competitive landscape: banks, institutional investors, and private capital in infrastructure finance Pan-European regulatory drivers and policy support (e.g., EU Green Deal, UK policy shifts) Challenges in deal execution: pricing, risk allocation, and contractual complexities Innovations in financing: blended finance, sustainability-linked loans, and green bonds
15:30–16:00	Tea Break
16:00–16:45	Restructuring & Distressed Debt Panel Moderator: Michael Dance Panellists: Restructuring Adviser: Salil Shah, Managing Director, Houlihan Lokey Distressed Debt / Restructuring lawyer: Kirkland and Ellis Distressed Credit: Deutsche Bank Distressed Debt Investor Indicative Panel Topics Where are the real cracks? Sector and borrower types under pressure How is the playbook evolving? Legal tactics, creditor coordination, and valuation fights Distressed secondary trading: where’s the liquidity, and who’s positioning? Investor strategies: new money deals, loan-to-own, or structured exits UK vs EU restructuring frameworks – practical lessons from recent cases
16:45–17:00	Chairman’s Wrap-Up & Closing Remarks

🔹 Early Bird Price

£960 + VAT per person
Available until 31st July 2025

🔹 Standard Price

£1,200 + VAT per person

🔹 Group Discount – Save 15%

Available when booking 3 or more places in a single order.

Early Bird Group Rate: £816 + VAT per person
Standard Group Rate: £1,020 + VAT per person

The fee includes breakfast, lunch, refreshments, full-day attendance, event materials, certificate and post-event session recordings. Accommodation and travel are not included.

Benefits of attending

Who Should Attend?

Lawyers (Banking, Restructuring, High Yield): To stay updated on legal innovation in structuring and cross-border challenges.
Debt Advisory Professionals: To explore new instruments, blended structures, and evolving lender preferences.
Investment Bankers / DCM / Leveraged Finance Professionals: To gain insight into deal structuring, market liquidity, and refinancing options.
M&A Advisers: To assess whether deals are financeable and aligned with current lender appetite.
Distressed Investors & Turnaround Advisers: To assess emerging opportunities in credit stress, evolving restructuring practices, and capital structure repair strategies.
Financial Sponsors & PE Deal Teams: To assess execution risk, lender receptivity, and market conditions across private equity-backed transactions.
Portfolio Company CFOs: To evaluate financing options for acquisitions and recapitalisations in a tighter market.
Private Credit Fund Managers: To assess risk appetite, pricing trends, and syndicate behaviour; to benchmark strategy against peers.
Corporate Finance Directors & Treasurers: To understand lender expectations, term trends, and the shifting debt landscape.
Corporate Development Teams: To evaluate financing strategies for acquisitions and strategic initiatives.
Relationship Managers / Business Development (Banks/Lenders): To understand competitive positioning and client origination opportunities.
Capital Markets Lawyers: To stay abreast of evolving credit structures and documentation trends.
CLO Structuring Specialists: To understand implications for CLO issuance and secondary loan trading.
Credit Analysts / Portfolio Managers (Institutional Investors): To benchmark credit outlooks, understand structuring trends, and evaluate risk across private and public debt.
Real Estate Finance Professionals: To track lending appetite across CRE sectors and understand how refinancing challenges are reshaping deal flows.

Meet Our Speakers

Speaker	Bio
Hosted by: Michael Dance Chairman	Michael Dance is a highly experienced finance professional with over 30 years of expertise spanning investment banking, debt advisory, and corporate finance across global markets.Michael currently serves as a Senior Advisor to KPMG Finland and as a Senior Consultant to Grant Thornton UK (Debt Advisory). For a decade, he was a Senior Advisor to DebtExplained prior to its acquisition by Reorg (now Octus), the leading provider of information to the European High Yield community. Michael brings a unique perspective to debt markets, having operated from multiple angles throughout his career as senior executive in Corporate & Investment Banking, qualified Chartered Accountant and lawyer. His international experience includes speaking at numerous debt conferences across Europe, Australia, New Zealand, and South Africa. He was a member of the advisory panel for the IIR Mezzanine Conference in 2005 and 2006. Michael was also involved in the EU Phare programme, during which he advised the Estonian Government on its privatisation programme and on the formation of its stock exchange and capital markets development. Michael is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) and holds multiple qualifications including a BA, LLB, B Compt. (Hons), and a Diploma in Taxation.
Chris Hawes Managing Director Debt & Capital Advisory at PricewaterhouseCoopers LLP (PwC)	Chris has around 30 years experience in the Trade and Receivables and Asset Based Lending Markets. Commencing with GE Capital and then moving on to lead, develop and grow the RBS Asset Based Lending Business in the UK.Moving on to HSBC, Chris was Head of Transaction Risk Management in Europe for Global Trade and Receivables Finance. This role gave Chris experience outside the UK, including assignments to Hong Kong ans South Korea. In 2012 Chris joined PwC to work in their Debt and Capital Advisory business, and to lead the ABL channel.
Alex Griffith Private Credit Partner at Proskauer	Alex Griffith is a Private Credit partner at Proskauer and a member of the Global Finance practice. Alex’s practice focuses on the private credit markets, advising senior, second lien, unitranche, Holdco PIK and other private capital providers. Alex’s extensive experience covers a wide range of transactions, including corporate refinancings, management buyouts and but-ins, recapitalizations, institutional acquisitions, restructurings, public-to-private takeovers (both domestic and international), and other innovative, first-in-kind transactions involving private sources of capital.
Stuart Hawkins Head of Private Credit UK and Managing Director at Ardian	Stuart Hawkins, joined Ardian in 2018 and has over 20 years of experience in the European leverage buyout market. He began his career working in the leveraged finance team at UBS, and then spent 9 years in the European mezzanine and private debt group at Barings investing in European middle market credit. Prior to joining Ardian he worked at TSSP, TPG's credit platform, as a Director helping develop its European private debt business.
Adam Horey Partner, Debt and Capital Advisory at PricewaterhouseCoopers LLP (PwC)	Adam is a Partner in PwC’s Debt & Capital Advisory team, with 25 years of corporate finance experience across advisory, leveraged finance, and principal investment. Prior to joining PwC, he held senior roles at Bank of Scotland, ABN AMRO, Barclays, and was a founding member of the European Leveraged Finance team at Royal Bank of Canada. Adam advises financial sponsors and corporates on the structuring and execution of complex financing solutions, including buyouts, refinancings, dividend recapitalisations and structured capital. He has particular expertise in private equity transactions, having advised on numerous UK and cross-border deals across a range of sectors.
Salil Shah Managing Director at Houlihan Lokey	Mr. Shah is a Managing Director in Houlihan Lokey’s EMEA Restructuring Group and advises debtor and creditor clients in Europe, the Middle East, South Africa, and India. He has nearly two decades of experience advising clients on financial restructurings and capital markets transactions across a wide range of sectors and geographies. Mr. Shah is based in the firm’s London office. Prior to joining Houlihan Lokey, Mr. Shah had a 12-year career at Goldman Sachs, where he held a number of roles within the debt restructuring, leveraged finance, and credit risk management groups. Before that, he held strategy and business development positions at Jaico Securities and Citigroup. Mr. Shah began his career in the Financial Sponsors coverage group at Salomon Brothers. Mr. Shah holds a BA in Economics and Art History from Columbia University and an MBA from Columbia Business School.
Marc-Henry Bellier Managing Director – Leveraged Finance at BNP Paribas	Biography to follow

Agenda

08:30–09:30	Welcome Registration & Coffee
09:30–09:40	Chairman’s Welcome Introduction to the day’s themes: credit tightening, rate volatility, shifting deal terms Housekeeping and acknowledgements
Morning Sessions
9:40–10:15	Private Credit – A fireside chat with; Stuart Hawkins, Head of Private Credit UK and Managing Director, Ardian and Michael Dance, Senior Advisor to Grant Thornton (Debt Advisory) An informal one-on-one discussion exploring the strategic landscape, deployment challenges, and evolution of the asset class across Europe. How global private credit platforms are positioning across the cycle Capital deployment, LP pressure, and return targets: what keeps managers awake? Balancing origination discipline with competitive realities in a tightening market How are firms differentiating themselves beyond price and leverage? Opportunities and risks across the European mid- and upper-mid market
10:15–10:50	Asset-Based Lending – Liquidity Solutions in Tightening Markets [Chris Hawes, Managing Director, PwC Debt & Capital Advisory] The role of ABL in current conditions Borrowing base dynamics and lender controls Sector applications (retail, manufacturing, logistics) Deal structures: standalone vs combined with cashflow lending
10:50–11:20	Coffee Break
11:20–11:55	Real Estate Debt – Navigating Value Shifts, Refinancing Risk & Structural Change [James Spencer-Jones, Head of Real Estate Debt UK & Europe, Legal & General Investment Management (LGIM)] The European Refinancing Challenge: Maturity walls, valuation gaps, and regional variations across UK/EU markets Capital Sources in Transition: Banks retreating, debt funds advancing, insurance capital re-pricing - who's lending and at what cost? Sector Divergence: Office stress vs logistics resilience vs residential opportunity - where capital is flowing Workout Playbook: Practical approaches to loan modifications, covenant negotiations, and restructuring strategies Cross-Border Complexity: Currency, regulatory, and structural considerations for pan-European portfolios ESG Impact: How sustainability requirements are reshaping lending terms and asset valuation
11:55–12:40	Debt Capital Markets: Loans, Bonds and Legal Perspectives Amid Global Uncertainty [BNP Paribas] DCM Snapshot: What current pricing, issuance, and borrower behaviour reveal about today’s debt markets Funding Choice in a Fragmented Market: Loans, bonds, or private credit — who’s choosing what, and why Structuring Tensions: Pushback from investors as issuers test limits on terms, covenants, and controls Syndicate & Execution Risk: Navigating underwriting, investor appetite, and pricing in choppy waters Liquidity Crunch: Maturity walls, refinancing challenges, and the scramble for capital The Road Ahead: Legal tools, hybrid instruments, and evolving strategies shaping the future of DCM
12:40–14:10	Lunch (90 mins)
Afternoon Sessions
14:10–14:40	Panel Discussion – Navigating Uncertain Markets: Borrowers, Lenders & the Battle Over Terms Moderator: Michael Dance Panellists: Alex Griffith, Private Credit Lawyer,Partner at Proskauer Private Credit Fund Manager Sponsor-Backed Borrower or In-House PE Debt Specialist Adam Horey, Debt Advisory Professional, Partner at PWC
14:55–15:30	Infrastructure Finance – Driving Europe’s Energy Transition and Connectivity The European Refinancing Challenge: Maturity walls, valuation gaps, and regional variations across UK/EU markets Financing Europe’s energy transition: Renewables, grids, and green hydrogen Debt structures for large-scale infrastructure projects: bonds, syndicated loans, and hybrid models The competitive landscape: banks, institutional investors, and private capital in infrastructure finance Pan-European regulatory drivers and policy support (e.g., EU Green Deal, UK policy shifts) Challenges in deal execution: pricing, risk allocation, and contractual complexities Innovations in financing: blended finance, sustainability-linked loans, and green bonds
15:30–16:00	Tea Break
16:00–16:45	Restructuring & Distressed Debt Panel Moderator: Michael Dance Panellists: Restructuring Adviser: Salil Shah, Managing Director, Houlihan Lokey Distressed Debt / Restructuring lawyer: Kirkland and Ellis Distressed Credit: Deutsche Bank Distressed Debt Investor Indicative Panel Topics Where are the real cracks? Sector and borrower types under pressure How is the playbook evolving? Legal tactics, creditor coordination, and valuation fights Distressed secondary trading: where’s the liquidity, and who’s positioning? Investor strategies: new money deals, loan-to-own, or structured exits UK vs EU restructuring frameworks – practical lessons from recent cases
16:45–17:00	Chairman’s Wrap-Up & Closing Remarks

Prices

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Early Bird Rate: £960 + VAT (until 31 July 2025)
Standard Rate: £1,200 + VAT

💼 Group Discount: Save 15% when booking 3 or more places
→ As low as £816 + VAT per person

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Hear from our Chairman, Michael Dance

Get an inside look at our upcoming Debt Markets Conference. Chairman Michael Dance shares what to expect — including expert panellists, key topics, and valuable takeaways for attendees.

Debt Markets Conference 2025

Navigate Europe's Evolving Debt Landscape