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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 peer dialogue has never been greater.

The Redcliffe Debt Markets Conference brings together senior professionals from across the 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 they need to succeed in volatile markets.

Attendees will hear directly from market leaders at top advisory firms, law firms, lenders, and borrowers. Each session is focused on practical deal insights, current trends, and the outlook across sectors. Structured to promote both learning and networking, the day includes technical panels, deal-focused presentations, and open discussion of the most pressing issues facing the market today.

Private Credit Fund Managers: To assess risk appetite, pricing trends, and syndicate behaviour; to benchmark strategy against peers.
Corporate Borrowers & Treasurers: To understand lender expectations, term trends, and the shifting debt landscape.
Investment Bankers / DCM / Leveraged Finance Professionals: To gain insight into deal structuring, market liquidity, and refinancing options.
Debt Advisory Professionals: To explore new instruments, blended structures, and evolving lender preferences.
PE Funds / Portfolio Company CFOs: To evaluate financing options for acquisitions and recapitalisations in a tighter market.
Lawyers (Banking, Restructuring, High Yield): To stay updated on legal innovation in structuring, intercreditor mechanics, and cross-border challenges.
Distressed Investors / Special Sits Professionals: To assess where real opportunity is emerging in credit stress and restructuring.

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	Biography to follow

08:30–09:00	Welcome Registration & Coffee
09:00–09:10	Chairman’s Welcome (10 mins) Introduction to the day’s themes: credit tightening, rate volatility, shifting deal terms Housekeeping and acknowledgements
Morning Sessions
9:10–09:45	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
9:50–10:25	Syndicated Loans – Trends & Challenges in a Volatile Market [BNP Paribas] Shifting Syndicate Dynamics: Risk Appetite and Lender Composition Pricing and Margin Trends: Balancing Borrower Needs and Lender Demands Covenant Evolution: Flexibility vs. Protection in a Riskier Market Refinancing Challenges: Navigating Maturity Walls and Market Liquidity
10:25–10:55	Coffee Break
11:00–11:35	High-Yield Bonds – Opportunities Amid Rising Defaults Market update: issuance, spreads, and refinancing pressures Risk-adjusted returns and default outlook Sector trends: distressed clusters and safe havens Structuring refinancings and new money deals
11:40–12:15	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
12:15–13:45	Lunch (90 mins)
Afternoon Sessions
13:45–14:30	Panel Discussion – Navigating Uncertain Markets: Borrowers, Lenders & the Battle Over Terms Moderator: Michael Dance Panellists: Alex Griffith, Private Credit Lawyer,Partner Proskauer Private Credit Fund Manager Sponsor-Backed Borrower or In-House PE Debt Specialist Debt Advisory Professional
14:35–15:10	Real Estate Debt – Navigating Value Shifts, Refinancing Risk & Structural Change The refinancing wall: maturing loans and falling valuations LTV constraints and cap rate adjustments Sector stress vs resilience Who’s lending: debt funds vs banks vs insurers Practical approaches to repricing and recapitalisation
15:15–15:45	Tea Break
15:45–16:35	Restructuring & Distressed Debt Panel Moderator: Michael Dance Panellists: Restructuring Advisor: Salil Shah, Managing Director, Houlihan Lokey Distressed lawyer Distressed Debt Investor Distressed Debt Trader 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
16:40–17:00	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?

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	Biography to follow

Agenda

08:30–09:00	Welcome Registration & Coffee
09:00–09:10	Chairman’s Welcome (10 mins) Introduction to the day’s themes: credit tightening, rate volatility, shifting deal terms Housekeeping and acknowledgements
Morning Sessions
9:10–09:45	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
9:50–10:25	Syndicated Loans – Trends & Challenges in a Volatile Market [BNP Paribas] Shifting Syndicate Dynamics: Risk Appetite and Lender Composition Pricing and Margin Trends: Balancing Borrower Needs and Lender Demands Covenant Evolution: Flexibility vs. Protection in a Riskier Market Refinancing Challenges: Navigating Maturity Walls and Market Liquidity
10:25–10:55	Coffee Break
11:00–11:35	High-Yield Bonds – Opportunities Amid Rising Defaults Market update: issuance, spreads, and refinancing pressures Risk-adjusted returns and default outlook Sector trends: distressed clusters and safe havens Structuring refinancings and new money deals
11:40–12:15	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
12:15–13:45	Lunch (90 mins)
Afternoon Sessions
13:45–14:30	Panel Discussion – Navigating Uncertain Markets: Borrowers, Lenders & the Battle Over Terms Moderator: Michael Dance Panellists: Alex Griffith, Private Credit Lawyer,Partner Proskauer Private Credit Fund Manager Sponsor-Backed Borrower or In-House PE Debt Specialist Debt Advisory Professional
14:35–15:10	Real Estate Debt – Navigating Value Shifts, Refinancing Risk & Structural Change The refinancing wall: maturing loans and falling valuations LTV constraints and cap rate adjustments Sector stress vs resilience Who’s lending: debt funds vs banks vs insurers Practical approaches to repricing and recapitalisation
15:15–15:45	Tea Break
15:45–16:35	Restructuring & Distressed Debt Panel Moderator: Michael Dance Panellists: Restructuring Advisor: Salil Shah, Managing Director, Houlihan Lokey Distressed lawyer Distressed Debt Investor Distressed Debt Trader 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
16:40–17:00	Chairman’s Wrap-Up & Closing Remarks

Prices

Early-bird registration closes in:

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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

📞 Call: +44 (0)207 387 448
📧 Email: [email protected]

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Debt Markets Conference 2025

Navigate Europe's Evolving Debt Landscape