Saw that Stephens is hiring for their DCM team in Atlanta. Can someone explain what DCM at an advisory shop would entail? Is this mostly private placements with direct lenders since they don’t have a balance sheet to underwrite deals? Any idea what comp would look like?
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They advise clients on any type of debt financing, a lot of times tied to M&A, but can also include refinancing existing debt. They will run a process similar to a sale process where they go to multiple lenders and help the company negotiate terms and best pricing and ultimately choose an underwriter.
How is this different from LevFin?
DCM is investment grade financing, LevFin is not
so for dcm you help provide finance for ig companies, and for levfin you help raise money for riskier companeis?
yes
You can see their tombstones on their website. It’s a lot of private placements for finance companies. They’ll get involved in other places as well. I’ve seen non balance sheet firms lead syndications and essentially they’ll manage an RFP, press for aggressive pricing and terms, and assist some with advisory.
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