A black knight can be defined as a hostile takeover in which an unwelcomed firm pursues a bid for the acquisition of another business by offering to purchase a large number of shares in order to gain control of the target company. Black knights target companies that are viewed as undervalued.
Under unitranche financing, one lender provides the entire credit with a single set of documents. This can provide a number of benefits to the borrower as follows:
Simplifies the documentation and reduces the paperwork for borrowers because there is just one credit agreement and a single set of collateral documents.
Accelerates the acquisition process because buyers don't need to find and negotiate with two separate lenders for the senior and mezzanine debt. As well, since the loan documentation is much simpler, unitranche loans can be pulled together more quickly.
Saves the borrower money because only one agreement will need to be drafted and reviewed by a single legal team for the lender.
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