Reorg Credit Intelligence – 9/20/2021

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THE LEAD|September 22, 2021
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Uptick in Restaurant IPOs; BJ’s, Cheesecake Factory, Red Robin Ratios Improve Ahead of Upcoming Financial Covenant Tests; Brinker, Denny’s Refinance Revolvers;
Updated Covenant Relief Timeline, Leverage Metrics

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In this issue of Reorg’s Restaurants Bi-Monthly, Our Americas Covenants experts provide an overview of credit-driven developments affecting the restaurant industry in July and August, including recent refinancings, companies with expiring covenant relief, the busy IPO market and more. Click through for our full analysis of the Restaurants industry here.

Contact: Matt Danese
mdanese@reorg.com

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Business development companies and the rise of balance sheet financing vehicles

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Business development companies and the rise of balance sheet financing vehicles

Fitch's Deb Murnin and Chelsea Richardson discuss the growing use of off-balance-sheet JVs and finance companies among BDCs, exploring the drivers, leverage impacts, portfolio risk profiles, and potential rating implications for Fitch-rated BDCs.
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Private Debt Investor New York Forum

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Private Debt Investor New York Forum

Bringing together the investors, managers and advisers shaping the next phase of the market — 200+ allocators and $10.6 trillion of LP capital expected. Benchmark strategies, hear from leading LPs, and cut through market noise over two unmissable days.
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US Private Credit League Tables H1'26

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US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.
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PitchBook's Q2 2026 US PE Breakdown

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PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.
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Making sense of private credit defaults

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Making sense of private credit defaults

What does private credit default data really tell us? Join our exclusive webinar featuring experts from KBRA, Moody's, Fitch Ratings, and S&P Global to find out.
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