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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Middle Market Deal Terms at a Glance - Feb 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Covenant Trends - 2/13/2017
Industry Average: Free & Clear Incremental Tranche / EBITDA (LTM)
The Pulse of Private Equity - 2/13/2017
Will elevated US PE inventory contribute to continued secondary buyout activity?
It is difficult to get a sense of just how many middle-market companies there are in the US, which is a critical statistic to have on hand when analyzing the impact of the heightened private equity inventory. According to a recent installment of the Middle Market Power Index from American Express and Dun & Bradstreet, there were 182,578 firms that had between $10 million and $999 million in revenue in 2016…
Great Expectations
The vast majority of respondents to William Blair’s survey on leverage lending conditions believe leverage and terms will either loosen or remain unchanged.
Lead Left Interview - Eric Green and Mark O’Keeffe (Part 2)
This week we continue our conversation with Eric Green and Mark O’Keeffe of Muzinich and Co. Muzinich is a global…
Private Debt Intelligence - 2/13/2017
Private Debt Investors Delighted with Fund Performance
At the end of 2016, Preqin conducted surveys with over 90 private debt investors in order to gauge their satisfaction with the performance of the private debt asset class and to ascertain their investment plans for both 2017 and long-term future.
More than a quarter (27%) of private debt investors surveyed stated that the performance had exceeded their expectations, an increase of nine percentage points compared to the end of 2015…
Loan Stats at a Glance - 2/13/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Overall LBO leverage on the rise in 1Q17
Overall LBO leverage on the rise in 1Q17
Average leverage levels on both large corporate and institutional middle market LBO deals have shown a meaningful jump in 1Q17. With refinancings and repricings dominating the leveraged loan market, investors seem more willing to stretch on new money LBO deals. The average leverage level so far in 1Q17 is at 5.0 times first lien and 6.50 times total debt to EBITDA, up from 4.6 times senior by 6.1 times total last quarter…
Covenant Trends - 2/6/2017
Average First Lien Headroom under Accordion Ratio Debt Contact: Steven Miller smiller@covenantreview
2017 - A Look Ahead (Second of a Series)
Last week we ventured some thoughts on where this year would take us on middle market deal terms – pricing,…
Lead Left Interview - Eric Green and Mark O’Keeffe
This week we chat with Eric Green and Mark O’Keeffe of Muzinich and Co. Muzinich is a global institutional asset…
2017 – A Look Ahead (Third of a Series)
Last week we punctured the myth that the influx of new private debt funds is creating excess demand for the…