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Covenant Trends - 5/2/2022

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Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored v Non-Sponsored (LTM) (Past performance is no guarantee of future results.) Contact: Steven Miller

PDI Picks – 5/2/2022

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Placing a bet on litigation Litigation finance has found a way to attract the retail investor. On the face of it, litigation financiers are not obvious candidates to join the massed ranks of those queuing up to try and attract retail investment. After all, there are those who say you may as well place your…

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The Pulse of Private Equity – 4/25/2022

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A lackluster start for exits Download PitchBook’s Report here. PE exits came in lower in Q1 than what we’ve become accustomed to. PitchBook’s Q1 US PE Breakdown Report found about $90 billion worth of sales, the slowest quarter since deal markets revved up in Q4 2020. $90 billion isn’t low on a historical basis; it’s in…

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DL Deals: News & Analysis - 4/25/2022

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Direct lenders usher in new records for jumbos, recurring rev deals Competition between liquid and illiquid debt financing is heating up amid broader economic uncertainty generated by rising inflation, interest rate hikes and the war in Ukraine. Software company Kaseya surfaced this month with a $3.7 billion jumbo unitranche loan to kick Galway Insurance’s $3.4…

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Debtwire Middle-Market – 4/25/2022

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Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…

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Leveraged Loan Insight & Analysis - 4/25/2022

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US unitranche leverage edges lower, spreads tick higher in 1Q22 First quarter 2022 US unitranche volume pulled back sharply in both the middle market and large corporate markets as lenders took a breather from the record-setting pace seen in 2H21. Unitranche issuance totaled US$10.1bn in the middle market and US$9.8bn in the large corporate market…

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Why DEI Matters?

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As with climate change, diversity, equity and inclusion, with its goals of broad representation, fair pay and equal opportunity have become the lens through which investors are judging both managers’ investment selections and their internal DEI efforts… ▶︎ Read Apr 18 2022 newsletter: here ▶︎ Chart of the Week: here (by Bloomberg, BofA US Equity […]