SPAC IPOs are down, SPAC acquisitions are up Download PitchBook’s Report here. SPAC IPO volume is down considerably in mid-2021. A decline was probably inevitable, considering how massive Q1 volume turned out to be. Between Q1 and Q2, a new PitchBook analyst note shows a 67% decline in SPAC IPO count and 81% fall in aggregate…
Structure of Revlon’s BrandCo Loan May Advantage BrandCo 2L Recoveries on RemainCo Collateral at the Expense of 2016 Term Lenders Numerous refinancing transactions in recent years, including Revlon’s success in addressing its 2021 unsecured note maturity last year with an out-of-court solution, leaves the company with an incredibly complex capital structure consisting of foreign term…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-) Monthly (Past performance is no guarantee of future results.) Contact: Steven Miller
Even in the ordinary course of business, private equity sponsors pay ruthless attention to the cost structures of their portfolio companies. It is a time-tested tool in sponsors’ kits and often on the first page of their due diligence playbook. Covid has simultaneously raised the bar and challenged buyers in managing all aspects of companies’…
Global costs are higher to deliver goods and delays longer, thanks to Covid-related logistic challenges.
Consumer discretionary and information tech top PD As an industry, consumer discretionary has seen the largest number of private debt deals in North America since 2011, with 1768 deals and aggregate deal value of $265.7bn. This is only slightly more deals than industrials, which saw 1757 deals, but reached an aggregate deal value of just…
Canada calling The Canadian market is relatively small but trends point to significant future growth. For a long time, a handful of domestic banks have dominated the private debt market in Canada. But that is slowly starting to change. Fund managers, both local and foreign, want a bigger piece of the pie and are beefing…