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Debtwire Middle-Market – 9/27/2021
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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The Pulse of Private Equity – 9/27/2021
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…
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Reorg Credit Intelligence – 9/27/2021
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…
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LevFin Insights: High-Yield Bond Statistics – 9/27/2021
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Covenant Trends – 9/27/2021
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
Supply Chain Blues (Fourth of a Series)
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’…
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Chart of the Week: Supply Pains
Global costs are higher to deliver goods and delays longer, thanks to Covid-related logistic challenges.