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 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,…
North America PD Deal Value Rebounds in 2021 The private debt industry in North America is on track to beat last year’s number of deals and has already outpaced 2020 in aggregate deal value. So far in 2021, the region has seen 339 deals with an aggregate deal value of $105.5bn… Subscribe to Read MoreAlready
Before Covid the persistent view on private credit was too much capital was chasing too few deals. Transaction inflation caused compressed spreads, higher leverage and weakened terms. When Covid hit this balance shifted dramatically in favor of the investor. Deal supply dried up, lenders retreated, and terms strengthened. But within weeks central bank liquidity ended…
Container ships in the US queue are up significantly since the summer.
Flex Trends: Pricing (% of all Flexes that Decrease All-in Spread) and Covenants (% with Zero Doc Score Flex) (Past performance is no guarantee of future results.) Contact: Steven Miller
Europe is also heating up It’s not just the US seeing transaction activity hit the heights. The leveraged buyout market is helping to create a boom in Europe, too. In last week’s edition of Lead Left, we reflected in this column on the “white hot” US deals market. In Europe, it’s a similar story, with…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com