Covenant Trends – 9/13/2021
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller
TheLeadLeft
Private Debt Intelligence – 9/13/2021
Dry powder levels indicate healthy competition in PD Levels of dry powder in private debt have reached 35% across five main strategies (direct lending, distressed debt, mezzanine, special situations and venture debt) in Q2 2021, with funds sitting on $364bn. This indicates that, based on a three-year fundraising cycle, capital raised is in balance with…
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Reorg Credit Intelligence – 9/13/2021
Papa John’s New Unsecured Notes Allow Considerable Additional Secured Debt; Leverage-Based Restricted Payments and Investment Baskets Accessible at Issuance With 2.5x, 2.75x Headroom Papa John’s International has announced the launch of $400 million of senior unsecured notes due 2029 (the “New Notes”), which are expected to price today, Thursday, Sept. 9. Proceeds of the New…
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PDI Picks – 9/13/2021
Reinforcements needed for deals frontline Private debt transactions are plentiful, but are European fund managers biting off more than they can chew? In last week’s Lead Left, we reflected on our US Report, which accompanied the September 2021 issue of Private Debt Investor, in which Paul Hastings partner William Brady told us that the market…
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Loan Stats at a Glance – 9/13/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Outlook For Unitranche Financing
“The unitranche was invented in response to broken capital markets, when banks were backing away. Today it’s thriving when markets are booming.” The size of these financings has also grown dramatically. How large could they get? We remember the same questions being asked about broadly syndicated loans in 2007. If the largest direct lenders collaborate, […]
The Pulse of Private Equity – 9/6/2021
Emerging manager performance Download PitchBook’s Report here. A new PitchBook analyst note, Beyond Fund I, dives into several emerging manager topics. A few surprises stood out. The chart above, for example, shows fairly static performance between a manager’s first fund and subsequent ones. Debut funds do, though, see the most performance variation compared to later funds,…
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Leveraged Loan Insight & Analysis – 9/6/2021
BDC asset valuations post gains in 2021 BDC’s have benefited from rising asset valuations in recent months, with both loan and equity holdings posting gains. During 2Q21 (the most recent quarter for which data is available), the weighted average mark on BDC debt holdings climbed to 97.71% from 97.18% in the prior quarter and is…
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Middle Market Deal Terms at a Glance – September 2021
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com