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“$2 Billion is the New $1 Billion”: Unitranche Revisited (Second of a Series)
According to Refinitiv LPC, US unitranche volume came to almost $22 billion last quarter – the highest level they’ve tracked historically. That activity was comprised of records for both the middle and the larger corporate markets. At the same time, one-stop risk/return dynamics have moved in favor of issuers. The average debt/ebitda is now at a…
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Chart of the Week: Tranche Launch
An armada of large unitranche financings have sailed into the direct lending market this year.
Unitranche Revisited: A New Series
In October 2015 we published a white paper: “The Unitranche – What it is, and Why it Matters.” In it we called the unitranche “one of the most innovative, and increasingly popular, financing tools in the middle market.” The following year Ares reached a milestone by leading, for Thoma Bravo’s Qlik Technologies, the first $1 […]
Private Debt Intelligence – 8/9/2021
Europe outraises North America in Q2 Globally, both the number of private debt funds in market and the amount of capital targeted continued to rise through Q2 2021. North America-focused funds saw the largest number of closes over Q2 2021, with 27 funds compared to Europe’s eight…. Subscribe to Read MoreAlready a member? Log in
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Covenant Trends – 8/9/2021
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller
Debtwire Middle-Market – 8/9/2021
Loan secondary prices stumble as attention turns to the primary markets Source: Debtwire Par, Markit The seemingly unrelenting secondary market rally hit a wall in July, with average bids in the loan secondary market falling 56bps during the month to 97.39, with the share of loans trading in the par-plus slice of the market falling…
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Reorg Credit Intelligence – 8/9/2021
SVXR Seeks to Sell Assets With Bruker Nano as $11.9M Stalking Horse; Noteholders Do Not Consent to Proposed $2M DIP Financing SVXR, a San Jose, Calif.-based developer and manufacturer of high-resolution, automated x-ray inspection and metrology equipment for the semiconductor and advanced-electronics markets, filed for chapter 11 protection on Wednesday, Aug. 4, in the Bankruptcy…
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PDI Picks – 8/9/2021
The new era of the supersized loan A recent financing underlines the ever-larger amounts of capital that the biggest private debt managers are now able to deploy. When Ares Management announced a loan to RSK Group, the UK-based environmental and engineering business, earlier this week, most of the attention was focused on the sustainability angle….
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Loan Stats at a Glance – 8/9/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com