M&A/Buyout deals outnumber refinancings, sending pricing higher Source: Dealogic, Debtwire Par With institutional issuance slowing to USD 43.6bn in August, its lowest level in the year to date (YTD), a steady flow of M&A and buyout related financings (USD 25.2bn or 58% of monthly issuance) and a slowdown in refinancing transactions (USD 12.2bn or 28% of issuance) contributed…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
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