Covenant Trends – 4/26/2021
Distribution of MFN Sunset Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller
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DL Deals: News & Analysis – 4/26/2021
At $2.3B, Calypso’s record unitranche demonstrates larger capacity for jumbos The $2.3 billion unitranche loan supporting Thoma Bravo’s acquisition of Calypso Technology has set a new record for size, but what’s even more notable is that the credit was assembled as new issue, not incrementally, like other recent unitranches that crossed the $2 billion threshold…
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The Pulse of Private Equity – 4/26/2021
A rebound in fundraising Download PitchBook’s Report here. Fundraising is rebounding, according to PitchBook’s latest US PE Breakdown Report. 97 funds closed in Q1 totaling $88.5 billion, though more than half ($45.6 billion) of that dollar amount went to three massive funds raised by Silver Lake, CD&R and New Mountain Capital. At the other end of…
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Covid and Middle Market CLOs
Leveraged lending is competitive. But it pales in comparison to the 2021 Mrs. Sri Lanka pageant. Reigning Mrs. World champion, Caroline Jurie yanked the tiara off newly-crowned winner Pushpika DeSilva, charging Mrs. DeSilva was not married. Mrs. DeSilva fled the stage in tears. Order was eventually restored. Mrs. DeSilva reclaimed her crown, and Mrs. Jurie […]
The Pulse of Private Equity – 4/19/2021
Exit ramps remained open in Q1 Download PitchBook’s Report here. US PE exit activity continued its tear in Q1, according to PitchBook’s latest US PE Breakdown Report. Another $162 billion worth of exits was offloaded to start the year, not far off the record-setting fourth quarter of $176.3 billion. That adds up to $338.3 billion, more…
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Private Debt Intelligence – 4/19/2021
Mega deals feature in crowded private debt market One of the major trends of 2020 in private debt was an uptick in mega deals, which are classed as those that are part of $1bn+ transactions. Although the number and value of PD deals declined in both 2019 and 2020… Subscribe to Read MoreAlready a member?
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Reorg Credit Intelligence – 4/19/2021
Coty Includes Over $500 Million in EBITDA Addbacks for Lost Revenue Due to Covid Coty Inc. is issuing $750 million of senior secured notes due 2026, with proceeds to be used to repay amounts outstanding under the company’s first lien term loan facility. The new notes are expected to price today. The notes will be…
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