This week we continue our conversation with Stephen Lewis, Managing Director, Headwaters MB. Headwaters is a middle market focused investment bank. Steve’s focus is cross border debt capital markets. Second of two parts – View part one The Lead Left: You mentioned there are still quirks in the European legal system. Stephen Lewis: There’s still no…
Will 2016 Record More Add-ons Than Last Year? As a proportion of overall U.S. buyout activity, add-ons have gone from strength to strength. But the latest quarterly numbers have topped them all. In the first quarter of 2016, add-ons comprised 68% of all private equity buyout activity. While this percentage will likely decline as the…
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Contact: Timothy Stubbs timothy.stubbs@spcapitaliq.com
When it comes to the Italian banks, pessimists are not in short supply. Indeed, to be bullish on this sector could be considered contrarian, or even foolhardy, given its parlous state. Asset quality is the overriding problem – Italy’s banks have €360bn of non-performing loans on their balance sheet, about a third of the eurozone’s…
Private Debt Fundraising: Will the Momentum Continue This Year? According to Preqin’s Private Debt Online, the level of aggregate capital raised ($93bn) in the private debt industry in 2015 reached its highest level since 2008 ($99bn), with this momentum set to continue as we enter the second quarter of 2016. Twelve months ago, there were…
This week we chat with Stephen Lewis, Managing Director, Headwaters MB. Headwaters is a middle market focused investment bank. Steve’s focus is cross border debt capital markets. The Lead Left: Steve, it’s been over two years since we last spoke. What’s changed since then? Stephen Lewis: The world is not the same place we knew…
Debtor-in-possession loan volume reached US$1.6bn in 1Q16 across 5 deals. That number already surpassed 2015’s entire total of US$930m across 4 deals. And there is more to come. Peabody Energy announced it had secured an US$800m DIP financing from creditors as it filed for Chapter 11 bankruptcy. The deal includes a US$500m term loan and US$100m…
Last week we discussed the views of various private equity sponsors regarding the question of why the pipeline of middle market leveraged loans seems soft. Over the past several weeks, we’ve also had conversations with a number of key middle market debt arrangers and lenders. Their consensus mirrors that of the PE firms – deal…