If it seems like the PE market is getting crowded, it’s been that way for a while. The number of active global PE firms, defined here as having raised a fund in the prior five years or completing a deal in the prior three, has been on an almost-uninterrupted increase since 2000. From 1,453 active firms…
It’s said that a great tree cannot truly be measured until it falls. The untimely passing last week of Jimmy Lee, JP Morgan Chase’s vice-chairman, at the age of 62, left many in the banking world reflecting on the legacy of a man who transformed buyout finance. While tributes have noted Jimmy’s extensive contributions to…
This week we continue our conversation with Robert Gefaell, co-founder and partner, Plexus Capital. Plexus focuses on subordinated debt investments in middle market companies, with a total of $550 million under management across three funds. Second of two parts – View part one. The Lead Left: That’s pretty typical of smaller companies. Robert Gefaell: You bet – most owners…
The share of leveraged loans held by banks was up slightly, thanks to more BB and term loan A issuance this year.
Halfway through 2015 and Leveraged Lending Guidance continues to keep leverage levels under control on buyout deals. The share of deals with leverage of seven times or greater has plummeted in 1H15 to only 5.7% from 26% last year. The share of deals levered greater than 7 times peaked in 2007 at almost 40%…. Subscribe to
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Contact: Cuong Huynh cuong.huynh@spcapitaliq.com
There are many words synonymous with the European sovereign debt crisis, the portmanteau ‘Grexit’ being the most in vogue. But a word that was thought to have been banished by the ECB – contagion – has returned to the discourse this week. Spreads in Italy, Spain and Portugal – the peripheral countries most exposed to…
Our mailbag was overflowing in response to last week’s column on the topic of repayment trends in leveraged loans. Readers mostly bemoaned the lack of discipline by lenders in compelling borrowers to reduce debt in the form of real amortization. We considered how quaint the notion has become of borrowers actually repaying debt over the…