deal

A Year in Review (Third of a Series)

“How’s your pipeline?” we asked the head of one of the leading middle market arrangers in December. He shook his head. “The quality-adjusted deal flow is down.” That distinction resonated with a number of our middle market brethren. Complaints centered around ebitda adjustments, over-liberal debt allowance baskets, and covenant-lite (or covenant-wide) structures. “High leverage per…

What’s Ahead for 2015? (Part Two)

One of the enduring mysteries of life, other than the fact that Kanye West is Bruce Jenner’s son-in-law, is getting a handle on deal supply in the leveraged loan markets. By the numbers, the forward institutional pipeline has been drifting south since Labor Day. According to S&P Capital IQ, last week’s calendar stood at $40…