How Europe’s deal volumes stack up

The number of European private credit deals has more than doubled in just six years, with the UK still leading the pack, but France quickly catching up.

Golub Capital BDC shareholders sign off on merger

The combination with one of the firm's private BDCs, expected to close later in September, will create one of the largest publicly traded BDCs.

If the cap fits, wear it: The addback fightback

The EBITDA addback has become one of the most controversial aspects of deal documentation. Research shows lenders are resisting the most extreme examples.

Crescent BDC to acquire Alcentra Capital for $142m in cash, stock

Alcentra BDC shareholders will retain 19% of the combined entity, while the buyer will reduce its management fee and up its hurdle rate.

Blackstone’s GSO runs fund revamp on older credit pools

The firm, which launched its special situations fund in 2005, could move assets into a newly created vehicle that would let investors cash out of older funds.

BC’s credit platform makes another BDC play with OHAI purchase

BC Partners, which launched a credit arm more than two years ago, has made its second BDC purchase in less than a year.

The universe keeps expanding

Private debt funds’ share of buyout market financing has continued to climb, although they are likely to hit the ceiling eventually.

Debt funds pass banks in German LBO financing

In 2012, debt finance for the German leveraged buyout market was completely bank dominated. Seven years on, debt funds have attained a majority market share.

Ares grows insurance platform with acquisition of Pavonia

The credit manager launched Aspida Financial to manage the acquisition of Pavonia Life Insurance Company of Michigan.
Legal books

Designated lawyers could leave lenders in the lurch

Lawyers offer vital protection to debt funds, ensuring their documentation provides funds, and ultimately investors, with covenants and terms they can rely on. But the practice of equity sponsors designating lender counsel could be leaving creditors in the lurch.
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