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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.

PE buyout loans surge in Asia-Pacific – report

Lenders refocus on backing acquisitions by sponsors, including Brookfield, Partners Group, and TPG.

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.

Europe ventures into the unknown

The continent looks set to follow in the footsteps of the US as venture lending gathers steam, but challenges lie in wait.
Car mechanic

Dyal’s new credit vehicle: a look under the hood

A look at the debt fund's loan terms, expected performance and opportunity set.

Trade body urges investors to quiz issuers on covenants

The European Leveraged Finance Alliance has sent would-be investors in high yield bonds a questionnaire to encourage issuers to open up on key deal terms.

The legal advice that’s not wanted

Although unfavourable deal terms have been in the spotlight, they are not the only cause for resentment among lenders in today’s market.

LISTEN: 3 takeaways from the June magazine’s ‘EBITDA on steroids’ cover story

The level of EBTIDA addbacks is correlated to company size: the bigger the company, the more generous the adjustments. But lenders to smaller companies are still compromising on things they never thought they'd have to agree to only a couple years ago.
Daniel Zwirn

VIDEO: The direct lending mid-market is ‘priced to death’

Daniel Zwirn, a former hedge fund luminary and now head of investment firm Arena Investors, is one of the authors of a white paper predicting trouble ahead for, among other things, mid-market loans and leveraged loans. In this video, he explains his concerns.
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