Home Senior debt

senior debt

Mid-market lenders, banks more willing to push on leverage: Survey

As US federal leveraged lending guidance statutes have become a thing of the past, banks are showing a willingness to compete with direct lenders.

When one is better than two: Why unitranche trumps syndication

Volatility has made unitranche an appealing option in a market where some syndicated deals are requiring an increase in pricing to get across the finish line.

Comvest raises $450m in first close for fifth direct lending fund – exclusive

The alternative lender backs both sponsored and non-sponsored businesses with its flagship fund series.
pile of rolled dollar note bundles

4 takeaways from the BDC Q2 stats

Ironically, BDC first-lien assets have increased in recent years, but a larger share of BDC assets are considered distressed than the overall secondaries market.

A 5.5x EBITDA loan? Sure, you can call it senior secured

Unitranche has found favour post-GFC as a result of its simplicity. But investors should make sure not to ignore it goes much deeper in the capital structure than traditional first lien senior secured debt.

Blackstone’s Schwarzman on why he’s going big in European direct lending

The firm's founder took a position early on in its development that modest goals and bold ones required similar effort to achieve. So why not aim high?

POBA seeks five direct lending fund managers – exclusive

The Korean investor is to allocate $250m to North American and Asian mid-market corporate lending strategies.

Activist investor Stilwell ups stakes in THL Credit and Garrison BDCs

It also has positions in two other business development companies: Great Elm Capital Corporation and MVC Capital.
Europe

RiverRock holds first close on €344m for senior loan fund

The fund hopes to avoid slow origination through a deal with ING Bank.

Pemberton closes second mid-market fund at €3.2 billion

The fund manager has significantly expanded its presence across Europe in anticipation of opportunities from banks deleveraging.
pdi
pdi

Copyright PEI Media

Not for publication, email or dissemination