Borrowers turn to distressed exchanges in the face of punitive interest rates
Debt deals by Blackstone, Elliott and Vista Equity Partners point to a sea change in the market
Technique to shift risk to investors may have ‘system-wide’ impact, fund warns
Use of payment-in-kind loan terms is growing as companies struggle with heavy leverage and high interest rates
Company backed by investors including Clayton, Dubilier & Rice and Hellman & Friedman prepares €4.4bn dividend
Recapping and backslapping
The impact of leveraged payouts examined
Lenders are pushing back on ‘high-water ebitda’ provisions and most have been excised from terms
Private credit lenders including Blue Owl and Ares take control of software group in deal that values it at about $900mn
Plus the Bank of Mexico and margin debt
Investors withdrew $2.5bn during market plunge on fears of economic slowdown and lower coupons if interest rates fall
Hello uptiers, trapdoors, dropdowns, and double dips
Use of fund-level net asset value loans to pay dividends falls 90% after institutional investors raise concerns
Investors pay the price for flocking to so-called cov-lite leveraged loans with reckless abandon
The US buyout group has become one of the biggest buyers of a fast-growing type of risk transfer product
Central bank concerned that risks in sector backing 2mn UK private-sector employees could spill over to rest of economy
Borrowers benefit from equivalent of two Fed rate cuts as demand for debt booms
Lenders are considering their options at Pluralsight, a distressed company owned by private equity firm Vista Equity Partners
Direct lenders are coming under increased competitive pressure
Management of home exercise company is looking to buy time to execute turnaround plan
An ‘inflection point’ approaches, says Barclays, and not the good kind
The treachery of ‘systemic risk’
About $10bn of loans have been refinanced in public markets as conditions improve due to rate cuts being on the horizon
The pricing of new, so-called collateralised loan obligations has hit record levels so far this year
Banks are on the offensive for a change
