Spotlight on Healthcare – A Special Industry Report (First of a Series)

The private equity firm Platinum Equity announced last week they had offered to buy Johnson & Johnson’s blood glucose monitoring product for about $2.1 billion. The LifeScan Inc unit was one of several J&J businesses focused on diabetes devices. The medical products giant had apparently experienced declining revenues and squeezed margins in that arena and had been considering their strategic options.

As middle market lenders, we are always on the alert for sectors in which our borrowers could come under siege from large strategic corporates. That’s one of our featured risks. It feels less common to have a major competitor exiting an area in which they’ve shown historic dominance. But clearly the world of healthcare is changing...


Quote of the Week

“I look at the world at the moment as being bond-unfriendly.” – James Athey, senior investment manager, Aberdeen Standard Investments.

Chart of the Week: On the Mend

Mergers and acquisition financings in the healthcare space for middle market issuers have grown steadily since the credit crisis.

Lead Left Spotlight

Brad Raymond

Head of Investment Banking

Stifel Financial

"Private equity is an important driver of activity and has become a meaningful alternative to going public."

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Dee Dee Sklar

Vice Chair of Subscription Finance, Asset-Backed Finance

Wells Fargo Securities

"There is no one size fits all Subscription Finance structure, as needs vary depending on investment strategies."

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Upcoming Interview: Rob Morris

Founder and Managing Partner

Olympus Partners

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Upcoming Interview: Andrew Welch

Managing Director

Revelstoke Capital Partners

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Upcoming Interview: Bram Smith & Lee Shaiman

Outgoing and Incoming Executive Director


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Leveraged Loan Insight & Analysis – 3/19/2018

Second lien issuance reaches $6.8B so far in 1Q18 Syndicated and privately placed second lien loan volume has reached US$6.8bn so far in 1Q18, which is not too far behind 4Q17’s volume of US$8.6bn. Issuers continue to rely on second lien facilities to maximize their leverage as 61% of the second liens tranches have been

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The Pulse of Private Equity – 3/19/2018

Is Corporate VC hurting PE? PE investors are no strangers to competition. Fellow PEGs and strategic buyers have been around since the beginning, and family offices and fundless sponsors are fast becoming significant players in the middle market. A new hybrid competitor is starting to flex its muscle, almost undetected by the broader industry: corporate

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PDI Picks – 3/19/2018

Thirst for yield overshadows other concerns Worries over market valuations are being suppressed by investors still keen to embrace the private credit and private equity markets. In our limited partner survey conducted recently, North American respondents told Private Debt Investor their biggest macroeconomic concern was “extreme market valuations”. On a scale of 1-5, investors registered

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Private Debt Intelligence – 3/19/2018

UK-Based Private Debt Fundraising: An Overview The UK-based private debt fundraising market witnessed a record 2017, with 22 funds securing a total of $19bn in capital, exceeding the previous record of $11bn raised by 21 funds in 2015. 2017 also marked a sharp uptick from the previous year: in 2016, 19 UK-based private debt funds

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Markit Recap – 3/12/2018

The year 2018 marks the 10th anniversary of the collapse of Bear Stearns and Lehman Brothers and still the task of tackling “Too Big To Fail” is far from complete. On the contrary, regulation aimed at preventing taxpayer-funded bailouts is yet to be fully implemented – a fact that may come as a surprise to

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