Chart of the Week: One-Stop Pop
Unitranche share of 2Q middle market sponsored loans slipped from 1Q, while overall activity jumped.
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LevFin Insights: High-Yield Bond Statistics – 8/16/2021
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Unitranches vs. Bank Loans
According to Refinitiv LPC, US unitranche volume came to almost $22 billion last quarter – the highest level they’ve tracked historically. At the same time, one-stop risk/return dynamics have moved in favor of issuers. The average debt/ebitda is now at a record high 5.9x, with all-in Libor spreads hovering around 600 bps. As we told […]
Private Debt Intelligence – 8/16/2021
Direct lending attracts most capital in H1 2021 Direct lending remains the most popular private debt strategy, with $14.7bn more capital raised in the first half of this year compared to H1 2020, despite a fall in the number of funds closed from 20 to 17. In distressed debt there were less than half the…
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Covenant Trends – 8/16/2021
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller
Reorg Credit Intelligence – 8/16/2021
After June Refinancing Transactions Reduce Secured Leverage, Carrols Restores Significant Secured Debt Capacity Under Its Credit Agreement, Declares Special Cash Dividend Payable in Q3 Carrols Restaurant Group Inc. is one of the largest restaurant companies as well as the largest Burger King franchisee in the United States. As of July 4, 2021, the company operated,…
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PDI Picks – 8/16/2021
Interest grows in venture debt It’s still a relatively unknown corner of the private debt universe, but venture lending is attracting more support. Venture debt is a small but growing part of the private debt landscape looking to fund small but very high-growth companies to help them reach their next stage in development. In the…
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