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Covenant Trends - 9/13/2021

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Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller

Private Debt Intelligence - 9/13/2021

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Dry powder levels indicate healthy competition in PD Levels of dry powder in private debt have reached 35% across five main strategies (direct lending, distressed debt, mezzanine, special situations and venture debt) in Q2 2021, with funds sitting on $364bn. This indicates that, based on a three-year fundraising cycle, capital raised is in balance with…

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Reorg Credit Intelligence - 9/13/2021

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Papa John’s New Unsecured Notes Allow Considerable Additional Secured Debt; Leverage-Based Restricted Payments and Investment Baskets Accessible at Issuance With 2.5x, 2.75x Headroom Papa John’s International has announced the launch of $400 million of senior unsecured notes due 2029 (the “New Notes”), which are expected to price today, Thursday, Sept. 9. Proceeds of the New…

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PDI Picks – 9/13/2021

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Reinforcements needed for deals frontline Private debt transactions are plentiful, but are European fund managers biting off more than they can chew? In last week’s Lead Left, we reflected on our US Report, which accompanied the September 2021 issue of Private Debt Investor, in which Paul Hastings partner William Brady told us that the market…

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Outlook For Unitranche Financing

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“The unitranche was invented in response to broken capital markets, when banks were backing away. Today it’s thriving when markets are booming.” The size of these financings has also grown dramatically. How large could they get? We remember the same questions being asked about broadly syndicated loans in 2007. If the largest direct lenders collaborate, […]