U.S. Tobacco Cooperative Files Chapter 11 After Termination of Federal Tobacco Price Support Program Raleigh, N.C.-based U.S. Tobacco Cooperative, the “largest tobacco cooperative in the United States” and the “most vertically-integrated company in the industry, operating leaf receiving stations, green leaf threshing and redrying, primary blending, cigarette manufacturing, and wholesale distribution,” filed for chapter 11…
This week we continue our conversation with members of Lincoln International’s Capital Advisory Group, managing directors, Aude Doyen, Xenia Sarri, and Dominik Spanier. “US and Europe are competing markets,” Ms. Sarri told us. “The US was increasingly aggressive when I first came here, but six years later terms are more favorable in Europe. For instance,…
Lincoln’s illustrative terms for “reasonably strong” senior and unitranche credits are generally consistent by country.
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Last week we tuned into Fitch’s European Leveraged Finance Mid-Year Update. The discussion – covering the economy, ratings, and structures – was virtually indistinguishable from recent US market conferences. Apart from the distinguished accents. Volume, for example, has returned to pre-Covid levels. Terms, that were so investor-friendly a year ago, are now decidedly issuer-friendly. Price […]
2Q21 M&A loan volume nearly 3 times year ago totals; 1H21 volume two times 1H20 results Nearly US$175bn in M&A loan volume was completed in 2Q21, a 40% increase over 1Q21 results and almost three times the comparable year ago totals. The market completed almost US$300bn in M&A loan volume during the first six months…
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…
2021 on a record-setting pace PitchBook’s latest PE Breakdown Report, which will publish this Monday, shows a record-setting pace through the second quarter. Both volume and value figures are well above average at this point of the year. Q2 was especially active—we’re estimating the second biggest quarter on record, trailing only Q4 of last year….
