Middle Market Deal Terms at a Glance – July 2021
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
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PDI Picks – 7/12/2021
When going green is not all it seems Investors are not convinced that ESG-friendly loans necessarily force managers to up their game. Private debt, it could be argued, has up to now occupied the back seat when it comes to environmental, social and governance issues. The expectation in sponsored deals has been that private equity…
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Reorg Credit Intelligence – 7/12/2021
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…
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The State of Private Credit in Europe (Fifth of a Series)
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,…
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Chart of the Week: Terms and Conditions Apply
Lincoln’s illustrative terms for “reasonably strong” senior and unitranche credits are generally consistent by country.
Loan Stats at a Glance – 7/12/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
US vs Europe: Toggling For Loan Value
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 […]
Leveraged Loan Insight & Analysis – 7/5/2021
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…
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