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PDI Picks – 2/10/2020

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Private debt secondaries: On the cusp? Now a well-established part of the private equity universe, secondaries remain very much on the periphery of the private debt world. This seemed to be confirmed by Private Debt Investor’s recent LP Perspectives 2020 survey, which found that only 11 percent of investors who took part were planning to…

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Debtwire Middle-Market – 2/3/2020

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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…

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The Pulse of Private Equity – 2/3/2020

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Is there “too much” private debt floating around? Maybe not The boom in direct debt lending has directly coincided with the PE boom over the last decade. No surprise there—a decade ago was the global financial crisis and its aftermath, when traditional lines of credit from Wall Street suddenly dried up. Direct lenders, with fewer…

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Covenant Trends - 2/3/2020

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Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) Contact: Steven Miller

Private Debt Intelligence - 2/3/2020

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Private Debt Deals Break New Ground Leverage is a key component in a private equity transaction, used to drive and maximize returns for investors. Banks moving away from the space has opened up more and more opportunity for private lenders, which are better positioned to provide an alternative financing model for borrowers…. Subscribe to Read

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