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Debtwire Middle-Market – 5/20/2019

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Share of cov-lite loans slips in 2019, but remains the market standard Source: Debtwire Par, Xtract Research After reaching a high in the 80% area in 2017 and 2018, the covenant-lite share of institutional loans has slipped this year to 72% as lenders have in some instances been able to push back against the lack…

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Covenantive Easing (First of a Series)

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Much attention was paid over the past few weeks to a dramatic series highlighting the struggle between two powerful forces, a dizzying game for world domination, with the outcome hanging in the balance and viewers on the edge of their seats. Of course we’re talking about our recent series on valuations (“Why Valuations Matter” [link])….

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The Pulse of Private Equity – 5/13/2019

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Why are add-ons getting so much bigger? Download PitchBook’s Report here. The median add-on size almost doubled in the span of two years. The $41 million median seen in 2016 ballooned to $76 million last year, an 86% difference. At first glance, it looks like platform deal sizes have gone up much more rapidly, but charts…

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