Covenant Trends – Average EBITDA Adjustment Cap for Synergies & Cost Savings
Contact: Steven Miller smiller@covenantreview
TheLeadLeft
Debtwire Middle-Market – 8/7/2017
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 comprises of more…
How Big is the Middle Market? (Last of a Series)
So far we’ve used three methodologies to size the universe of middle market loans. Using annual issuance data and average life calculations, we arrived at outstandings of $410 billion, before run-off and refinancings. Then we took the middle market refinancing cliff, which is overstated relative to outstandings, to come up with a midcap universe of…
The Pulse of Private Equity – 8/7/2017
Middle Market Activity – 2Q Update, Part Two Download PitchBook’s 2Q 2017 US PE Middle Market Report click here. As we discussed last week, record-level fundraising is having an outsized effect on the PE middle market. So it comes as little surprise that secondary buyouts are taking a larger share of exit activity, with the…
Chart of the Week: Asset Rich
Loans held by middle market CLOs are $33 billion, less than 8% of those held by broadly syndicated vehicles.
Select Deals in the Market – 8/7/2017
☞ Click for a larger image.
Lead Left Interview – Marc Daniel
This week we chat with Marc Daniel, managing director, mergers and acquisitions, SunTrust Robinson Humphrey. STRH is recognized as a top provider of M&A services for deals under $500 million and has executed hundreds of transactions for private and public companies, as well as financial sponsor firms, across a wide variety of industries and market…
Private Debt Intelligence – 8/7/2017
Mezzanine Funds Become Most Sought-After Last week, Preqin examined the stated preferences of private debt investors and showed that mezzanine funds are currently preferred by the largest proportion of investors, a shift from 12 months ago. This week, Preqin explores… Login to Read More...
Loan Stats at a Glance – 8/7/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com