Direct Lending Deals

DL Deals: News & Analysis  - 10/19/2020

Sun Life’s $338M acquisition of Crescent Capital underscores confidence in direct lending Sun Life Financial’s $338 million acquisition of Los Angeles-based Crescent Capital underscores investor confidence in direct lending, even as the Covid pandemic has upended global economies. Sun Life, a Toronto-based insurance company that has a small direct lending team within its $193 billion

DL Deals: News & Analysis  - 10/5/2020

Third quarter finishes on high note; Lower middle market LBOs rally in Sept The second quarter’s heavy caution all but disappeared by last month in a swift reversal of deal flow. Uncertainty is onmnipresent, but investors have capital to deploy, financing has stabilized and after idling for six months, it’s risk on toward year end....

DL Deals: News & Analysis  - 9/14/2020

August amped up deal flow in lower middle market; Busy season ahead Lower middle market deal flow amped up in August, with volume exceeding July as lending found its footing amid calmer secondary prices and outflows. Quarter-to-date volume overtook 2Q weeks ago. Final numbers will be available in our upcoming Quarterly Report....

DL Deals: News & Analysis  - 9/7/2020

Non Accruals rise, not spike; Lower middle market BDCs steady at 7.5% BDC non-accruals rose to an average of 5.3% at June 30, up from 4.9% at the end of March, based on a DLD analysis using Refinitiv’s BDC Collateral database. Last quarter’s increase hoisted the average above the historical range of 3% to 5%

DL Deals: News & Analysis  - 8/3/2020

Lending began to rebuild in July, add-ons drove 60% share There’s no clear path forward yet, but lending began to slowly rebuild in July. The second quarter gave arrangers more time to evaluate portfolio company exposure to Covid-19, and while performance was down, it wasn’t as bad as many were expecting, based on DLD‘s conversations

DL Deals: News & Analysis  - 6/22/2020

Ardonagh highlights viability for large unitranches It’s not a buyout, but Ardonagh Group’s record unitranche loan of £1.575 billion highlights the viability of jumbo ‘unis’ in a cautious direct lending market. Ares Management’s direct lending platform in Europe is lead arranger on the financing, while Caisse de depot et placement du Quebec, HPS Investment Partners

DL Deals: News & Analysis  - 6/15/2020

After outpacing M&A add-on activity for the past six months, LBOs fell in May, to a 28% share of direct lending loans, as tracked by DLD. Add-ons accounted for 62%, up from 37% in April. Opportunistic refinancings and dividend deals were absent altogether last month....

DL Deals: News & Analysis  - 5/18/2020

Non-Accruals across lower middle market portfolios rise to 7.5% Effects of the coronavirus lifted the average non-accrual rate across lower middle market BDC portfolios by 1.7%, to 7.5% in the first quarter. Out of $5.8 billion of outstanding first- and second-lien term loans, $436 million was on non-accrual across 42 borrowers, up from $331 million

DL Deals: News & Analysis  - 5/4/2020

April volume retreats as expected, May forecast is weak Direct lending volume retreated in April, with transactions slipping to 43 from 67 in March, according to Direct Lending Deals. It was the slowest month for deal flow since DLD launched last September, and most of the mandates were underwritten pre-Covid....

DL Deals: News & Analysis  - 4/13/2020

Price points emerge in 10% to 11% range for jumbo direct lending loans Two jumbo direct lending deals surfaced this week— Alnylam Pharmaceuticals and Airbnb —as the first comps to guide new issue underwriting since the Covid-19 pandemic shut credit markets a month ago. Alnylam obtained a $750 million 1L term loan at L+700, while