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Direct Lending Managers Face Rough Road Ahead

NEW YORK, October 25, 2017 – Indeed, loan covenants for borrowers have become a point of distinction in the market, with some established direct lending firms sticking to stricter terms, but other newer entrants – or managers seeking to grow faster – offering lighter provisions, says Randy Schwimmer, senior managing director at Churchill.

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Covenants: Lofty Leverage Levels and Aggressive Addbacks

NEW YORK, October, 2017 – EBITDA adjustments have expanded beyond conventional add-backs like the cost of headcount reductions. For example, one of the more aggressive add-back that firms now request includes taking into account the projected revenue generated from a new product or customer over the next 12 months, says Randy Schwimmer, senior managing director and head of origination and capital markets at Churchill Asset Management.

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In Search for Growth, Private Equity Firms go Shopping

NEW YORK, June 12, 2017 – Higher prices paid to buy the original portfolio company are making it tough for private equity managers to achieve the returns they need to earn their share of profits when they exit the investment, said Randy Schwimmer, a New York-based senior managing director and head of origination and capital markets at private equity firm Churchill Asset Management LLC.

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Review of the Loan Middle Market – Performance in 2016 and Expectations for 2017

May 2, 2017 – Randy Schwimmer, Head of Origination and Capital Markets, Churchill Asset Management, discusses the state of the middle market loan environment, including changes in loan distribution dynamics and deal structure trends.

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… and in private credit: beware ‘stretching’ for yield

April 9, 2017 – Institutional investors are combing the private credit markets, searching for higher returns. But the key to understanding higher-yield investments is to appreciate the kind of credit risks their managers are taking, according to Randy Schwimmer. There are implications in “stretching” for yield…

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Annual Debt Market Update: More Opportunistic Environment for M&A

NEW YORK, January 24, 2017 – 2017 could be a pivotal year if pro-business policy changes under the Trump administration are enacted, with themes of fiscal stimulus, lower taxes, and less regulation representing potential tailwinds for the middle market. Lender sentiment is positive on the heels of a robust year in middle market loan fund raising, with economic growth, strong public equity valuations, and a healthy debt market expected to provide a backdrop for a more opportunistic M&A environment. In Brown Gibbons Lang & Company’s (BGL) annual roundtable survey, middle market lenders share insight on developing trends in the financing markets and their outlook for 2017.

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US Roundtable 2016

NEW YORK, September, 2016 – As the private mid-market debt asset class grows, choosing the right lending partnerships and financing diversification are uppermost in the minds of some of the market’s leading operators. Andrew Hedlund sat down with seven US private debt experts to find out more.

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A Review of US vs European Direct Lending

LONDON, May 1, 2016 – Over the years the US has been by far the dominant supplier of leveraged loans globally. But given similar regulatory pressure being exerted on overseas banks as here, Europe is gaining media attention as a source of debt opportunities for both managers and investors.

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Cleveland Investment Bank: M&A Financing will Remain Strong in 2016

CLEVELAND, December 11, 2015 – “The middle market will remain liquid, given the capital flowing into the space, regardless of interest rate hikes. 2016 appears bullish for both lenders and borrowers,” said Randy Schwimmer, a senior managing director at New York-based Churchill Asset Management, in the report.

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Annual Debt Market Update: Hitting a Plateau, Can Lenders Get More Aggressive?

CLEVELAND, December 9, 2015 – The credit markets remain open, and leverage appetite is robust for companies with attractive credit profiles. In Brown Gibbons Lang & Company’s (BGL) annual roundtable of middle market lenders, participants revealed a sentiment of cautious optimism, underscored by the expectation of a stable U.S. economy and continuing strong credit quality in leveraged loan portfolios.

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US Roundtable

NEW YORK, September, 2015 – The US private debt market, always the most mature, is proving particularly creative too. PDI sits down with seven debt managers to discuss the market.

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The Fuel

NEW YORK, June, 2015 – Middle-market companies demand debt capital. With traditional lenders departing the space, a few select groups have ramped up their involvement – including the recently combined forces of TIAA- CREF and Churchill Asset Management. To discuss market dynamics and company culture, CIO Editor- in- Chief Kip McDaniel recently sat with Ken Kencel (President & CEO, Churchill), Randy Schwimmer (Head of Origination & Capital Market, Churchill), Brian Roelke (Head of Corporate Finance Originations, TIAA- CREF), and Shai Vichness (Head of Senior Leveraged Lending, TIAA- CREF).

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Will PE investments outperform the S&P 500 in 2015?

February 26, 2015 – Pitchbook recently spoke with ACG New York Board Member Randy Schwimmer, founder of The Lead Left and former managing director at The Carlyle Group, to get his thoughts on the survey and the PE landscape in 2015…

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Do public markets affect PE deal volume in the U.S.?

DECEMBER 12, 2014 – Schwimmer points out the inherent difference between debt investors and equity investors, explaining that investors interested in debt markets are seeking appreciation through yield rather than capital gains…

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AXIAL

Eve of Another Bust? Is this 2007?

AUGUST 13, 2014 – We’ve interviewed Randy Schwimmer, one of the world’s leading authorities on the private debt markets, to help us better understand the current state of the debt markets and what this portends for the level of deal activity going forward…

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Publisher Schwimmer: ‘Your tour guide in loan land’: Buyouts

MAY 6, 2014 – After a two-year hiatus, Randy Schwimmer is back with his weekly e-newsletter covering the middle-market leveraged lending scene. The Lead Left, which debuted last week, is the successor to On the Left, the popular e-newsletter that Schwimmer wrote while he was a senior managing director and head of capital markets at Churchill Financial…

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BLOOMBERG

Schwimmer Says Appetite for CLOs Is Returning

MAR 23, 2012 – Randy Schwimmer talks with Bloomberg’s Lori Rothman about the return to the market of collateralized loan obligations. Schwimmer also discusses the structure of the CLOs and the risks associated with the instruments…

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Port in the leveraged loan storm

SEP 7, 2011 – It was early Sunday morning on the southern Rhode Island coast, the brunt of Hurricane Irene still hours away, when the electricity went off in our vacation rental…

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A Junk Bond Party, but Will the Fireworks Fade?

NOV 19, 2010 – Mr. Schwimmer pointed to the popularity of high-yield financings known as “dividend recaps,” in which private equity firms push their portfolio companies to market in order to pull out some of their investment. Mr. Schwimmer called those deals “a vivid sign of investor over-exuberance.”…

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LBO Boom’s Last Vestiges Would Disappear With BCE Deal’s Demise

NOV 26, 2008 – “BCE is really an Old World transaction,” said Randy Schwimmer, senior managing director and head of capital markets of New York-based Churchill Financial LLC. “In the New World, private equity buyers are looking to tease out value wherever it can be found, whether that’s in smaller new issues, distressed paper or mining their own portfolios.”…

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