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Direct lenders take the initiative as banks step back
In recent weeks, private credit and direct lenders have brought more certainty to borrowers as capital markets were roiled by tariff chaos
Banks already working on deals in the industrials and chemicals sectors
As Ares raises the largest direct lending fund, Goldman Sachs reorganises to serve the trend
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It is open season for repricings in the levloan market and lenders are feeling the squeeze. Two firms, one Austrian and one US, launched requests on Wednesday. They followed SIG Combibloc and Ineos Styrolution’s lead in exploiting ever friendlier conditions for issuers looking for cheaper debt, writes Max Bower. -
Ardian and Tikehau both announced the closing of €4.5bn and €610m direct lending funds respectively this week, with Tikehau's private debt fund manager Jean-Baptiste Féat telling GlobalCapital that 2016 seemed to be one of its "best years".
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TMF Group, the business services provider based in Amsterdam, and Unilabs, the laboratory services firm from Geneva, have both launched loan refinancing packages with TMF holding bank meetings last Friday in London, Unilabs on Thursday.
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Froneri, the joint venture between Nestle and R&R Ice Cream, released tight price guidance on its €800m loan deal following a London bank meeting on Monday, yet market participants are sanguine on its chances of success.
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Morrison Utility Services, the first UK leveraged buyout to come to market since the UK voted to leave the EU, received oversubscribed offers for its £170m loan package.
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Adams Street Partners has added four to its private debt team in New York as it looks to expand the business following the hires of Oaktree executives Bill Sacher and Shahab Rashid in January.
