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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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Sponsor driven merger and acquisition activity has suffered in 2016, with volumes sliding 25% this year to date. There could be a boost to come though, with the final four months of the year historically proving fruitful.
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German pharmaceuticals firm Riemser allocated its €256m term loan dividend recapitalisation on Tuesday, according to one banker. The deal comes as deal flow in the levloan market dissipates.
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Morrison Utility Services launched on Wednesday £170m of loans to early bird syndication, bringing supply to a market where sterling issuance has dropped more than 55% year to date.
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One of the longest running and most painful sagas in global leveraged finance came to an end this week when high yield investors on Wednesday accepted Veritas Technologies’ €600m-equivalent secured seven year non-call three senior bond eight months after it was first launched. Victor Jimenez reports.
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Veritas Technologies on Tuesday began marketing a €580m-equivalent secured bond, the last leg of the debt package that supports its acquisition by private equity firm Carlyle — and that investors rejected in November 2015.
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Morrison Utility Services is to launch this week loans backing the first UK leveraged buyout since Britain’s vote to leave the EU, according to a banker with knowledge of the deal.