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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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While the last few years have been all about the European high yield bond market rapidly developing into a dependable financing source for private equity sponsors, 2015 saw the loan market fight back. But as Max Bower and Victor Jimenez point out, it has done so at a time when LBO sponsors face increasing competition from IPOs and trade buyers. -
LGC Group, the UK life sciences company, will hold a bank meeting on January 13 for £500m of debt to finance its sale by Bridgepoint to KKR.
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Acadia Healthcare, the US psychiatric and behavioural health care provider, has agreed to buy UK peer the Priory Group from Advent International for around £1.5bn.
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Electra Partners and Patron Capital have agreed to buy Grainger Retirement Solutions, the home reversion equity release business of Grainger plc, for £325m.
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Ares Management, the asset management firm, has purchased a £500m portfolio of performing UK middle-market financial sponsor-backed term loans from Barclays’ corporate banking division.
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The last time a newly rated Italian issuer tried to issue a corporate high yield bond was in May — but take a step back and the wider picture points at a resilient, vibrant market with an investor base up for the challenge. Victor Jimenez reports.
