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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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Technical changes to the UK government’s large business support scheme open the way for private equity-owned firms to draw on the facility, but limits on dividends and new indebtedness may still discourage sponsors from using the scheme. -
Payment in kind notes and preference shares will likely play an increased role in new leveraged buyout structures, as sponsors seek to bridge the gap to ever more stretched equity valuations against a backdrop of depressed earnings.
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Bain Capital has hired a new global head of ESG with extensive experience of oil and gas investments.
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Dutch DIY retailer Maxeda unveiled a refinancing on Monday morning which will test the market’s appetite for taking out triple-C rated bonds at tighter levels, with a €400m offering to redeem its existing €475m 6.125% 2022s.
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KKR-owned vending machine company Selecta was one of the first companies to have its owner inject super-senior ‘priming’ debt once the Covid crisis hit, pushing bondholders down the capital structure. But in its restructuring package laid out on Tuesday, KKR reversed this aggressive move, offering a creditor-friendly proposal that sent the bonds up 11 points.
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High yield bond issuance is coming thick and fast in Europe, with primary supply not limited to straightforward Covid-proof credits, but also coming from highly levered firms feeling the pinch of the pandemic restrictions.
