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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
Sole bookrunner Morgan Stanley gets deal multiple times covered
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With leveraged companies largely shut out of central bank bond buying and price support schemes, sponsors are mulling government-backed lending schemes in several European countries, as they seek to show other creditors that they have abundant access to liquidity. But the schemes often come with strings attached, which could do nearly as much damage to a sponsor's investment thesis as a restructuring. -
Direct lending funds are likely to be the best choice for sponsors looking to fund buyouts this summer, with investment banks still sitting on substantial bridge books, and simplicity and certainty of execution being the top priorities.
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Coffee machine company Selecta’s high yield bonds dropped 24 points on Wednesday after it released awful numbers for the fourth quarter of last year — sending leverage shooting up well before any coronavirus impact. It was the first company in Europe to announce it had raised new super-senior debt from its sponsor, KKR Credit, which injected a €50m liquidity facility into the capital structure in March.
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Hellman & Friedman-owned alarm company Verisure announced a new European high yield bond on Thursday, the first after a drought of more than seven weeks. The deal is a conservative place to restart high yield primary markets, but bankers said there is appetite for more challenging issuers to come.
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The International Private Equity and Venture Capital Valuation Guidelines (Ipev) body has warned funds to take special care over quarter-end reporting and valuation of portfolios, so that marks for sponsor-owned companies reflect as well as they can the devastation of the coronavrius pandemic, rather than the benign conditions prevailing at the start of the year.
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Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.
