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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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Independent Vetcare, a veterinary group based in the UK, is back in the market with an add-on to the sterling loans that funded its leveraged buyout in April. -
UK fashion retailer New Look saw its bonds trade down after poor quarterly results this week just as fears mount of a downturn for the sector. That has left high yield investors divided about the implications for issuance from New Look's peers.
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Eurazeo, the private equity firm, is offering a loan to fund the leveraged buyout of Spain’s Iberchem, a fragrance and flavour maker, from Magnum Capital.
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Conditional books are already oversubscribed for the €240m term loan that funds the Ontario Teachers' Pension Plan's acquisition of Mémora, an Iberian funeral services provider.
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Cruise.co.uk, a UK online travel agent, is buying German peer Kreuzfahrtberater in a deal that brings together the direct lending arms of private equity firms Bridgepoint and Permira.
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Deals in the leveraged finance market have grown increasingly aggressive in recent weeks, as a strong run of buyouts has seen leverage levels ramp up. Some in the market have identified the European Central Bank’s leveraged lending guidelines, due to come into effect in November, as fuelling the fire. Max Bower reports.
