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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
A slow destruction of misallocated investment is more likely than a sudden stop
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CNQC International Holdings, a real estate developer, is tapping the Hong Kong market for a $150m club loan -
Middle market investment specialist Garrison Capital is set to merge with business development company (BDC) Portman Ridge Finance Corporation.
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Profine, the German PVC window and door maker, made its debut in the wholesale capital markets this week, printing one of the highest yielding bonds seen in euro senior secured format at 9.25%. It opted for this route rather than a unitranche loan to refinance its main debt facility with Commerzbank, which matures at the end of the year.
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Banks sitting on €8bn of underwritten debt to finance Advent and Cinven’s buyout of ThyssenKrupp Elevator finally hit the ‘go’ button early this week, unveiling the takeout for the largest European LBO financing in more than a decade. Pre-marketing and pre-placement have helped derisk the exit, but documentation is as weak as on any deal in the pre-Covid market, making the financing a crucial test for the strength of any post-crisis investor resistance, writes Owen Sanderson.
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Clearlake Capital Group has acquired a majority stake in WhiteStar Asset Management, a Dallas-based investment firm specialising in CLOs.
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The Basel Committee has proposed tweaks to its securitization rules to ease non-performing loan sales — but it hasn’t gone as far as market participants would like, and has rowed back from proposals tabled by the European Banking Authority last October, which would have cut capital requirements much further.
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