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Saturday, 16 December 2017

Leela Parker Deo' s stories

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  • FS teams with KKR to create lending platform

    Loans | 15 December 2017

    Alternative investment manager FS Investments has agreed to form a new partnership with investment firm KKR to create a middle market alternative lending platform that will manage a combined US$18bn in business development company assets, making it the largest platform of its kind.

  • North America Mid-Market Loan: SnapAV's US$315m LBO loan

    All Special Reports | 15 December 2017

    The US$315m covenant-lite leveraged buyout loan supporting private equity firm Hellman & Friedman’s acquisition of SnapAV was a tricky deal and still scored an execution that put it among the most aggressive and competitive middle-market loans of 2017.

  • BDCs show mixed results in competitive environment

    Loans | 10 November 2017

    Earnings season is well under way for business development companies and so far results are mixed for the closed-end investment funds that lend to private US middle market businesses.

  • Falling pricing, repayments weigh on BDC earnings

    Loans | 18 August 2017

    Sliding loan pricing and increased repayments are continuing to curb the profitability and growth of Business Development Company funds that lend to private US midsized companies.

  • Conflicting regulations hamper CLO risk retention

    Structured Finance | 21 July 2017

    Two pieces of regulation designed to protect investors could make it more difficult and expensive for funds to lend to mid-sized US companies as managers try to meet rules that require them to hold some of their funds’ risk.

  • Institutional market lures middle market borrowers

    Loans | 09 June 2017

    Middle market lenders are losing higher-yielding assets to the institutional loan market as companies such as US Anesthesia Partners, attracted by the lower spreads, opt to tap the broadly syndicated market, leaving private credit managers to reinvest repayment proceeds at lower yields.

  • Unitranche remains the most expensive execution

    Yields, size hit unitranche market

    Top News | 02 June 2017

    Falling yields and larger deals have wreaked vast changes on the structure of the unitranche loan market and put intense pressure on joint ventures set up by lenders to win business in that niche area.

  • Middle-market lenders resist pricing erosion

    Loans | 26 May 2017

    Credit investors are drawing a line in the sand with regard to the rates at which they are prepared to lend to US middle-market companies, after a wave of aggressive leveraged loan refinancings pulled yields lower in the first quarter of the year.

  • A Coach store in New York

    Coach offers retail M&A blueprint

    Top News | 12 May 2017

    Handbag maker Coach’s US$2.4bn purchase of clothing retailer Kate Spade is the latest indication that US retailers are becoming increasingly willing to borrow to buy rivals and boost profits.

  • Demand for yield fires up US second-lien

    Loans | 13 April 2017

    US investors are turning to higher-yielding second-lien loans as primary spreads on US leveraged loans continue to fall in an aggressive repricing round and new deals remain scarce.

  • Qlik Technologies slashes loan cost

    Loans | 07 April 2017

    Data analytics firm Qlik Technologies is in the market with a US$1.07bn loan refinancing that will halve the interest margin on a highly leveraged loan that it raised from direct lenders less than a year ago, to finance its US$3bn sale to private equity firm Thoma Bravo.

  • BDC sector splitting into ‘haves’ and ‘have nots’

    Loans | 31 March 2017

    The performance of Business Development Companies is diverging into ‘haves’ and ‘have nots’, with some platforms continuing to raise capital and others struggling to perform as conditions in US middle market lending remain challenging.

  • Repricing surge boosts demand for second-lien loans

    Loans | 03 March 2017

    The repricing wave that has swept through the US leveraged loan market is gathering momentum in the riskier second-lien market as tumbling institutional term loan yields open the door to issuers seeking to cut borrowing costs further down the capital structure.

  • Institutional demand for yield benefits middle market

    Loans | 17 February 2017

    Institutional leveraged loan buyers are looking to higher priced middle-market loans as an offset to the repricing blitz pushing yields in the large corporate market to lows not seen since 2004.

  • Rising interest rates to boost BDC earnings

    Loans | 27 January 2017

    Business development companies, which specialise in lending to US private mid-sized businesses, are expected to show some much-needed earnings growth in 2017 as rising interest rates boost their income on floating-rate investments.

  • Investors await Trump policies

    Loans | 18 November 2016

    US leveraged loan investors are waiting to see whether President-elect Donald Trump will follow through on campaign pledges for sweeping policy changes before significantly changing their strategies or portfolios.

  • Monroe Capital logo

    New crop of middle market funds highlights demand

    Loans | 28 October 2016

    US middle market lenders continue to rake in fresh capital commitments, underscoring the growth in demand for private debt among yield-starved institutional investors facing record-low interest rates and increased volatility.

  • Augusta Sportswear logo

    Augusta swaps unitranche for lower cost loan

    Loans | 14 October 2016

    Athletic apparel maker Augusta Sportswear is tapping the loan market with a US$435m all-senior covenant-lite deal that refinances the company’s existing, and more costly, unitranche debt, cutting interest costs and improving flexibility.

  • BDC space ripe for consolidation

    Loans | 16 September 2016

    Business development companies, which extended share price gains this summer after a prolonged slump, still face hurdles that prime the specialised closed end investment funds for consolidation.

  • Marketo logo

    PE firms put more capital into LBOs

    Loans | 26 August 2016

    Higher company valuations and lenders wary of risky investments are pushing private equity firms to increase the size of equity contributions for leveraged buyouts to near historic highs in the face of fierce competition from cash-rich corporate buyers.

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