Sunday, 23 September 2018

Leela Parker Deo' s stories

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  • Mid-market to stay competitive after Labor Day

    Loans | 24 August 2018

    The competitive dynamics that have defined US middle market lending this year are expected to persist after Labor Day, as the market gears up and lenders and investors battle to win mandates and hold on to existing portfolio assets.

  • Direct lending strategies still raking in capital

    Loans | 10 August 2018

    Investors continue to inject capital into US middle market direct lending strategies at a pace that could result in 2018 fundraising surpassing the record tallies seen in 2016 and 2017.

  • Middle market pricing ticks up

    Loans | 13 July 2018

    US middle market loan pricing is increasing at a slower rate than the larger US leveraged loan market, where assertive investors with more deals to choose from are winning concessions on pricing and documentation.

  • Highly leveraged buyouts peaking

    Loans | 22 June 2018

    The share of US institutional middle market loans that are classified as highly leveraged has hit a record high as strong investor demand continues to put pressure on midcap lending.

  • Firms focus on buy-and-build growth strategies

    Loans | 18 May 2018

    US middle market companies and their private equity sponsors are focusing on growing through ‘buy and build’ strategies, rather than transformative acquisitions, despite a surge in global merger and acquisition activity, as they prepare for a possible macroeconomic downturn.

  • BDCs move to boost leverage

    Loans | 20 April 2018

    Some Business Development Companies have already received board approval to increase the amount of debt that they can borrow after US legislation passed in March allowed them to double leverage on their funds.

  • Mid-market CLOs still on the hook for risk retention

    Structured Finance | 23 March 2018

    Managers of CLO funds that lend to mid-market US companies must continue to meet ‘skin in the game’ rules despite a court ruling which let most of the investment firms off the hook.

  • Highly rated borrowers drive pricing lower

    Loans | 09 March 2018

    Highly rated US leveraged loan issuers such as packaged foods company Pinnacle Foods and auto parts maker Allison Transmission are taking advantage of strong investor appetite for floating-rate assets to further cut borrowing costs.

  • Loan market shrugs off equity volatility

    Loans | 09 February 2018

    Volatility roiled the equity markets last week, but the US loan market barely paused as the asset class continues to look attractive to investors concerned about rising interest rates and potential inflation.

  • Lenders sweat over debt levels

    Loans | 12 January 2018

    Lenders to US mid-sized businesses are increasingly concerned about the higher levels of debt held by middle market companies compared with a year ago, as well as what they consider to be less restrictive leveraged loan documents, a survey by Carl Marks Advisors found.

  • 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.

  • Growing pipeline suggests post-Labor Day M&A pick-up

    Loans | 19 August 2016

    A growing pipeline of deals – buoyed by rising chief executive confidence, a stronger consensus about interest rate hikes, and an abundance of available capital – points to a post-Labor Day pick-up in M&A-related leveraged loan issuance.

  • CAMP Systems International logo

    CAMP lands US$757m refinancing loan

    Loans | 05 August 2016

    Global aircraft maintenance tracking and information services firm CAMP Systems International has returned to the US leveraged loan market with a US$757m refinancing loan as the private equity-owned company takes advantage of thin deal supply to push for aggressive terms.

  • A Parts Authority sign is seen on a store

    Middle-market lending to strengthen

    Loans | 08 July 2016

    Lending to US mid-sized companies is poised to increase in the second half of 2016 as lenders report a growing pipeline of M&A deals and expectations for a push ahead of the US election.

  • Logo of data analytics firm Qlik Technologies

    Alternative lenders step into revolvers as maturity wall looms

    Loans | 24 June 2016

    Alternative lenders are expected to take a larger share of leveraged lending from banks in the next two years as the non-bank lenders step in to help refinance the first wall of revolving debt to come due since updated leveraged lending guidance was implemented in 2013.

  • Qlik Technologies sign

    Qlik lines up record unitranche

    Top News | 10 June 2016

    The US$1.075bn unitranche loan backing Thoma Bravo’s US$3bn take-private acquisition of data analytics firm Qlik Technologies – the largest such loan ever provided by a business development company – is pushing the limits on leveraged lending by alternative investors as banks pull away from risky loans.

  • Reichhold plant

    Unitranches grow in volatile market

    Loans | 27 May 2016

    Middle market sponsors are demanding bigger unitranche loans as the structure, which has typically been used for smaller deals, gains wider appeal due to challenging market conditions for second-lien loans in the US and heightened competition in Europe.

  • Owl Rock Capital Partners logo

    Institutional demand spurs direct lending platforms

    Loans | 20 May 2016

    Institutional demand for private credit is propelling capital formation in the US middle market, as a flurry of newly created direct lending platforms enter the mix and existing alternative debt capital providers continue to raise money and add scale.

  • Ares Capital logo

    BDC earnings signal modest growth

    Loans | 06 May 2016

    Ares Capital, PennantPark Investment Corp and Solar Capital were among more than half a dozen business development companies (BDCs) to report quarterly earnings last week, with many more funds slated to post numbers this week.

  • Fitch Ratings logo

    ​BDC leverage ratios pose challenge – Fitch

    Loans | 29 April 2016

    Increasing leverage among business development companies is a consistent trend across the sector, despite varied risk appetite and investment strategies, Fitch Ratings said in a report.

  • Top Knobs logo

    Sponsored middle market perks up in April

    Loans | 22 April 2016

    The US sponsored middle market is showing signs of improved lender appetite in April after risk-averse investors largely sat out the first quarter, driving volume to a six-year low and pushing up yields.

  • Macquarie takes top spot in LBO loan reshuffle

    Loans | 08 April 2016

    Macquarie Group made its debut as the top bookrunner of loans backing US private equity buyouts in the first-quarter league tables. Banks that traditionally dominate the league tables and non-banks such as Jefferies fell back as intense market volatility and regulation designed to curb risky lending co

  • BDC prices gain in March

    Loans | 01 April 2016

    Business development company (BDC) share prices, though still trading at a discount, gained ground in March on increased investor appetite for risk and the rally for equities overall.

  • Apollo Investment Corp logo

    BDCs strained by fall in value of loan investments

    Loans | 19 February 2016

    Business development companies are extending losses in 2016 as slumping share prices restrict access to growth capital and the value of some loan investments falls in volatile markets as fears of defaults rise.

  • South Korean women sit on a bench in the shape of the 100 dollar U.S. bank note in front of Korea Exchange Bank in Seoul.

    Loan buyers demand higher prices

    Top News | 09 October 2015

    A pricing correction in the US leveraged loan market prompted by institutional buyers demanding to be paid more in exchange for taking on increased risk has led to a quartet of borrowers withdrawing opportunistic loans in the face of inadequate appetite and forced others to pay steeper borrowing costs for acquisition and buyout-related loans.

  • Middle market investors wary of aggressive structures

    Loans | 25 September 2015

    Middle market lenders and investors are wary of aggressive terms and loosening structures even as spreads on leveraged loans to US middle market companies remain stable heading into the fourth quarter.

  • Sponsored middle-market deal flow boosted

    Loans | 18 September 2015

    Lenders providing debt for private equity buyouts of US middle-market companies are seeing an upturn in dealflow after the Labor Day holiday in what has otherwise been a disappointing year in terms of volume.

  • CIT Group logo

    CIT partners with TPG Special Situations

    Loans | 28 August 2015

    Commercial lender CIT Group Inc has announced a joint venture with funds managed by TPG Special Situations Partners (TSSP), the dedicated special situations and credit platform of global private investment firm

  • American Seafoods Group logo

    American Seafoods taps for US$800m recap loan

    Loans | 21 August 2015

    American Seafoods Group has tapped finance company Ares Capital for a US$800m first and second-lien credit facility that backs a recapitalisation of the Seattle-based fish harvesting company, in a deal that is notable for both its size and syndication strategy focused on alternative lenders.

  • loans recap american seafoods

    American Seafoods taps for US$800m recap loan

    Capital City | 21 August 2015

    American Seafoods Group has tapped finance company Ares Capital for a US$800m first and second-lien credit facility that backs a recapitalisation of the Seattle-based fish harvesting company, in a deal that is notable for both its size and syndication strategy focused on alternative lenders.

  • The Carlyle Group offices in Washington

    BDCs under pressure

    Loans | 14 August 2015

    After years of explosive growth, listed Business Development Companies are under pressure as the sector battles economic volatility and highly competitive lending dynamics. Investors are becoming more discriminating in looking for possible winners and losers, further sharpening a growing divergence in performance.

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