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...KKR expanded the list in 2023 because Upfield needed to extend the maturities on its debt and the company managed to push out the repayment date for billions of dollars of loans....
...Blackstone is paying for a law firm known for high-stakes litigation to investigate whether it can recoup losses of more than €200mn on a loan to rival buyout shop Bain Capital....
...Roughly $10bn of so-called private credit loans have been refinanced in public markets, as borrowers pay down burdensome loans in favour of a cheaper alternative, according to data from Bank of America....
...Rising public equity market valuations and demand from credit funds to make new loans are fuelling a recovery in activity....
...The convertible loan gave the airport a nominal valuation of £400mn in 2021....
...Leverage has been applied ‘downstream’ at the portfolio company level, ‘upstream’ with recourse to GPs and LPs, and ‘midstream’ to the funds that own portfolio companies in the form of NAV loans....
...Besides credit card debts, Blackstone has picked up home improvement loans, auto loans and loans financing rooftop solar power....
...Private equity group Carlyle and Abu Dhabi investment group IMI have agreed a fresh debt funding package for the Barclay family’s Very Group, the Liverpool-based retail and financial services group....
...Icahn restructured the margin loan this past summer....
...For the year, such bespoke corporate loans yielded returns of a whopping 16 per cent, ahead of the 12 per cent Blackstone recorded in the ostensibly juicier corporate buyout segment....
...It is investing heavily to build data centres and has struck deals to purchase a $17bn portfolio of bank loans and privatise a Canadian multifamily real estate business, partially by using Breit....
...services for OB/GYN offices across the US, the documents showed....
...Kemble is the company set up to raise finance for Thames Water, which needs the cash to service its massive debt load....
...Blackstone’s previous retail hits in real estate and corporate loans collected either rent or interest payments. As such, they paid healthy distributions that compensated for their limited liquidity....
...In addition to NAV loans, private equity firms are also using margin loans to raise cash....
...the loan....
...The group has revved up its activity with a flurry of large deals, including the acquisitions of a utility company in Indiana, the dog walking app Rover and a large portfolio of bank loans from US financial...
...Whether those concerns are merited depends entirely on how the proceeds of NAV loans are deployed, and equally how that deployment is communicated to limited partners (LPs), the investors in funds....
...If anything, and as we discussed in our last Private Credit Monitor, we see several reasons why losses on direct loan portfolios will likely peak at lower levels vs. the broadly syndicated loan market....
...They expect whitelists to eventually become less restrictive when new loans are issued. For now, expanding the lists of potential debt buyers has occurred late in troubled financings....
...Accolade, which has a near-A$600mn loan due in 2025 according to the company, has been struggling to service its debts....
...The loan — the largest direct loan then contemplated by the burgeoning private credit industry — along with a $1bn preferred equity investment and more than $6bn of new equity invested by Carlyle and Veritas...
...The Fed’s path will be dependent on inflation and private credit funds will have to navigate a possible slowing economy as well as the cascading effect that has on the loans they’ve hoovered up over the...
...These might include leveraged loans, franchise finance or aircraft leasing....
...The shift to private credit has been fuelled by fractures in the syndicated loan market, where banks arrange financings for companies before selling those loans on to other investors....
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