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Double-dip refinancing hits US leveraged loan
6 months ago
Wheel Pros, a name still held by 219 CLOs with $414 million of total principal, announced details of a new refinancing deal last week featuring a controversial double-dip structure -
Comvest Partners adds new head of investor relations from BlackRock
6 months ago
The newest addition to the firm's senior-level team has been tasked with managing investor relations across direct lending, private equity and special opportunities investment strategies -
Credit funds at a glance (September 2023)
6 months ago
A round-up of people moves and fund raising -
Credit hedge fund returns (September 2023)
6 months ago
Credit hedge fund returns -
Lumen Tech downgrade leads to estimate that 9% of CLOs could breach OC tests
6 months ago
One of the most widely held names in US CLOs was downgraded in August. S&P carried out a two-notch downgrade of Lumen Technologies on 16 August from B to CCC+ -
CLO funds are hot in summer as they take nine spots in top 10 (Fund performance)
6 months ago
CLO funds took the lead through summer as the returns of the category index reached 1.88% and 3.18% in June and July, respectively. Both months saw a CLO fund as the top performer — Sound Point Meridian in June, and Oxford Gate Master Fund in July. -
Creditors try double dips to raise recoveries
6 months ago
A new form of liability management has emerged to take its place alongside the various uptiering and drop-down transactions that have been executed recently: the so-called “double dip” financing -
Illinois Municipal Retirement Fund sinks hundreds of millions into credit funds
The Illinois Municipal Retirement Fund has invested more than half a billion dollars into several credit and direct lending funds
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Angelo Gordon brings in BlackRock exec for credit team
7 months ago
Angelo Gordon expands distressed debt and special situations team with new hire from BlackRock -
Envision Healthcare draws lawsuit from fourth out lenders
7 months ago
A group of “fourth out” lenders to Envision Healthcare have lodged an adversary complaint over its 2022 drop-down recapitalization and subsequent ‘uptier’ exchange -
DebtDynamics North America: Likely-to-distress scores highlight struggling industries
8 months ago
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories -
Private credit default index shows surprise decrease in the second quarter
8 months ago
Proskauer’s Default Index of the US private credit market was 1.64% in the second quarter, a significant decrease from 2.15% in 1Q23. -
Global investment firm closes fund with $3 billion in capital commitments
Global investment firm closes fund with $3 billion in capital commitments, focusing on opportunistic investing.
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Diebold's DIP delivers partial payout
8 months ago
Another day, another divergent DIP outcome as Diebold Nixdorf has its reorganization plan approved in court. -
Recent US bankruptcies show non-DIP lenders wiped out
8 months ago
A trio of recent US bankruptcies is testing the CLO market's recovery assumptions, according to Debtwire’s Restructuring Database of recent court filings. -
Fund performance
8 months ago
Good month for CLO funds sees six in top 10 as Axiom sets pace -
Credit hedge funds
8 months ago
Credit hedge funds performance data -
Credit funds at a glance
8 months ago
Fund performance, fund raising and LP commitments -
Credit funds at a glance
9 months ago
Fund raising and people moves -
Credit hedge funds
9 months ago
Credit hedge fund returns -
Fund performance
9 months ago
A roundup of fund performance -
CLOs hit by bankruptcy of Envision as zero recovery predicted for first lien loans
9 months ago
Envision has joined the growing number of companies to have filed for Chapter 11 bankruptcy. The emergency medical services company, which has been owned by KKR since 2018, announced on 15 May that it was entering a restructuring support agreement. -
LP round up: HPS wins $550m mandate as Ares launches third US direct lending fund
10 months ago
US institutional investors allocated nearly $3 billion to credit funds in April. The news comes amid a BlackRock survey in the month which showed significant investor interest in private credit -
Loan recoveries slump as investors bank on rebound
10 months ago
The average recovery rate for defaults in 2023 has declined considerably due to a combination of factors such as: cov-lite loans, priming activity in previous years, loan-only borrowers defaulting, and the sectors in which the defaults have been concentrated -
Stress ticks up in CLOs as downgrades take triple C loans to over 5% of market
10 months ago
The percentage of the leveraged loan market rated triple C passed 5% in April and further expected downgrades are likely to push the figure over 7.5% in the coming months
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