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Lumen Technologies ad-hoc group preps competing proposal
6 months ago
The refinancing of Lumen Technologies, currently held by 1311 different CLOs with a combined principal balance of USD 3.8bn, took a new twist today as details of a competing proposal emerged -
Casino failure to secure requisite default waivers, non-payment of social security charges and taxes prompt questions on CDS triggers
10 months ago
Casino Group announcements that it failed to obtain the requisite consent from its bondholders and RCF lenders to effect a payment standstill and to waive any defaults for the duration of its conciliation proceedings and that it deferred payment of its tax and social security liabilities have led market participants to submit credit event requests to the Credit Derivatives Determination Committees (DC). -
Recent US bankruptcies show non-DIP lenders wiped out
10 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. -
LP round up: HPS wins $550m mandate as Ares launches third US direct lending fund
1 year 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 -
Illinois pension seeks direct lending and opportunistic credit funds for $300 million allocation
1 year ago
Illinois Municipal Retirement Fund is searching for direct lending, opportunistic, and distressed/special situations private credit funds with plans to allocate at least $300 million capital -
Angelo Gordon wraps up fundraising for $1.3 billion credit dislocation fund
1 year ago
AG CSF2A (Annex) Dislocation Fund is an extension of the AG Credit Solutions Fund II, which held a $3.1 billion final close in April last year. -
Fund performance: Credit funds end difficult 2022 on a positive note
1 year ago
In December 66% of credit funds reached a positive return, following an even better November where 81% of all funds pushed into the black -
Lights go out for Heritage Power with 120 CLOs left in the dark
1 year ago
US based power plant operator Heritage Power filed for chapter 11 bankruptcy in the bankruptcy court of Texas on Tuesday night, impacting $124.45 million of assets held by 120 US CLOs. -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
Carlyle targets $6.5 billion for credit opps fund
1 year ago
Carlyle Group is targeting $6.5 billion for its third opportunistic credit fund, according to a pitchbook seen by Creditflux -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
Pimco targets up to $5 billion for flexible credit fund
1 year ago
The fund will invest across capital solutions, distressed and stressed opportunities, and idiosyncratic positions -
Fund performance: August provides much-needed relief for CLO funds
1 year ago
.August fund performance -
LP round up: $2.7bn flows to 20 credit managers as investors battle PE overallocation
1 year ago
Investors faced huge headwinds in September with inflation, rising interest rates, and geopolitical turmoil, alongside the UK gilts sell-off at month end -
GoldenTree hits $3bn hard cap on distressed debt fund
1 year ago
GoldenTree Asset Management says it has closed its latest distressed debt fund, Distressed Fund IV, at its $3 billion hard cap -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
LP round up: Magnetar and Värde among winners as $3 billion flows to credit
1 year ago
Institutional investors allocated at least $3 billion to credit funds in August -
Lumileds trips chapter 11 fuse, causing CLOs to suffer another default
1 year ago
CLOs hold $596 million debt of lighting manufacturer Lumileds, which filed for Chapter 11 protection in the United States Bankruptcy Court Southern District Of New York on Monday -
Russia and retail put stop to credit rally with big spread reversal
1 year ago
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider -
Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
1 year ago
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B. -
LP round up: 28 credit managers win $6.6 billion as San Diego carves private credit allocation
1 year ago
Pensions allocated over $6.6 billion to credit managers in June including Angelo Gordon, Antares, Apollo, Ares, Beach Point, BioPharma, Brookfield, CarVal, Cerberus... -
Talen bond squeeze brings low auction pay-out for protection holders
1 year ago
A credit event auction to settle Talen Energy Supply CDS has delivered a much higher result than had been predicted from bond prices, fuelled by a bidding squeeze on deliverable paper -
Beneath the triple C: CLOs take first knock since covid scrapes
1 year ago
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May -
LP round up: Oak Hill wins $300 million for strategic credit and Arcmont eyes fund four
1 year ago
US investors allocated nearly $1.5 billion to credit funds in May, with managers to win mandates including: 400, Accel-KKR, Advent, Arcmont, ArrowMark, Comvest, Edelweiss, Francsico, Oak Hill, Sixth Street and Sprott -
Fund performance: Credit hits another bump in the road after March revival
1 year ago
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March
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