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Leveraged loans

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  • Friday, 22 September, 2023
    Investors devour risky corporate debt in boost to LBO business

    Demand for Worldpay and Syneos Health bonds and loans shows ‘hunger for new supply in high-yield’

  • Thursday, 14 September, 2023
    Private equity
    ‘Defending the portfolio’: buyout firms borrow to prop up holdings

    Loans secured against private equity funds being used to support struggling businesses amid surge in interest rates

    People walk along Wall Street by the New York Stock Exchange
  • Monday, 4 September, 2023
    LexPrivate equity
    Software LBOs: recurring revenue loans will be a recurrent problem Premium content

    Revenue should never be the basis for borrowing heavily

    Vista logo with city buildings in the background
  • Friday, 25 August, 2023
    Loans are still not securities, court says

    Fax your friends! Fax your spouses! It’s time to celebrate.

  • Saturday, 19 August, 2023
    News in-depthPrivate credit
    Private credit extracts tough terms from buyout shops lacking options

    Vista Equity agrees to invest $1bn in fintech Finastra in return for $4.8bn refinancing

    A montage of the logo of Vista with buildings in the background
  • Monday, 24 July, 2023
    UnhedgedEthan Wu
    Are leveraged loans securities? Premium content

    The SEC refuses to say

  • Monday, 24 July, 2023
    Corporate bonds
    US junk loan market hit with flurry of credit rating downgrades

    Deteriorating creditworthiness is latest sign companies that binged on cheap debt are struggling with rising rates

    New York Stock Exchange building is seen at the Financial District in New York City
  • Friday, 21 July, 2023
    Private credit
    EU tightens rules on leverage for private credit funds

    Restrictions come amid worries about financial stability risks posed by fast-growing $1.5tn industry

    Blackstone headquarters in New York
  • Wednesday, 5 July, 2023
    CVC Capital Partners Ltd
    CVC raises $800mn loan fund in sign of thaw for corporate borrowers

    New vehicle will back $10bn in collateralised loan obligation issuance after slowdown in market

    CVC logo on phone and computer
  • Thursday, 29 June, 2023
    Banks
    FCA warns banks over ‘greenwashing’ in sustainable loans

    UK regulator says penalties for borrowers that miss sustainability targets are too lenient

    Signage for the Financial Conduct Authority is seen at their head offices in London
  • Friday, 23 June, 2023
    Capital markets
    Moody’s warns of ‘serious challenge’ to $1.4tn private credit market

    Debt rating agency singles out Ares and Owl Rock funds for scrutiny after interest rates rise

    A sign for Moody’s at its headquarters in New York
  • Thursday, 22 June, 2023
    LexKKR & Co LP
    PayPal/KKR: payment group finds willing buyer for its specialist assets Premium content

    Buyout group’s purchase of loans gives the online company some breathing room

    PayPal logo on a screen
  • Tuesday, 20 June, 2023
    Slowdown in junk-rated loan market hits US corporate borrowing plans

    CLOs’ appetite for debt wanes due to limits on purchases, pushing up cost of capital as economy slows

    Montage of logos of companies accessing the CLO market
  • Wednesday, 31 May, 2023
    Libor transition
    Loan market braced for rush to Libor finish line

    At least $700bn of junk loans are still priced using lending benchmark, just 30 days before the rate is set to expire

    Sunlight is reflected off One World Trade Center in lower Manhattan
  • Tuesday, 30 May, 2023
    News in-depthHigh yield bonds
    Wall Street banks re-enter junk debt market

    Lenders return to funding leveraged buyouts after painful year in which fees were hit hard

    Aluminum coils at the Arconic manufacturing facility in Alcoa, Tennessee
  • Tuesday, 9 May, 2023
    Due Diligence
    Debt worries ripple through Milken’s dealmaking soirée Premium content

    Plus, Warren Buffett’s successor gets comfortable with the limelight

    The Due Diligence logo
  • Wednesday, 26 April, 2023
    News in-depthBankruptcy
    ‘Tyranny of the majority’: creditor infighting comes to $1.4tn leveraged loan market

    Serta Simmons bankruptcy ruling has opened the door to aggressive new tactics

    sign advertising zero per cent financing for mattressses
  • Tuesday, 25 April, 2023
    Inside BusinessSujeet Indap
    Fallen hedge fund star seeks to reinvent himself as thought leader after jail term

    Dan Kamensky returns to distressed debt markets to shine light on industry’s hardball tactics

    A pedestrian passes in front of a Neiman Marcus store in Hudson Yards, New York
  • Tuesday, 4 April, 2023
    Citrix Systems Inc
    Wall Street suffers $1.5bn loss on Citrix buyout loans

    Goldman Sachs, Bank of America and Credit Suisse unload remnants of deal struck in the easy money era

    A Citrix sign at the company’s headquarters in Santa Clara, California
  • Tuesday, 28 March, 2023
    Private credit
    Big debt investors dealt blow in mattress maker bankruptcy ruling

    Serta Simmons court decision is milestone in ‘creditor-on-creditor violence’ litigation

    Sealy and Serta mattresses for sale
  • Tuesday, 7 March, 2023
    News in-depthPrivate credit
    Private credit groups cut out banks with largest direct loan

    Apollo and Blackstone among those poised to provide $5.5bn of debt to buyout group for purchase of 50% stake in Cotiviti

    A montage of the New York Stock Exchange and the Cotiviti logo
  • Tuesday, 28 February, 2023
    Oaktree Capital Management LP
    Oaktree Capital moves into leveraged buyout lending with $10bn fund

    Credit investor is latest private lender aiming to fill void left by Wall Street banks

    Howard Marks, co-chairman of Oaktree Capital
  • Tuesday, 28 February, 2023
    Libor transition
    Over $1tn of risky US loans still shackled to Libor as deadline looms

    Borrowers and lenders in $1.4tn leveraged loan market scrap over fine print of replacing scandal-hit benchmark

    People walk past the New York Stock Exchange
  • Monday, 27 February, 2023
    Debt overhang from Citrix LBO lures investors despite market sell-off

    Wall Street banks seek to offload billions from one of biggest ‘hung deals’ of 2022

    Citrix signage at the company’s headquarters in Santa Clara, California
  • Friday, 24 February, 2023
    Inside BusinessEllen Carr
    The new LBO market: it’s gone private

    Increasing shift to non-public financing raises risks over the transparency of companies and their debt

    Twitter’s logo is displayed above a trading post on the floor of the New York Stock Exchange
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