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Thomas Dunford

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LevFin Insights BDC Portfolio News 5-13-19

Posted by Thomas Dunford on May 14, 2019 10:32:12 AM

Add-ons abound amid renewed wave of M&A; Autodata deal to take out debt held by PSEC

Momentum slowed in the new-issue loan market last week, with the uncertainty surrounding U.S.-China trade negotiations leaving market participants in wait-and-see mode heading into the weekend. While time-sensitive business continues apace, arrangers readying opportunistic deals appeared to be taking a more deliberate approach as events play out on the international stage. Yet high-yield issuance came at a breakneck pace—the $12 billion output was the highest-volume week in almost two years—as U.S. Treasury yields fell. Moreover, the broad secondary markets took the week’s events in stride, with earnings continuing to drive situational movers.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

LevFin Insights BDC Portfolio News 4-22-19

Posted by Thomas Dunford on Apr 22, 2019 2:27:13 PM

LBOs at API Technologies, GlobalTranz to take out debt held by BCSF, PFLT, Audax, BBDC, PSEC

Loan market conditions continued to strengthen last week amid a paucity of new-issue activity ahead of the week’s early close. Both the bond and loan markets were seasonably slow, with a total of $2.6 billion from five bond deals and $2.1 billion of loans launched via seven issuers. Time-sensitive M&A situations accounted for nearly all of the week’s new deal flow in loans.

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Topics: Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

LevFin Insights BDC Portfolio News 4-8-19

Posted by Thomas Dunford on Apr 8, 2019 1:09:10 PM

LBO to take out Wrench Group debt held by Crescent; BDVC's holdings include Hexion’s prepetition notes

Investor demand for large transactions such as Ultimate Software and Staples underscored a palpable shift in loan market tone last week as accounts scrambled to commit to the relatively few deals in syndication. A few stragglers aside, numerous deals have accelerated, upsized or flexed lower in recent days, for a lopsided downward-to-upward flex ratio of 7:3. Bonds, meanwhile, plowed forward with oversubscribed new issuance, steady retail cash inflows, and an upside grind in more active trading.

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Topics: Loans, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

LevFin Insights BDC Portfolio News 3-25-19

Posted by Thomas Dunford on Mar 26, 2019 9:00:00 AM

Refinancings seen in several portfolios; Barings BDC’s holdings unaffected by Calpine refi

Download: LFI BDC Portfolio News 3-25-19

With the jumbo Power Solutions LBO financing out the door early last week after an over-the-weekend delay, the primary loan market assumed a more subdued tone as arrangers cobbled together a smattering of opportunistic business in the face of a dwindling pipeline. Arrangers continue to flock to the high-yield market for attractive rates—a trend that is likely to continue with the Fed’s dovish stance last week—with Allison Transmission the latest issuer to step forward with a bond-for-loan takeout exercise.

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Topics: Loans, Analytics, BDC, market analytics, business development company, LevFin Insights, News

LevFin Insights BDC Portfolio News 3-18-19

Posted by Thomas Dunford on Mar 19, 2019 8:51:30 AM

Datto moves forward on refi; existing debtholders include TCPC, GSBD, OCSL, SUNS, CGBD, GBDC

Power Solutions’ cross-border loan-and-bond deal was the focal point of last week’s activity, with loan demand magnified by the lack of available product elsewhere and both the secured and unsecured bonds playing well amid a bull-market run. Indeed, several other issuers pushed ahead with secured bonds as last week’s high-yield volume raced north of $10 billion, further depressing loan activity.

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Topics: Loans, Analytics, BDC, market analytics, business development company, Fixed Income, LevFin Insights, News


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