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Thomas Dunford

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LevFin Insights BDC Portfolio News 3-4-19

Posted by Thomas Dunford on Mar 5, 2019 8:45:00 AM

Oaktree vehicles hold Windstream’s prepetition debt

Although a pair of competing industry conferences took many buysiders out of pocket in the first part of last week, high-yield activity roared back to life late in the week via a procession of drive-bys, while loan arrangers launched a trio of large LBO deals off the pipeline as the secondary market continued to move higher. Several secondary situations also kept market participants on their toes, what with Windstream Services filing for bankruptcy, Neiman Marcus disclosing the framework of an extension/exchange plan and issuers releasing a flurry of earnings reports.

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

LevFin Insights BDC Portfolio News 2-25-19

Posted by Thomas Dunford on Feb 26, 2019 8:45:00 AM

Amynta add-on deal would boost margin on debt held by Ares Capital Corp.

Last week’s holiday-abbreviated calendar offered little action in the primary markets—loan arrangers launched a mere six deals for a paltry $3.2 billion of volume, while high-yield offered a string of well-received, refinancing-related drive-by deals. However, the week offered real drama as market participants digested the fallout from the bombshell news that Windstream Services lost a default ruling to Aurelius Capital Management. That ruling cast a long shadow over the nearly $10.5 billion of debt issued by Windstream and spinoff Uniti Group.

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

LevFin Insights BDC Portfolio News 2-19-19

Posted by Thomas Dunford on Feb 19, 2019 11:39:19 AM

Janus, Neustar adding more first-lien debt; PSEC, Triton Pacific hold respective companies’ second-lien credits

The secondary market commanded investors’ attention last week, what with earnings and other headline news sparking some big swings in widely held credits against the backdrop of a muted new-issue loan market and a high-yield secondary firm at three-month highs since the rebound rally in January.

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

LevFin Insights BDC Portfolio News 2-11-19

Posted by Thomas Dunford on Feb 11, 2019 10:45:57 AM

Genstar-backed companies drive M&A activity in positions held by AINV, PFLT, SUNS, Audax, TCPC and GSBD

The new-issue loan market turned a corner last week with a procession of closely watched, larger transactions wrapping—due in part to a resurgent high-yield market—leaving investors with little else to chew on. The sudden prospect of a slowing calendar flipped a switch, and accounts flooded into transactions they had previously been viewing with a cautious eye. The frenzy generated seven reverse flexes, including some that were being discussed wide of official guidance just a few days earlier. Indeed no loan deals widened as the market heated up.

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

LevFin Insights BDC Portfolio News 2-4-19

Posted by Thomas Dunford on Feb 4, 2019 4:10:40 PM

Getty Images refinancing first-lien debt held by Barings BDC

Download: LFI BDC Portfolio News 2-4-19

While the loan market has hit a plateau after rallying in the opening days of 2019, high-yield continued to pick up steam, generating a bifurcation between loans and bonds in both the primary and secondary markets. As such, issuers have flocked to the bond market—including the secured-bond market—to optimize executions as last week’s big-ticket transactions for Dun & Bradstreet and TransDigm exemplify.

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


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