Unitranche: Integrity Marketing loan highlights better pricing for direct lenders

Posted by Kelly Thompson, Direct Lending Deals on Sep 17, 2019 9:04:55 AM

The $945M financing for Integrity Marketing that was put away quickly and quietly last month not only shows how direct lenders continue to log wins for larger mandates, but also the wider premiums they earn bypassing the syndicated market. 

Pricing on the unitranche loan that Owl Rock Capital, Crescent Capital and Antares Capital put together for the company closed at L+575, according to sources. That's 150 bps higher than the L+425 on the insurance broker’s previous first-lien debt. It's also well above current averages in the more broadly syndicated market. 

According to S&P Global LCD, the average all-in yield is 5.9% across large borrowers this month. With 3-month Libor at 2.14%, that puts the average spread at roughly L+375 for syndicated issuers.

Against other unitranche loans — the tool of choice for many direct lenders —the Integrity Marketing credit is right in the wheelhouse of where the majority of unitranches have priced in 2019, based on data provided by Advantage Data.

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Topics: Loans, Middle Market, BDC, First Lien, debt, business development company, Non-accruals, portfolio, Direct Lending, syndicated, underperformers, Direct Lending Deals

BDC Filing Season Q1 2019 - Week 3 Update

Posted by Sourav Srimal on May 17, 2019 3:25:54 PM

BDC Filing season is almost over. This report will analyze BDCs that have filed in the last 3 weeks. Last week’s analysis is available here. 

Aggregate Fair Value reported by BDCs that have filed in Q1 2019 is 104 Billion USD. BDCs have reported 36 Billion USD AUM in this week.

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Topics: BDC Index, BDC, First Lien, business development company, Non-accruals, New Issues, Second Lien, BDC Filings, fair value

One Step Ahead: Identifying Distress In The Middle Market

Posted by Alex Buzby on Nov 28, 2018 11:31:34 AM

Analyzing PIK and Coupon Spread changes can be a great way to identify middle market companies that are beginning to feel pressure from lenders.  Whether you're sourcing investments, consulting distressed borrowers or analyzing BDCs, utilizing alternative signs of distress as leading indicators is a great way to get ahead of the market - Download the data sample below!

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Topics: Middle Market, BDC, Spreads, First Lien, Distressed Investments, debt, business development company, Distress, Distressed Debt, Finance, Restructuring, Fixed Income, download

Q2 2018 BDC Non-Accruals: Medley Capital Corp No Longer Worst Performer

Posted by David Diggins on Aug 15, 2018 5:24:17 PM

Last month we shared a list of the top 10 BDC non-accruals based on first quarter 2018 SEC filings. Now that we are mid-way through August and second quarter filings are readily available, let’s take a fresh look at the first quarter’s worst performer.

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Topics: BDC, First Lien, Non-accruals, Distressed Debt, Restructuring, Second Lien, Loan Default Rate, BDC Filings, Default Rate, Fixed Income, fair value, portfolio, download, News

Newly Distressed Loans: Anchor Glass Container Corporation

Posted by David Diggins on Aug 14, 2018 10:20:48 AM

We all know that companies in distress tend to have a harder time meeting their financial obligations, which translates to a higher probability that they will default. A company in this position has pretty straightforward options: either raise enough cash through asset sales, operating improvements, and new financing, or reduce or postpone interest and principal payments on the debt by negotiating with creditors.  

For restructuring or turnaround experts, identifying distressed companies is the first hurdle to deal sourcing and business development. Using the AdvantageData workstation, we’ve compiled a list of distressed loans that you might want to be aware of.

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Topics: Loans, First Lien, market analytics, Distress, Distressed Debt, Restructuring, Second Lien, Loan Default Rate, Default Rate, Fixed Income, download

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