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LevFin Insights BDC Portfolio News 10-7-19

Posted by Thomas Dunford on Oct 7, 2019 12:09:56 PM

Market signals cautious tone as it enters 4Q; little activity in credits held by BDCs

Global market volatility on the heels of an active September in loans and the biggest high-yield calendar in two years has injected a further air of caution into new issues heading into the final three months of 2019, particularly with respect to the mid-to-lower single-B segment of the market.

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

LevFin Insights BDC Portfolio News 9-23-19

Posted by Thomas Dunford on Sep 27, 2019 12:16:23 PM

DuBois Chemicals LBO to take out debt held by Audax, GSBD; ION Corporates to refi Wall Street Systems debt held by AINV

The crush of September loan and bond launches finally brought matters to a head in a week that offered the good, the bad and the just plain ugly. In particular, Friday brought deadlines for issuers working high-profile deals, especially those with concurrent bond executions, including LBO deals for InmarsatShutterfly and Sotheby’s. Like a lot of current business, these deals are coming down to the wire — or heading into overtime — as accounts have been loath to commit early as they grapple with the full calendar of as many as 45 transactions on the go all at once.

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

LevFin Insights BDC Portfolio News 9-16-19

Posted by Thomas Dunford on Sep 20, 2019 2:26:25 PM

Increase in market activity brings wave of add-ons to BDC-held credits

New-issue activity ramped up last week in both loans and bonds as increasingly robust conditions paved the way for well-rated and/or well-regarded issuers to speed through the market quickly despite the crowded calendar. For bonds, it was the busiest week this year with $15.5 billion of issuance, while loan arrangers rolled out another $8.1 billion in a mix of M&A and opportunistic business, much the same as the previous week.

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

LevFin Insights BDC Portfolio News 9-9-19

Posted by Thomas Dunford on Sep 12, 2019 9:00:00 AM

With leveraged loan market back online, LBOs for CoAdvantage, Del Frisco’s, Waystar, OEConnection to take out BDC-held debt

Both the leveraged loan and high-yield bond markets wasted no time getting back to business despite August’s tenuous market conditions, with issuers stepping forward last week with a mix of opportunistic and M&A-related transactions. Foreshadowing what is expected to be a busy September, the high-yield market saw its first drive-by execution on the Tuesday after Labor Day in seven years as issuers rushed to capitalize on the plunge in U.S. Treasury yields with heightened trade tension last month, even as it reversed course last week with one of the biggest one-day yield gains in three years.

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

LevFin Insights BDC Portfolio News 7-15-19

Posted by Thomas Dunford on Jul 16, 2019 8:45:00 AM

LBOs to take out existing debt at Insurity, Loparex, Pregis and Press Ganey; holders include TSLX, BDVC, Audax, ORCC, FSK and Sierra

It was back to business last week for loans and bonds alike, with loan arrangers holding 22 lender meetings or calls to support $15.82 billion of deal flow. High-yield was similarly busy with nine credits for $3.88 billion marking the busiest post-July 4 week in several years, a testament to strong market conditions amid still-low underlying rates despite a small spike on Thursday afternoon and ongoing inflows to the asset class. An overwhelming majority was refinancing related, but new-money opportunities through M&A deals are already on tap for high-yield this week.

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


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