The credit manager launched Aspida Financial to manage the acquisition of Pavonia Life Insurance Company of Michigan.
2 min read · 11 July 2019
Lawyers offer vital protection to debt funds, ensuring their documentation provides funds, and ultimately investors, with covenants and terms they can rely on. But the practice of equity sponsors designating lender counsel could be leaving creditors in the lurch.
5 min read · 01 July 2019
Investing in the energy sector can be complicated and BDCs are steering clear of lending to the sector, but targeting the midstream could be the key to making oil and gas work for private debt funds.
4 min read · 01 July 2019
With huge amounts of capital competing for high quality assets, due diligence processes are under pressure.
3 min read · 01 July 2019
The European Leveraged Finance Alliance has sent would-be investors in high yield bonds a questionnaire to encourage issuers to open up on key deal terms.
2 min read · 18 June 2019
Although unfavourable deal terms have been in the spotlight, they are not the only cause for resentment among lenders in today’s market.
3 min read · 06 June 2019
The level of EBTIDA addbacks is correlated to company size: the bigger the company, the more generous the adjustments. But lenders to smaller companies are still compromising on things they never thought they’d have to agree to only a couple years ago.
1 min read · 05 June 2019
Daniel Zwirn, a former hedge fund luminary and now head of investment firm Arena Investors, is one of the authors of a white paper predicting trouble ahead for, among other things, mid-market loans and leveraged loans. In this video, he explains his concerns.
4 min read · 04 June 2019
The EBITDA addback is one of the most worrying aspects of loan documentation. Market professionals detail how prevalent and potentially damaging it has become.
10 min read · 03 June 2019
