Edition:
United Kingdom

David Brooke

Regulator deals BDCs a blow on AFFE exemption

23 Jan 2020

NEW YORK, Jan 23 (LPC) - The Securities and Exchange Commission (SEC) dealt a setback to Business Development Companies (BDCs) after declining to exempt the market from specific fee disclosure requirements that many see as an obstacle to liquidity.

CORRECTED-Direct lenders weigh impact of aggressive Ebitda add-backs

15 Jan 2020

NEW YORK, Jan 14 (LPC) - Middle market lenders are starting to feel the pinch of aggressive borrower-friendly features meant to reduce leverage as companies fail to hit revenue expectations and remain saddled with billions of dollars in debt.

Cracks appear in the private debt market

22 Nov 2019

NEW YORK, Nov 22 (LPC) - A large number of business development companies (BDC) reporting earnings on the third quarter of the year saw their net asset value (NAV) per share drop as a declining Libor rate and underperforming credits take their toll on middle market lenders.

Direct lenders ready for bonanza as US economy cools

14 Nov 2019

NEW YORK, Nov 14 (LPC) - Private credit funds with deep pockets, capital flexibility and sticky investments are positioning themselves for the yield bonanza that could follow if a cooldown in the US economy was to further shutter bank liquidity and investor appetite for broadly syndicated loans.

US investors look to specialty finance as interest drops in private credit

22 Oct 2019

NEW YORK, Oct 22 (LPC) - Investors who have binged on the US private credit market in the last few years are now turning to the growing specialty finance space where competition is less intense and spreads are more attractive.

Race to scale triggers BDC consolidation

17 Sep 2019

NEW YORK, Sept 16 (LPC) - Business development companies (BDC) are consolidating in the highly competitive middle market as more firms look to scale up their operations ahead of a potential recession in the US.

BDCs increase pressure on SEC for reporting exemption

03 Sep 2019

NEW YORK, Sept 3 (LPC) - Business development companies (BDCs) are becoming increasingly vocal as they look to push the Securities and Exchange Commission (SEC) to exempt the industry from reporting requirements that they argue are curtailing the liquidity in the market and limiting its potential for growth.

US private debt funds brace for downturn

29 Aug 2019

NEW YORK, Aug 29 (LPC) - Private credit funds and business development companies (BDCs) are positioning their portfolios to deal with a potential economic downturn, which will be the first real test for a market that has come of age since 2008’s financial crisis.

Envision US$5.45bn TLB sinks as US healthcare debate rages

28 Aug 2019

NEW YORK, Aug 28 (LPC) - Physician outsourcing provider Envision Healthcare has seen the value of its US$5.45bn term loan B sink throughout August as weak earnings and political uncertainty around the US healthcare sector weigh on investor appetite, investors and analysts told Refinitiv LPC.

Covenant-loose the new norm in the private debt market

15 Aug 2019

NEW YORK, Aug 15 (LPC) - The private debt market has largely been immune to the covenant-lite trend, but a recent spike in so-called covenant-loose lending suggests funds are finding ways to offer more aggressive terms while sticking to investor demands to maintain certain restrictions on borrowers.

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