Edition:
United Kingdom

Kristen Haunss

Banks seek to limit revolver usage as companies race for cash

30 Apr 2020

NEW YORK, April 30 (LPC) - Banks are seeking to limit companies from accessing credit lines as the global pandemic continues to weigh on balance sheets.

European new issue CLO market seeks to reopen

27 Apr 2020

LONDON/NEW YORK, April 27 (LPC) - The new issue European Collateralized Loan Obligation market, paralysed since early March amid the coronavirus pandemic, is looking to revive with new funds aiming to price as soon as this week, according to sources.

Banks rush to rein in financing for oil firms

24 Apr 2020

NEW YORK, April 24 (LPC) - The twice-a-year evaluation of energy borrowers' reserve-based loans has taken on more significance than ever as banks seek to cut their exposure to oil and gas companies amid the global Covid-19 pandemic that has caused demand for oil to plummet and a price war between Russia and Saudi Arabia that has flooded the market with crude.

CORRECTED-Coronavirus pandemic could slow loan market transition from Libor

22 Apr 2020

NEW YORK, April 22 (LPC) - A health emergency of unprecedented proportions has added another layer of complexity to the US loan market's transition away from a key lending benchmark used to set interest payments on trillions of dollars of investments as the deadline to move to a new rate rapidly approaches.

CLO issuance falls 48% as rush of loan downgrades threatens investor distributions

17 Apr 2020

NEW YORK, April 17 (LPC) - Issuance of US Collateralized Loan Obligations (CLOs) fell 48% in the first quarter as the coronavirus pandemic shut down global economies leading to a rush of loan downgrades that could cut off distributions to the fund’s most junior investors.

Firms offer ‘Bankruptcy 101’ sessions as defaults projected to skyrocket

13 Apr 2020

NEW YORK, April 13 (LPC) - As the economy rattles toward a recession and defaults are forecast to skyrocket, investors and company executives are seeking advice on how best to prepare for what could be a prolonged downturn.

AGL to reinvest CLO equity distributions to purchase loans in new fund

09 Apr 2020

NEW YORK, April 9 (LPC) - AGL Credit Management is seeking to reinvest distributions that would have been paid to the most junior investors in its US Collateralized Loan Obligation (CLO) in order to buy new loans, creating a unique structure amid market volatility caused by the coronavirus pandemic.

Direct lenders support existing investments but open for opportunities

02 Apr 2020

NEW YORK, April 2 (LPC) - Firms that lend to small and mid-sized companies are looking to shore up existing investments amid market volatility caused by the coronavirus pandemic, but are still open for new deals as valuations fall.

Banks ask for flexibility as sponsors eye falling valuations

25 Mar 2020

NEW YORK, March 25 (LPC) - Private equity firms sitting on a stockpile of cash are eyeing companies that have dived in value as the coronavirus pandemic causes a sell-off across financial markets. Standing in sponsors’ way could be the flexibility some banks are demanding, concerned about lending into an economy on the cusp of a recession.

US Senator Warren presses FSOC on leveraged loans as debt prices plunge

20 Mar 2020

NEW YORK, March 20 (LPC) - Us Senator Elizabeth Warren has asked for information about leveraged loans as the price of the debt has fallen more than 17% this month amid volatility caused by the spread of the coronavirus, which has closed businesses and led companies to warn investors their earnings could be diminished.

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