Articles

Pensions & Investments – In search for growth, private equity firms go shopping

NEW YORK, June 12, 2017 – Higher prices paid to buy the original portfolio company are making it tough for private equity managers to achieve the returns they need to earn their share of profits when they exit the investment, said Randy Schwimmer, a New York-based senior managing director and head of origination and capital markets at private equity firm Churchill Asset Management LLC.
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Financial Times – Private equity industry has upper hand in wave of loan repricings

NEW YORK, May 9, 2017 – Investors’ loans appetite and lack of supply allows companies to drive harder bargains.
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BGL – Annual Debt Market Update: More Opportunistic Environment for M&A

NEW YORK, January 24, 2017 – 2017 could be a pivotal year if pro-business policy changes under the Trump administration are enacted, with themes of fiscal stimulus, lower taxes, and less regulation representing potential tailwinds for the middle market. Lender sentiment is positive on the heels of a robust year in middle market loan fund raising, with economic growth, strong public equity valuations, and a healthy debt market expected to provide a backdrop for a more opportunistic M&A environment. In Brown Gibbons Lang & Company’s (BGL) annual roundtable survey, middle market lenders share insight on developing trends in the financing markets and their outlook for 2017.
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Pensions & Investments – Churchill Asset Management hires head of product development and capital raising

NEW YORK, January 6, 2017 – David Heilbrunn has joined Churchill Asset Management as senior managing director and head of product development and capital raising, spokeswoman Sarah Pritchard said. The position is new. Mr. Heilbrunn will be responsible for all strategy development and equity and debt capital raising, including managing the firm’s financing activities and collateralized loan obligation business. He will work closely with and support the broader business development teams at parent company TIAA Global Asset Management in coordinating the firm’s overall structuring and capital-raising efforts.
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PRIVATE DEBT INVESTOR – US ROUNDTABLE 2016

NEW YORK, September, 2016 – As the private mid-market debt asset class grows, choosing the right lending partnerships and financing diversification are uppermost in the minds of some of the market’s leading operators. Andrew Hedlund sat down with seven US private debt experts to find out more.
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CREDITFLUX – Private credit comes of age

NEW YORK, August 4, 2016 – At a loan conference some years ago we referred to middle market loans as the Rodney Dangerfield of capital markets. These small, illiquid instruments were the poor step-child to high-yield bonds and large leveraged loans. But at Creditflux’s inaugural New York conference on private credit last month, it was clear the situation has changed.
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CREDITFLUX – What a downturn might mean for private credit

NEW YORK, June 2, 2016 – Where are we in the cycle?” That question gets asked at every conference we attend. It’s also clearly on the mind now of every investor, arranger and issuer of debt. The reason is clear: if we are in the seventh innings of the cycle (which seems the consensus), a downturn might be around the corner.
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IPE – A REVIEW OF US VS EUROPEAN DIRECT LENDING

LONDON, May 1, 2016 – Over the years the US has been by far the dominant supplier of leveraged loans globally. But given similar regulatory pressure being exerted on overseas banks as here, Europe is gaining media attention as a source of debt opportunities for both managers and investors.
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CREDITFLUX – SPONSORS HOLSTER REVOLVERS FOR DELAYED-DRAW LOANS

NEW YORK, January 4, 2016 – I’ve discussed at length the development of revolving credit facilities. Corporate borrowers and private equity sponsors have continued to utilise this tool to maximise flexibility for acquisitions, dividend recaps and working capital. But during 2015 we’ve noted the increasing popularity of another weapon in an issuer’s financing arsenal: namely, the delayed-draw term loan (DDTL).
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BGL – ANNUAL DEBT MARKET UPDATE: HITTING A PLATEAU, CAN LENDERS GET MORE AGGRESSIVE?

CLEVELAND, December 9, 2015 – The credit markets remain open, and leverage appetite is robust for companies with attractive credit profiles. In Brown Gibbons Lang & Company’s (BGL) annual roundtable of middle market lenders, participants revealed a sentiment of cautious optimism, underscored by the expectation of a stable U.S. economy and continuing strong credit quality in leveraged loan portfolios.
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CREDITFLUX – THE MID MARKET AND THE MYTH OF LOAN LIQUIDITY

NEW YORK, December 3, 2015 – One of the enduring fictions about middle market loans relates to their tradability. Smaller loans, the theory goes, are priced at a premium because there are fewer ready buyers. Unlike their broadly syndicated cousins, loans below $250 million have no effective secondary market. That’s the idea, anyway.
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CREDITFLUX – DON’T LISTEN TO THE TALK, MEZZ DEFINITELY ISN’T DEAD

NEW YORK, November 5, 2015 – These days it’s popular sport at loan conferences to kick the mezzanine asset class. After the credit crisis, when some investors in subordinated debt took a licking, the common question heard among market players was: “Is mezz dead?” Today the refrain is: “Is mezz still dead?” And yet, in conversations with practitioners, it seems mezz is alive and well.
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CREDITFLUX – MID-MARKET SYNDICATE GAME CHANGES AGAIN

NEW YORK, October 8, 2015 – When your correspondent began distributing middle market loans (in the waning days of the Reagan administration), the concept was considered novel. Back then money-centre banks underwrote and syndicated mainly large corporate loans to other relationship banks. Smaller deals were mostly self-arranged, club affairs among regional banks and finance companies.
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