S&P Global Market Intelligence – LCD Middle Market Review

NEW YORK, January 18, 2018 – “Two years ago, a larger middle market company with $75–100 million of EBITDA would most likely raise capital from the private markets with a club execution. Today, that same company can execute a syndicated deal with banks that will underwrite and sell it to CLOs and mutual funds—at higher leverage, lower pricing, and covenant-lite,” says Ken Kencel, CEO of Churchill…

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LevFin Insights – LFI Mid-Market Weekly Insights 1/5/18

NEW YORK, January 5, 2018 – The middle market finished 2017 on a high note (See LFI Mid-Market Quarterly Insights 4Q17: Sponsored volume finishes strong, lenders expect a repeat in 2018). Competition and doc deterioration are top concerns for 2018, and will push some investors deeper into the lower middle market…

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FundFire – Private Debt Wave Rolls On Even as Doubts Mount

NEW YORK, January 3, 2018 – And as the direct lending market matures, established managers that have grown in size may get an edge in future fundraising, says Ken Kencel, president and CEO at TIAA’s Churchill Asset Management.

“The window for newer managers to raise money is going to continue to narrow,” Kencel says. “Consultants will increasingly allocate to managers with scale.”…

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PE Hub – Churchill Racks up Over $1.1 bln for Debut Mid-market Senior Loan Fund

NEW YORK, November 29, 2017 – Churchill Asset Management has raised over $1.1 billion for its inaugural middle market senior loan fund. The fund’s limited partners include pension plans, insurance companies, foundations, single and multi-family offices and high net worth investors based in North America, Europe, South America and Asia….

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Creditflux – Mid-market CLO Roundup: New Deals Add to Bumper Year

NEW YORK, November, 2017 – Churchill Asset Management joins the expanding list of the managers in the CLO market this year by pricing its first new issue middle-market CLO TIAA Churchill Middle Market CLO II. Arranged by Wells Fargo, the deal receives a warm welcome as it achieves the second tightest triple A spread of 150 basis points and a low funding cost of 2.17%. Wells Fargo remains the dominant arranger in the market as it continues to bring more deals to the field and raise its volumes to $7.56 billion – roughly 43% of the market…

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FundFire – Direct Lending Managers Face Rough Road Ahead

NEW YORK, October 25, 2017 – Indeed, loan covenants for borrowers have become a point of distinction in the market, with some established direct lending firms sticking to stricter terms, but other newer entrants – or managers seeking to grow faster – offering lighter provisions, says Randy Schwimmer, senior managing director at Churchill…

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