Debt Explorer | Portability isn’t a typical feature of loan documents, but in a market where refinancing remains expensive and at times tricky, stakeholders are exploring how portability terms can help maintain M&A activity

Debt Explorer | In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity

Debt Explorer | As leveraged loan markets have been impacted by a challenging macroeconomic environment, private equity sponsors are sharpening their focus on flexibility in their portfolio companies’ loan documents.

The US private equity (PE) market in 2022 aligned overall with the broader M&A trend—activity eased off considerably, year-on-year, but remained above historic levels—and like the M&A market at large, it tailed off as the year progressed, but what does this mean for the year ahead?

Borrowers and lenders are seeking new opportunities in the face of growing market volatility

Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment  

Issuance of leveraged loans and high yield bonds to fund buyouts surged to quarterly highs in 2021 as private equity sponsors raised their investment game

Borrowers take advantage of hot loan and high yield bond markets to lock in M&A and leveraged buyout financing at attractive terms and pricing

What will drive issuance in a post-COVID-19 world?

Leveraged buyout high yield bond and leveraged loan issuance fell in Q3 2020 as a lack of buyout deals in a still cautious M&A market dampened appetite for financing