Platinum talks A&E with Biscuit International’s lenders, could subordinate sponsor debt
EXCLUSIVE: Bilateral talks held; Platinum holds EUR 80m notes ranking pari passu with TLB

First Brands bankruptcy seems to be a problem separate from private credit - Blue Owl
CEO Marc Lipschultz is not seeing an uptick in private credit defaults and says concerns around the asset class are misplaced

Thoma Bravo’s LBO loan deal for Calabrio draws mixed reactions over AI risk
EXCLUSIVE from Debtwire: USD 1.5bn first-out term loan marketed at SOFR+ 400bps, 97-98 OID; Investors divided on AI risk, some betting on Thoma Bravo's software expertise

First Brands factoring provider Raistone seeks examiner over USD 2.3bn in missing funds
Alleged disappearance of third-party factored receivables sparks demands for the appointment of an examiner

Apollo, Oaktree and Searchlight among funds sitting on USS debt as company doesn’t make payment
EXCLUSIVE from Debtwire: Forbearance agreement reached between USS and creditors, as USS struggles financially despite recent LME efforts

First Brands' distorted balance sheets serve as warning to private credit lenders – Market React
Company secured fresh debt despite missing payments to Onset Financial; Special committee investigates double invoice pledging

Altice France new capital structure starts trading as investors consider M&A potential
Restructuring completed as secured debt trades; break-up of Altice France business possible through sector consolidation

First Brands rolls through operational motions in second half of first day hearing
EXCLUSIVE: USD 1.5bn rollup approved as part of USD 4.4bn DIP financing package including USD 175m new money to support company's continued operation

First Brands Bankruptcy: financial tune up raised red flags that Wall Street overlooked
First Brands files for chapter 11 bankruptcy protection; Stakeholders anticipate significant discovery into company's practices

Apollo to launch three evergreen funds in Europe to tap individual investors
Apollo has secured regulatory approval in Luxembourg for three semi-liquid evergreen private markets funds including two credit ones

Evolving M&A is transforming the capital formation landscape – KKR
'Critical' link between M&A and credit is set to fuel growth in private markets

JPMorgan credit research team pitches top trades at levfin conference, strategists recommend overweight BBs
Buy opportunities in AT1 debt, periphery banks, Ardagh Metal, Altice France, Ithaca; Sell ideas on Guala Closures, Nissan, Nomad Foods, Hapag Lloyd
 

Rush to exit bankruptcy pushes more companies to file a second time
Four companies file for second time in 2025, up from one last year; Poor prognosis for Chapter 22 filers, with high liquidation rates  

Corporate default rates predicted to fall despite tariff uncertainty - S&P
Speculative-grade corporate default rates expected to fall on both sides of the Atlantic as trade tension uncertainty eases, but some concerns remain

PetSmart, Upbound Group find refi opportunities as summer lull sets in
PetSmart, Upbound Group refinance debt amidst favorable conditions, as market participants eye a pick up in primary activity after Labor Day
 

KKR grows ABF business to USD 75bn, expands origination
The alternative asset manager acquired a majority stake in a biopharma royalties business this week to add to its asset-backed finance business

Pimco urges caution in credit markets despite recent resilience
The resilience of the private sector has supported the credit market in the first half of the year, despite “whipsawing” market volatility, a new report from Pimco has found. 

European CLOs back on track for record year, but caution remains – Global ABS panellists
Panellists at this year’s Global ABS conference in Barcelona say European CLO issuance has recovered from its April hiatus – but concerns remain, especially over lack of leveraged loan supply and deteriorating credit quality

Hayfin hires Man's former CLO PM for European high yield, loans research
Jason Late will serve as a co-portfolio manager for the European high yield and syndicated loan strategy

Volatility could cause credit markets to break this year – TCW’s Bryan Whalen
PODCAST: Investors aren’t being paid enough of a premium for the risks in US corporate credit, TCW’s chief investment officer of fixed income told Creditflux’s Lisa Lee on the latest ‘Credit Exchange’ podcast  

Buyout Highlights - Overview of Europe Buyout and Financing Trends 1Q25
Leveraged loans are again the main source of financing for LBOs in Europe, providing 65% of the total volume issued in 1Q25  

Tariffs will push up default rates for several years, say agencies and managers
After an uptick in leveraged loan defaults culled weaker credits in 2024, many expected default rates to fall in 2025. But the uncertainty stemming from the Trump administration’s tariffs means those assumptions are now under threat

Lenders hit by LMEs will eventually have to increase the cost of capital
Chipping away at what has made loans successful has a cost

Clearlake abandons bank-led option for a private credit loan to replace Dun & Bradstreet financing
EXCLUSIVE: The private equity firm is going with the Ares-led private credit loan rather than tapping banks to raise debt in the capital markets 

Economic uncertainty clouds Milken conference but lev fin markets keep moving
Attendees leave a cloudy LA with few answers but a little more faith in the US leveraged finance markets