Double-dip refinancing hits US leveraged loan
Wheel Pros, a name still held by 219 CLOs with $414 million of total principal, announced details of a new refinancing deal last week featuring a controversial double-dip structure

Abu Dhabi-based sovereign investors put $1 billion into tech-focused credit platform
Abu Dhabi-based sovereign investor forms strategic partnership with US asset manager as it focuses on technology lending strategy

Creditors try double dips to raise recoveries
A new form of liability management has emerged to take its place alongside the various uptiering and drop-down transactions that have been executed recently: the so-called “double dip” financing

New Mexico State Investment Council commits $150 million to infra debt fund
The New Mexico sovereign wealth fund approved a $150 million allocation to the Newmarket International Infrastructure Finance Company IV 

DebtDynamics North America: de-risking remains key focus for loan issuers and investors alike
Syndicated leveraged loan and high-yield (HY) bond markets have endured a challenging time during the past eight months but sentiment is far from rock-bottom

US leveraged loan issuance drops 35% year on year
Debtwire 's new July 2023 US Leveraged Highlights report sees a striking 70% year-on-year decrease in new money institutional activity as lack of supply from the M&A market weighs on issuance

DebtDynamics North America: Likely-to-distress scores highlight struggling industries
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories

Arini continues expansion with Credit Suisse hire

Credit hedge fund Arini taps former senior-level Credit Suisse executive. 

Illiquid assets are increasingly hot in the private markets according to Aeon survey
Illiquid assets may offer protection against macro uncertainty, according to findings from a new survey.

Private credit fundraising continues as two new funds launch
Private credit funds continue to see growth with two new US funds launching this week.

June 2023 US Leveraged Highlights
Debtwire has released the June 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets.

Loan Highlights 2Q23: Running aground
The global loan market endured a bleak first half of the year, with the overall 1H23 volume falling 28% year-on-year (YoY) to $1.9 trillion, the lowest showing since 2012.

L Catterton expands credit platform with new co-head of private credit
L Catterton's private credit platform is in expansion mode, announcing a new managing partner and co-head of private credit

May 2023 US Leveraged Highlights
Leveraged investors continue to favor bonds to loans, according to the Debtwire May 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets.

Private credit is still the number one topic for investors, hears conference
Delegates at the Debtwire Private Credit Forum 2023 heard that private credit has become the favourite topic for institutional investors

TPG buys Angelo Gordon for $2.7 billion
TPG has entered into an agreement to buy Angelo Gordon in a cash and equity deal valued at around $2.7 billion, the firm has announced

LP round up: HPS wins $550m mandate as Ares launches third US direct lending fund
US institutional investors allocated nearly $3 billion to credit funds in April. The news comes amid a BlackRock survey in the month which showed significant investor interest in private credit

Virginia pension discloses $800 million in credit allocations
Virginia Retirement System has disclosed $800 million in credit fund allocations made over the first quarter of this year

Fund performance: European CLO funds lead the way
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January

HPS raises $12 billion for fifth junior capital fund
HPS Investment Partners has closed its fifth junior capital solutions fund, HPS Strategic Investment Partners V, at $12 billion. With leverage, the strategy has $17 billion investable capital

Fidelity Investments raises over $100 million for BDC
Fidelity Investments says that its business development company, Fidelity Private Credit BDC, is up and running with “in excess of $100 million”.

Ares and Mubadala establish $1 billion global credit secondaries JV
The pair aim to capitalise on the 'anticipated growth and substantial demand’ from managers and investors for customised liquidity solutions

Angelo Gordon wraps up fundraising for $1.3 billion credit dislocation fund
AG CSF2A (Annex) Dislocation Fund is an extension of the AG Credit Solutions Fund II, which held a $3.1 billion final close in April last year.

Oaktree targets $10 billion for LBO financing strategy
The launch of the firm's large-cap sponsor-backed private credit strategy follows banks retreating from the LBO space and a more compelling risk-adjusted return than other sectors in the market

Proskaeur hires CFO specialist from SocGen
Proskauer has announced the appointment of Matthew Kerfoot as partner in its finance group in New York