Private credit news covering direct lending funds, BDCs, leveraged loans, fundraising, defaults, and the rapid growth of non-bank corporate lending.
Foundever Group reached an agreement with creditors to reduce its debt load. Lenders will take a haircut and receive 35% equity plus a $250 million cash paydown. The controlling shareholder will inject fresh funds and install new management.
This commentary argues that Apollo Global Management's access to insurance annuity cash is enabling it to disrupt traditional bank-led mega-deal financing. It contends that private credit is increasingly winning large deals, reshaping Wall Street's role in corporate lending.
According to Marsh McLennan research, global insurers intend to increase their allocations to private credit, even as concerns mount over underwriting standards, default rates, and valuations in the asset class.
This commentary argues that the largest publicly traded BDCs are entering a challenging phase of the credit cycle, citing rising non-accruals, distressed debt, and PIK loan markdowns. It contends that portfolio data reveals early credit deterioration not fully captured by headline numbers, warranting close attention in coming quarters.
Apollo Global Management plans to invest up to $20 billion in private credit opportunities in Mexico, targeting infrastructure and corporate sectors. The move seeks to capitalize on growing demand for private financing in the country.
This commentary argues that the recent boom and bust in stocks offering access to private credit funds presents a pivotal moment to evaluate the merits of retail access to private markets. It suggests that while the idea has faced setbacks, it may still offer valuable opportunities for investors.