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Oct 18, 2024 | 
pitchbook.com | Jonathan Hemingway
R1 RCM has launched a $3.1 billion term loan B along with a $200 million delayed-draw term loan backing the take-private buyout of the company by TowerBrook Capital Partners and Clayton, Dubilier & Rice (CD&R), according to sources. Commitments are due by noon ET Friday, Oct. 25. Price talk for the seven-year covenant-lite TLB is S+350-375, with a 0% floor and an OID of 99.5. There is a 25 bps margin step-down at 0.5x inside closing first-lien leverage.
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Sep 27, 2024 | 
pitchbook.com | Jonathan Hemingway
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Sep 5, 2024 | 
pitchbook.com | Jonathan Hemingway
Instructure Holdings Inc. has launched the $1.685 billion first-lien and $365 million second-lien covenant-lite term loans that will finance the buyout of the company by KKR, according to sources. Commitments to the deal are due by 5 p.m. Thursday, Sept. 12.
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Sep 4, 2024 | 
pitchbook.com | Jonathan Hemingway
TransDigm has launched a new $1.5 billion term loan L due January 2032 to fund a special shareholder distribution, according to sources. Commitments to the deal are due by noon ET Thursday, Sept. 5. Price talk is S+250, with a 0% floor and an OID of 99.5-99.75. That implies a yield to maturity of around 7.78%-7.83%. Lenders are offered six months of 101 soft call protection.
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Jun 14, 2024 | 
pitchbook.com | Marina Lukatsky |Jonathan Hemingway |Abby Latour
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May 10, 2024 | 
pitchbook.com | Jonathan Hemingway
Timing is accelerated on the $1.8 billion term loan B for Grant Thornton, and commitments to the deal, originally due May 16, are now due by 5 p.m. ET on Tuesday, May 14, according to sources. No other changes were announced. Price talk for the seven-year covenant-lite TLB remains S+375, with a 0% floor and an OID of 99. That indicates a yield to maturity of 9.62%. Lenders are offered six months of 101 soft call protection.
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Apr 21, 2024 | 
ontheradarhoops.com | Jonathan Hemingway
MARIETTA, Georgia, – On the Radar Hoops Summer Jam brought out all the talent in the city. Teams from across the Southeast came to compete and be seen this weekend. Here is a look at a few of the names that caught our attention on the opening days of the event. By: Jonathan HemingwayMontgomery is a strong and confident combo player from Middle Georgia who left his stamp on this weekend. He shoots the ball from the arc with consistency.
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Apr 18, 2024 | 
pitchbook.com | Jonathan Hemingway
Price talk is making the rounds on the proposed repricing of Carnival Corp.’s $1.301 billion term loan B due August 2027 and its $2.248 billion term loan B due October 2028, following a global lender call, according to sources. Commitments to the JP Morgan-led deal are due by 5 p.m. ET Thursday, April 18. Both tranches are talked at S+275, with a 0.75% floor and an OID of 99.875-100. The 101 soft call protection will be reset for six months.
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Jan 30, 2024 | 
pitchbook.com | Jonathan Hemingway
A frenzied start to the year in the leveraged loan market has led to all sorts of opportunism, including a resurgence of dividend recapitalizations. New loan issuance to fund a dividend reached $7.9 billion as of Jan. 24, the most for any month since November 2021. While the spike is notable, dividend recap volume had already been trending higher. In 2023, supply in the second half of the year, at $13.6 billion, was more than double the output of the first half.
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Dec 21, 2023 | 
pitchbook.com | Jonathan Hemingway
US leveraged loan new issuance remained steady in the fourth quarter as views that the Fed was done with rate hikes, and that there might indeed be an economic soft landing, sparked rallies across risk markets. In the loan market, the secondary sustained a rally into mid-December to top off an exceptionally strong year for the asset class, which produced its second-best annual return on record, of 12.75% as of Dec. 19.
