Zack Miller

1 month ago | pitchbook.com | Abby Latour |Zack Miller

Cellular network CCI Buyer Inc., dba Consumer Cellular, obtained roughly $3.6 billion of loans and $525 million of preferred equity to refinance broadly syndicated loans and fund a dividend recapitalization. HPS led the financing and took the largest share of the loan, according to market sources. Blackstone and PSP Investments participated as lenders, and took similarly sized stakes. More than ten lenders participated.

1 month ago | pitchbook.com | Sami Vukelj |Zack Miller

Higher economic uncertainty due to tariff policies led Blackstone Secured Lending (Nasdaq: BXSL) to pass on more deals in the first quarter and focus on lending to larger borrowers in the upper middle market, despite recent spread widening on loans to smaller borrowers, according to the BDC’s May 7 earnings call.

2 months ago | pitchbook.com | Sami Vukelj |Zack Miller

Private credit has continued to offer financing availability in recent weeks despite broader uncertainty and public market volatility, helping deals continue to close, Blackstone said. “In the past, when you’d have volatility in public markets, high-yield spreads and leveraged loans would gap out. And that’s exactly what’s happened,” said Blackstone President and COO Jon Gray on an April 17 earnings call. In such an environment, the cost of capital rises and loan availability typically drops.

2 months ago | pitchbook.com | Sami Vukelj |Zack Miller

The share of life insurers’ general account assets invested in “risky” corporate debt has roughly doubled since the 2007-09 financial crisis, driven in recent years by partnerships between insurers and asset managers, according to the US Federal Reserve.