CreditSights News & Blog

EMEA Special Situations: Adler AGPS bondholders approve recap amendments, ‘far surpassing’ 75% support threshold for each series LevFin InsightsSpecial Situations

EMEA Special Situations: Adler AGPS bondholders approve recap amendments, ‘far surpassing’ 75% support threshold for each series

Adler's second-lien bondholders have voted for the restructuring amendments, meaning it should be able to…

Sara LawalArticle published date: June 18, 2024

Interval funds emerge alongside non-traded BDCs as compelling option for retail investors Private CreditLevFin Insights

Interval funds emerge alongside non-traded BDCs as compelling option for retail investors

Having won over institutional investors such as pension funds and endowments, private credit managers have…

Siobhan HodsonArticle published date: June 17, 2024

PREPA: 1st Circuit Holds Revenue Bonds Are Secured CreditSightsSpecial Situations

PREPA: 1st Circuit Holds Revenue Bonds Are Secured

Executive Summary On June 12, 2024, the U.S. Court of Appeals for the First Circuit…

Siobhan HodsonArticle published date: June 13, 2024

PluralSight Raises Preferred Equity, Conducts Drop-Down Liability Management Transaction LevFin InsightsSpecial Situations

PluralSight Raises Preferred Equity, Conducts Drop-Down Liability Management Transaction

PluralSight raised new preferred equity financing and conducted a drop-down transaction that involved sponsor Vista Equity…

Siobhan HodsonArticle published date: June 12, 2024

US Special Situations: Sinclair debt jumps after Chatham Asset Management sends letter calling for traditional refinancing efforts LevFin Insights

US Special Situations: Sinclair debt jumps after Chatham Asset Management sends letter calling for traditional refinancing efforts

Debt backing Sinclair is up in secondary trading today after Chatham Asset Management sent a public letter to CEO…

Sara LawalArticle published date: June 3, 2024

US Bankruptcy: Diamond Sports extends confirmation to July; MLB, NBA skeptical of viable path forward LevFin Insights

US Bankruptcy: Diamond Sports extends confirmation to July; MLB, NBA skeptical of viable path forward

Diamond Sports announced at a status conference today in the Southern District of Texas Bankruptcy Court…

Sara LawalArticle published date: June 4, 2024

US Bankruptcy: WeWork confirms chapter 11 plan with unanimous creditor support; Cupar Grimmond acquiring majority control LevFin Insights

US Bankruptcy: WeWork confirms chapter 11 plan with unanimous creditor support; Cupar Grimmond acquiring majority control

Related documents: Chapter 11 Plan WeWork secured confirmation of its chapter 11 plan today in the…

Sara LawalArticle published date: May 30, 2024

US Weekly: Fading the Fed CreditSights

US Weekly: Fading the Fed

Executive Summary Treasury Markets: The Treasury curve bear flattened as the 2Y rose 12 bp…

Sara LawalArticle published date: May 28, 2024

US Bankruptcy: Red Lobster granted access to DIP; “endless shrimp” promotion to be investigated for mismanagement LevFin Insights

US Bankruptcy: Red Lobster granted access to DIP; “endless shrimp” promotion to be investigated for mismanagement

Related documents: First-day declaration – Jonathon Tibus Red Lobster secured access to $40mn of its $100mn new…

Sara LawalArticle published date: May 21, 2024

Strategy: Stress Testing US HY Interest Coverage CreditSights

Strategy: Stress Testing US HY Interest Coverage

Executive Summary With the US leveraged finance markets firmly back in business, we provide an…

Sara LawalArticle published date: May 23, 2024

Golden Seahorse: Reinstatement & Default Interest CreditSights

Golden Seahorse: Reinstatement & Default Interest

Executive Summary This note discusses a pending appeal arising out of the Golden Seahorse LLC…

Sara LawalArticle published date: May 14, 2024

US Bankruptcy: Diamond Sports announces progress in chapter 11 despite Comcast impasse; MLB, NBA, NHL sound alarm LevFin Insights

US Bankruptcy: Diamond Sports announces progress in chapter 11 despite Comcast impasse; MLB, NBA, NHL sound alarm

Related Documents: MLB statement Motion to assume – DirecTV  Exhibit A  Diamond Sports held a status…

Sara LawalArticle published date: May 15, 2024

US Strategy: Private Credit 101 Slides CreditSights

US Strategy: Private Credit 101 Slides

Executive Summary We were asked to present to a group of government officials in Washington…

Sara LawalArticle published date: May 10, 2024

U.S. Trendlines: New-Issue Spreads Narrow in November, but Terms Tighten as Mix Shifts to Corporate Loans Covenant ReviewLevFin Insights

U.S. Trendlines: New-Issue Spreads Narrow in November, but Terms Tighten as Mix Shifts to Corporate Loans

New-Issue Spreads Narrow in November, but Terms Tighten as Mix Shifts to Corporate Loans Loans…

Siobhan HodsonArticle published date: December 4, 2023

Thames Water (Kemble): Uncharted Waters Special SituationsCreditSights

Thames Water (Kemble): Uncharted Waters

Thames Water's funding negotiations falter amid regulatory pushback. Negotiations to smooth the injection of a…

Siobhan HodsonArticle published date: March 28, 2024

CR TrendLines Topical Report: New-Issue Private Credit Terms Trended Sideways in 2023; Cov-Lite Share Falls Covenant Review

CR TrendLines Topical Report: New-Issue Private Credit Terms Trended Sideways in 2023; Cov-Lite Share Falls

Covenant protections for new-issue private credit loans (PCs) flatlined in 2023 compared with 2022 even…

Siobhan HodsonArticle published date: February 13, 2024

Liability Management Transactions: Quarterly Update Through Q3 2023 Covenant Review

Liability Management Transactions: Quarterly Update Through Q3 2023

The Bottom Line:™ Borrowers and issuers have been engaging in “Liability Management Transactions” with increasing…

Siobhan HodsonArticle published date: December 5, 2023

U.S. Bankruptcy: Secured Creditor Lavvan Appeals Amyris DIP to District Court LevFin Insights

U.S. Bankruptcy: Secured Creditor Lavvan Appeals Amyris DIP to District Court

Amyris secured creditor Lavvan has appealed to the U.S. District Court for the District of Delaware…

Siobhan HodsonArticle published date: October 30, 2023

US/EMEA Special Situations: Medical Properties Trust – Risk Primer LevFin InsightsSpecial Situations

US/EMEA Special Situations: Medical Properties Trust – Risk Primer

Medical Properties Trust’s largest tenant, Steward Health Care, filed for chapter 11 bankruptcy protection in Houston…

Sara LawalArticle published date: May 8, 2024

US HY vs. Lev Loan Fundamentals Comparison (4Q23) CreditSights

US HY vs. Lev Loan Fundamentals Comparison (4Q23)

Executive Summary: We provide an update to our US HY vs Leveraged Loan comparison for…

Sara LawalArticle published date: May 9, 2024