CreditSights News & Blog

FOMC Quick Take May 2024 CreditSights

FOMC Quick Take May 2024

Executive Summary: The Fed held its policy rate steady at 5.25-5.50%, as widely expected. The market…

Siobhan HodsonArticle published date: May 1, 2024

JOANN unanimous confirmation support slices debt by half with DIP lenders in majority control LevFin InsightsBankruptcy

JOANN unanimous confirmation support slices debt by half with DIP lenders in majority control

Related Documents: Chapter 11 plan Disclosure statement JOANN’s chapter 11 plan was confirmed today in the Delaware…

Siobhan HodsonArticle published date: April 25, 2024

Adler set for restructuring round two as German real estate downturn lasts longer than expected; hopes to complete BCP stake sale by year-end LevFin InsightsSpecial Situations

Adler set for restructuring round two as German real estate downturn lasts longer than expected; hopes to complete BCP stake sale by year-end

Adler CEO Thierry Beaudemoulin said on today's FY 2023 results call that adverse market conditions in…

Siobhan HodsonArticle published date: April 25, 2024

LSTA-DealCatalyst Private Credit Conference: 26North’s Brendan McGovern discusses investor constituencies, growth of asset class LevFin Insights

LSTA-DealCatalyst Private Credit Conference: 26North’s Brendan McGovern discusses investor constituencies, growth of asset class

LevFin Insights is working with the organizers of Private Credit Industry Conference on Direct Lending and Middle…

Sara LawalArticle published date: April 23, 2024

Liability Management Transactions: Quarterly Update Through Q1 2024 Covenant Review

Liability Management Transactions: Quarterly Update Through Q1 2024

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

Siobhan HodsonArticle published date: April 17, 2024

Smaller Syndicated Loans Coming Due May Provide Fertile Ground for Direct Lenders’ Dealflow LevFin Insights

Smaller Syndicated Loans Coming Due May Provide Fertile Ground for Direct Lenders’ Dealflow

Private credit’s growth has for many institutional investors effectively raised the minimum tranche size in…

Siobhan HodsonArticle published date: April 17, 2024

First-Lien Debt Recovery Prospects Deteriorate for Broadly Syndicated and Middle Market Issuers, Fitch Says LevFin InsightsSpecial Situations

First-Lien Debt Recovery Prospects Deteriorate for Broadly Syndicated and Middle Market Issuers, Fitch Says

First-lien debt recovery prospect expectations have deteriorated for broadly syndicated (BSL) and middle market (MM)…

Siobhan HodsonArticle published date: April 11, 2024

RiteAid Strikes Deal with McKesson and DOJ, Paving Way for Rite Aid 2.0 Special SituationsLevFin Insights

RiteAid Strikes Deal with McKesson and DOJ, Paving Way for Rite Aid 2.0

Rite Aid has reached key agreements with stakeholders, advancing its "Rite 2.0" restructuring plan.  …

Siobhan HodsonArticle published date: March 26, 2024

Altice France: Screens Painted Red by SFR CreditSightsSpecial Situations

Altice France: Screens Painted Red by SFR

Executive Summary Never much trusted by the HY market, Patrick Drahi’s Altice team plumbed new…

Siobhan HodsonArticle published date: March 21, 2024

US/EMEA Insight: Floored by Altice’s new stance and with ‘trust broken’, lenders hunt for clarity on borrower’s deleveraging plans LevFin InsightsSpecial Situations

US/EMEA Insight: Floored by Altice’s new stance and with ‘trust broken’, lenders hunt for clarity on borrower’s deleveraging plans

Lenders in Europe were left horrified by Altice France’s change in stance this week, after the…

Siobhan HodsonArticle published date: March 21, 2024

Altice France Bonds Continue to Slide as Advisors Size Up Mandate Opportunities; Drahi Burning Bridges with Bond Investors, Says CreditSights CreditSightsSpecial Situations

Altice France Bonds Continue to Slide as Advisors Size Up Mandate Opportunities; Drahi Burning Bridges with Bond Investors, Says CreditSights

Our reporters examine the impact of Altice France's aggressive new stance.   Altice France's bonds…

Siobhan HodsonArticle published date: March 21, 2024

Enviva bankruptcy plan allows for $1bn in debt post-emergence; bonds rally more than 10 points — Quick Take LevFin InsightsSpecial Situations

Enviva bankruptcy plan allows for $1bn in debt post-emergence; bonds rally more than 10 points — Quick Take

Related Documents: RSA Motion for Post-petition Financing Declaration of Glenn Nunziata Enviva’s chapter 11 filing…

Siobhan HodsonArticle published date: March 14, 2024

Spirit Airlines ‘Triple Dip’ Analysis LevFin InsightsSpecial Situations

Spirit Airlines ‘Triple Dip’ Analysis

Situation Overview: Spirit Airlines’ recently blocked merger with JetBlue, together with ongoing cash burn has set the ultra…

Siobhan HodsonArticle published date: March 14, 2024

US/EMEA Special Situations: Loparex launches coercive exchange offer to left-out lenders; ad hoc group commits to new money portion of super-priority loan LevFin Insights

US/EMEA Special Situations: Loparex launches coercive exchange offer to left-out lenders; ad hoc group commits to new money portion of super-priority loan

Industrial liner maker Loparex is in the market with a coercive exchange offer targeting left-out creditors after the…

Siobhan HodsonArticle published date: March 6, 2024

US Private Credit: Bowflex files for bankruptcy with $25mn DIP from SLR Credit Solutions LevFin Insights

US Private Credit: Bowflex files for bankruptcy with $25mn DIP from SLR Credit Solutions

Bowflex filed a chapter 11 petition in the New Jersey bankruptcy courts with a $25mn DIP…

Siobhan HodsonArticle published date: March 6, 2024

Market Alert: Beware the One Page Investment Bank Summary of Flex Terms Covenant Review

Market Alert: Beware the One Page Investment Bank Summary of Flex Terms

Overview In large cap syndicated leveraged loans, there are often changes made to the credit…

Siobhan HodsonArticle published date: February 9, 2024

U.S. Market Commentary: Spreads in HY Set to Retest Pandemic-Era and Post-GFC Tight of 301bps LevFin Insights

U.S. Market Commentary: Spreads in HY Set to Retest Pandemic-Era and Post-GFC Tight of 301bps

The following is an excerpt from today's report from LFI partner publication CreditSights, titled "Makes Me Wonder: Prior…

Siobhan HodsonArticle published date: February 28, 2024

CFOs, After A Volatile Year, Capitalize on Favorable Conditions to Issue Debt Uncategorized

CFOs, After A Volatile Year, Capitalize on Favorable Conditions to Issue Debt

Finance chiefs are taking advantage of favorable conditions in the corporate bond market while they…

Georgia ShenkArticle published date: February 6, 2024

Copper Levels Off Uncategorized

Copper Levels Off

"Copper prices can only come off to a certain degree, even if demand should someday…

Georgia ShenkArticle published date: February 1, 2024

The J. Crew Blocker: Panacea or Red Herring? Covenant Review

The J. Crew Blocker: Panacea or Red Herring?

The Bottom Line:™ During the syndication of leveraged loans, lenders often ask for the inclusion…

Sara LawalArticle published date: February 8, 2024