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?? Have you checked out our LevFin Highlights 9M24 ??? https://lnkd.in/e86pU-Qw Leveraged finance issuance across the US and European institutional loan and high-yield bond markets rose 279% YoY to USD 1.4trn in the first nine months of 2024. Strong investor demand and the falling cost of borrowing propelled the rebound in market activity, with refinancing and opportunistic repricing transactions driving YTD volumes. Both M&A and LBO transactions bounced back from the historical lows seen in 2023. Renewed liquidity and tightening spreads helped syndicated markets regain their share of the large-cap LBO space from private credit funds, which had stepped in to fill the void during the more volatile periods over the last two years. The availability of cheaper financing attracted a raft of borrowers to refinance private credit debt in the broadly syndicated markets this year, giving a boost to the much-needed supply of new paper. With CLOs on track for record issuance this year and high-yield funds drawing in net inflows amid cooling inflation and expectations of monetary easing, technical conditions have been largely supportive for issuance.?

Last week, Spirit Airlines’ Chapter 11 filing sparked traveler concerns ahead of the busy holiday season. I spoke to the Associated Press, CNN, ABC and on-air to Fox 13, ABC 6 and KTLA on how holiday travelers might be impacted and what bankruptcy means for the future of the low-cost airline. ? Spirit airlines has assured customers, vendors, and suppliers, that operations should continue as usual while in bankruptcy, with travelers able to book and fly like normal despite entering Chapter 11. ? Spirit’s loyalty program may raise complexities however. The airline’s estimated 34.3 billion in unused miles, worth around $105m are likely to be important to travelers continuing to fly with the airline. Although it appears unlikely at this point, if the airline pivots to a liquidation, there's no guarantee the miles will be useable in the long-term. ? You can read the insights I shared with Associated Press here https://lnkd.in/g5yDGiQt and watch my interview with Fox 13 Seattle below. ? Debtwire subscribers can follow our latest legal analysis on the bankruptcy hearings here https://lnkd.in/g59C4-qG ? #SpiritAirlines #Bankruptcy #Chapter 11

Our Global Head of Legal at Debtwire, Sarah Foss, and our Executive Editor, John Bringardner, sat down with broadcasters and journalists to share their expert insights on the Spirit bankruptcy with concerned travellers ahead of the busy holiday season. While the Chapter 11 filing is not expected to affect operations with flights going ahead, our team cautioned customers that there's no guarantee the estimated 34.3 billion in unused miles, worth around $105m, will be of value in the long-term if a new buyer cannot be found. ?? You can watch John’s interview with WPTV (NBC Palm Beach) here: https://lnkd.in/dsBYimTn ?? And you can read Sarah’s latest commentary in this CNN article by Alexandra Skores: https://lnkd.in/ddVYGXBT Stay up-to-date on the latest developments as the Debtwire team continues to cover this story, with your free Debtwire trial today: https://lnkd.in/ekCjgphN ?#SpiritAirlines #Bankruptcy #Chapter 11

Annual loan defaults are soaring, with this year’s rate of 4.7% surpassing 4.5% seen during the economic slowdown in 2020 triggered by the advent of the pandemic. It also marks the highest default rate since the global financial crisis, when defaults peaked at 10.5%. The trailing 12-month (TTM) US leveraged loan default rate jumped to 4.72% in October, up from 2.99% a year ago, according to Fitch Ratings. More here: https://lnkd.in/deqWCyHT

#DebtwireMiami is just 3 weeks away, are you registered yet? ?? https://lnkd.in/diA3bzyV Join us on December 10th to hear from leading industry experts, including our Opening Fireside Chat speaker, Jeffrey S. Stein, TMA CTP, Founder of Stein Advisors and former CEO of Rite Aid. Gain exclusive insights into Jeffrey's impressive career journey and his leadership as CRO at several high-profile companies. Don't miss out!

The private credit market continues to expand, reaching $2.1 trillion AUM globally. Most of the activity stems from the US, where private credit’s market share is fast approaching that of syndicated loans and high-yield bonds. Join us at #DebtwireMiami for the panel “The Growing Role of Private Credit in a Restructuring Context”, featuring Ajay Bijoor of Baird, who will share his insights on this evolving landscape. ?? View the agenda and secure your spot here:?https://lnkd.in/diA3bzyV

Mandate activity slowed substantially in 3Q24 as the 64 new mandates in the quarter represented a 41% decline compared to 108 engagements in 2Q24. The mandates stemmed from 24 restructuring situations and involved EUR 33bn of debt, down 46.5% from EUR 61.6bn debt in the previous quarter. More here: https://lnkd.in/ehJVh8dc

Wellpath Holdings, an HIG Capital-backed provider of mental and medical health care in prisons and jails, entered bankruptcy with the goal of selling its behavioral health business, backed by a stalking horse bid from existing lenders, and reorganizing its corrections business through either a debt-for-equity exchange or asset sale. Wellpath filed its Chapter 11 petition last week (11 November) in the US Bankruptcy Court for the Southern District of Texas, reporting USD 644.1m in prepetition funded secured debt. More here: https://lnkd.in/eR7DVzW8

?? Last week, our Executive Editor, John Bringardner, spoke with Fox Business Network to share his thoughts on TGI Fridays' Chapter 11 filing and the recent trend of legacy chain bankruptcies across the country. John appeared alongside Brandon Coleman III, former TGI Fridays CEO, to discuss the intricacies of the bankruptcy case, the challenges restaurants are facing in the current market, changing consumer trends, and his insights into potential developments on the horizon. You can watch John’s full appearance below ?? #TGIFridays #Chapter11 #bankruptcy

Earlier this week, our Executive Editor John Bringardner, delivered the keynote speech at the American Association of Private Lenders 15th Annual Conference in Las Vegas. John spoke to the debt market freeze last year, reflecting on Debtwire’s insights into the major turn of large corporate borrowers towards private lenders. In 2024, banks returned to the game and started regaining market share – the key question for 2025 will be whether the pendulum will keep swinging, or whether public and private markets will find a happy equilibrium. It’s safe to say that the team at Debtwire will be watching how the situation unfolds. ?? Thanks to the team at AAPL for inviting John and for putting on such a fantastic event! #AAPLANNUAL #debt #markets #privatelenders