Essex Capital Group的动态

We’ve created a guide for #unicorn shareholders that outlines all the secondary market options available. If you have any questions or want to discuss your liquidity options further, please contact us. https://loom.ly/rv5mAN4 #preipo #liquidity #privatemarket #secondarymarket #exchangefund

From Nareit - “Debt issuance totaled $12.5 billion raised at the secondary market in the second quarter of 2024, with a year-to-date total of $25.4 billion. In the second quarter of 2023, REITs raised $9.9 billion through secondary debt offerings.” Nice percentage increase from Q2 2023, as capital markets and borrowers become comfortable with the existing (and future) rate environment. The momentum continues to build for REITs and our Ballard Spahr LLP REIT team continues to see a corresponding increase in transactional volume YOY. #reit #cre #netlease

From yesterday on LevFin Insights: Private credit lenders, including Blackstone, refinanced Inspira Financial from its 2019 buyout financing by Abry Partners. That financing comprised an originally $855mn financing split between a syndicated first-lien loan and privately placed second-lien loan, and was followed by a subsequent upsize of $485mn. https://lnkd.in/dxEWJ53d With Krista Giovacco and Kerry Kantin #privatecredit #privatedebt #directlending #leveragedfinance #leveragedloans #leveragedlending #levfin

Picture this…. Not only leading the way with the M&A coverage & advisor mandates, but also the scoop on the expected BSL bond to loan switch with wide pricing expectations. Octus continues to deliver best in class proprietary credit coverage.

Direct lenders are in a race to the bottom on pricing as competition ticks up with a resurgence of activity in the lev loan market. Ares Management Corp.,?AllianceBernstein,?Golub Capital?and?Blue Owl are all linked to EQT's most recent financing package, now priced 1.25% lower than the last round of financing for the same company just 6 months ago. Additionally, direct lenders are increasingly going cov-lite due to pressure from the kingmakers of deal flow....PE sponsors. To top it all off, investors claiming well diversified private credit allocations are now finding different slices of the same deals across multiple direct lending strategies. To my institutional network, are you as diversified as you think you are? Lets talk about middle-market ABL, which does not suffer the same overlap as discussed here. https://lnkd.in/d-26kA2K

Lenders to lower-middle-market acquisitions are able to issue a term sheet on a tight deal timeline, but will need several key items of due diligence up front, says Conor Tidgwell, a Senior Vice President at Avidbank. The required loan documentation that will get a lender "pretty darn close to what we need for a term sheet" includes a company-overview Confidential Information Memorandum (CIM), a financial model with five-year projections, a copy of the Letter of Intent (LOI), a draft of the Quality of Earnings (QoE) report, and information about the company's proposed investors, or "cap table." Conor Tidgwell says this information is shared with the lender's credit committee in the form of a credit memo. Certain industries may necessitate the sharing of ancillary information. In the Entrepreneurship-Through-Acquisition (ETA) strategy, aspiring CEOs search for a lower-middle-market company to buy, and typically use debt in the acquisition structure. Deal negotiations sometimes get bogged down when the proposed borrower doesn't have the necessary information for the credit committee to make a quick decision. Watch the full Search Party Episode now on YouTube: https://lnkd.in/etDrBJyC Search Party Lead Sponsor: Next Coast Legacy https://lnkd.in/eSAuRW5p Search Party Sponsors: Avidbank https://www.avidbank.com/ Boulay https://boulaygroup.com/ Mayer Brown https://lnkd.in/gU7sPPSg Plexus Capital https://plexuscap.com/ Search Party video-podcast website: https://lnkd.in/efJEa6GV #dilligence #eta #privateequity #middlemarket #credit

There is less "wiggle room" on covenants for lower-middle-market loans relative to the larger deal markets, says Conor Tidgwell, a Senior Vice President at Avidbank. Tidgwell notes that most financings in the Entrepreneurship-Through-Acquisition (ETA) ecosystem are cash-flow or EBITDA-based loans, featuring "off-the-shelf" covenants such as maximum senior leverage ratios and fixed-charge coverage ratios. Conor notes that while the covenants are not meant to have the effect of "breathing down your neck. . . if things do get tight, that's probably a good time to have a serious chat with your lender." Search Party Lead Sponsor: Next Coast Legacy https://lnkd.in/eSAuRW5p Search Party Sponsors: Avidbank https://www.avidbank.com/ Boulay https://boulaygroup.com/ Mayer Brown https://lnkd.in/gU7sPPSg Plexus Capital https://plexuscap.com/ Search Party video-podcast website: https://lnkd.in/efJEa6GV #eta #privateequity #lowermiddlemarket #business

What the NAV lending data tells us... NAV financing allows a GP to borrow against assets held in its funds, typically to fund add-on acquisitions, refinance existing debt or – more controversially – fund distributions to LPs. Meanwhile, NAV lender 17Capital says that of existing NAV loans, around 89% have been used for “money-in” purposes, such as growth capital or add-on acquisitions, while only 11% have been used for “money-out” purposes, such as funding distributions. Read the full insights piece here: https://lnkd.in/eQSw_6iP #NAVlending #privatecredit #privateequity #NAVLoans

Neu Capital is pleased to have advised MONEYME on securing a A$125m corporate funding facility with iPartners. The new funding facility will be used to refinance MoneyMe's existing corporate debt facility with improved terms and enable substantial loan book growth. MoneyMe is a digital lender leveraging smart technology to deliver efficient, flexible, and innovative credit solutions. By challenging traditional methods of accessing credit, MoneyMe simplifies the borrowing process with a seamless, digital-first experience for Australians. The deal was led by Jason Watts GAICD,John Powell, Vuk Trazivuk and Lynn Wang?and?is another outstanding example of Neu Capital’s expertise in?placing complicated structured finance transactions. The ASX announcement can be found here:? https://lnkd.in/dTbs7ErW