Spanish Direct Lending Analysis, Opportunity to Expand

Spanish Direct Lending Analysis, Opportunity to Expand

Spain is an increasingly attractive market for private debt investors. As the country’s banking sector faces another wave of mergers, direct lenders will have the opportunity to expand on the back of the banks’ reduced capacity to cover the mid-market space. As the economy recovers from Covid, we expect the number of Spanish direct lending deals in 2021 to bounce back to 2019 levels, or even higher. Pemberton opened its Madrid office in 2020 to support all our local clients, and Spain is an important part of our strategy to build pan-European portfolios for investors. Spain is the fifth-largest economy in...

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Private Equity Seek High Returns From Gaming Companies Expected to Auction in September

Private Equity Seek High Returns From Gaming Companies Expected to Auction in September

Mid-market funds are monitoring a spate of video game developers expected to come to market in September after the robust performance of gaming companies during the Covid-19 crisis was noted. About 82% of global consumers played video games during the height of the Covid-19 lockdowns last year, analysis from data and market measurement firm Nielson showed. Traditionally, the video games sector has been dominated by venture capital and large game studios such as Microsoft and Sony, but now both direct lenders and private equity have started to enter the sector in pursuit of attractive returns. Click through to read the full story.

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China Huarong in Talks with Potential Strategic Investors

China Huarong in Talks with Potential Strategic Investors

Management of China Huarong Asset Management, said on an earnings call Aug. 30, that Huarong is also in talks with other potential strategic investors, including Chinese and foreign firms, who had shown interests in investing in the company and joining CITIC, China Insurance Investment, China Life, Cinda, Sino-Ocean as its strategic investors. Of the dozens of earnings calls our Asia Core Credit team has covered this season, the Huarong call was noteworthy due to the topical nature of the controversial credit. Click through to read the full story.

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Leveraged loan lender protections weakening continues…

Leveraged loan lender protections weakening continues…

Written by Peter Washkowitz, Senior Director and Head of Americas Covenants || The dog days of summer did not slow down activity in the bankruptcy and restructuring world. In the United States, August came to a close with a mix of real estate, healthcare and consumer services companies filing chapter 11, including Tix Corp., Brown Industries, Regional Housing & Community Services Corp., Advanced Tissue and New England Sports Village. After the reduction of revolving commitments under its asset-backed lending facility in the wake of a pipeline leak at the Inglewood Oil Field, E&B Natural Resources may seek a replacement for...

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Virgin Active Restructuring; Three Inter-Conditional Part 26A Plans

Virgin Active Restructuring; Three Inter-Conditional Part 26A Plans

Hogan Lovells reflects on the impact of the landmark decision in respect of the Virgin Active restructuring in three inter-conditional Part 26A plans on 21 May 2021. The Virgin Active restructuring plans represented the first fully contested cross class cram down for the new Part 26A process, since its introduction almost exactly one year ago. The plans saw five out of seven creditor classes in each of the plans subject to cram-down, delivering a comprehensive restructuring of its real estate liabilities as part of a plan that saw material new money injected by sponsors, and Lenders extending. DeepOcean and Smile...

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ION Geophysical Tear Sheet, Distressed Exchange Analysis

ION Geophysical Tear Sheet, Distressed Exchange Analysis

Providing an updated ION Geophysical tear sheet in addition to a detailed covenants analysis, our Americas Covenants team dove deep into the company’s exchange offer and rights offering pursuant where the company exchanged an aggregate principal amount of $113.5 million for a combination of cash, stock and new 8.000% second lien convertible notes due 2025. These exchanges resulted in changes to the ION Geophysical capital structure and leverage metrics and despite the April 2021 exchange, approximately $7 million of Old 2L Notes remained outstanding as of June 2021. Our updated ION Geophysical tear sheet and covenants analysis includes a deep...

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