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PE News Weekly 📈 📍 Oak Hill Advisors leads $1bn debt package for Vista Equity's $1.25bn Model N acquisition, set to close mid-2024. Other lenders include Brinley Partners, KKR, Morgan Stanley, and New Mountain Capital. The package consists of a $735m loan, a $150m delayed-draw term loan, and an $80m revolving credit facility. Pricing is 5 percentage points over the Secured Overnight Financing Rate, with leverage at around eight times based on $90m EBITDA. 📍 Blackstone's credit unit plans to sell $450m of loans at a discount to provide liquidity to investors in an older fund. Evercore is assisting in finding a buyer for the loan portfolio, acquired for $2.4bn from NewStar Financial in 2017. The portfolio includes debt from companies like Arriva, American Achievement, BMC Software, and Charter Communications. Blackstone has selected a bid valuing the portfolio at around 60 cents on the dollar, with the transaction pending closure. 📍 Private Equity giant KKR is preparing to propose commitments to the European Union to secure early approval for its €22bn acquisition of Telecom Italia's landline network. These commitments aim to address EU concerns regarding potential price hikes in the wholesale telecoms market. If accepted, the deal could be approved next month, averting a lengthy "phase 2" investigation. The EU may extend its decision deadline by 10 days to mid-June if KKR's commitments are deemed acceptable, although final approval remains uncertain. #privateequity #privateequitynews #rawselection

PE News Weekly 📈 📍 Oak Hill Advisors leads $1bn debt package for Vista Equity's $1.25bn Model N acquisition, set to close mid-2024. Other lenders include Brinley Partners, KKR, Morgan Stanley, and New Mountain Capital. The package consists of a $735m loan, a $150m delayed-draw term loan, and an $80m revolving credit facility. Pricing is 5 percentage points over the Secured Overnight Financing Rate, with leverage at around eight times based on $90m EBITDA. 📍 Blackstone's credit unit plans to sell $450m of loans at a discount to provide liquidity to investors in an older fund. Evercore is assisting in finding a buyer for the loan portfolio, acquired for $2.4bn from NewStar Financial in 2017. The portfolio includes debt from companies like Arriva, American Achievement, BMC Software, and Charter Communications. Blackstone has selected a bid valuing the portfolio at around 60 cents on the dollar, with the transaction pending closure. 📍 Private Equity giant KKR is preparing to propose commitments to the European Union to secure early approval for its €22bn acquisition of Telecom Italia's landline network. These commitments aim to address EU concerns regarding potential price hikes in the wholesale telecoms market. If accepted, the deal could be approved next month, averting a lengthy "phase 2" investigation. The EU may extend its decision deadline by 10 days to mid-June if KKR's commitments are deemed acceptable, although final approval remains uncertain. #privateequity #privateequitynews #rawselection

PE News Weekly 📈 📍 Oak Hill Advisors leads $1bn debt package for Vista Equity's $1.25bn Model N acquisition, set to close mid-2024. Other lenders include Brinley Partners, KKR, Morgan Stanley, and New Mountain Capital. The package consists of a $735m loan, a $150m delayed-draw term loan, and an $80m revolving credit facility. Pricing is 5 percentage points over the Secured Overnight Financing Rate, with leverage at around eight times based on $90m EBITDA. 📍 Blackstone's credit unit plans to sell $450m of loans at a discount to provide liquidity to investors in an older fund. Evercore is assisting in finding a buyer for the loan portfolio, acquired for $2.4bn from NewStar Financial in 2017. The portfolio includes debt from companies like Arriva, American Achievement, BMC Software, and Charter Communications. Blackstone has selected a bid valuing the portfolio at around 60 cents on the dollar, with the transaction pending closure. 📍 Private Equity giant KKR is preparing to propose commitments to the European Union to secure early approval for its €22bn acquisition of Telecom Italia's landline network. These commitments aim to address EU concerns regarding potential price hikes in the wholesale telecoms market. If accepted, the deal could be approved next month, averting a lengthy "phase 2" investigation. The EU may extend its decision deadline by 10 days to mid-June if KKR's commitments are deemed acceptable, although final approval remains uncertain. #privateequity #privateequitynews #rawselection

PE News Weekly 📈 📍 Oak Hill Advisors leads $1bn debt package for Vista Equity's $1.25bn Model N acquisition, set to close mid-2024. Other lenders include Brinley Partners, KKR, Morgan Stanley, and New Mountain Capital. The package consists of a $735m loan, a $150m delayed-draw term loan, and an $80m revolving credit facility. Pricing is 5 percentage points over the Secured Overnight Financing Rate, with leverage at around eight times based on $90m EBITDA. 📍 Blackstone's credit unit plans to sell $450m of loans at a discount to provide liquidity to investors in an older fund. Evercore is assisting in finding a buyer for the loan portfolio, acquired for $2.4bn from NewStar Financial in 2017. The portfolio includes debt from companies like Arriva, American Achievement, BMC Software, and Charter Communications. Blackstone has selected a bid valuing the portfolio at around 60 cents on the dollar, with the transaction pending closure. 📍 Private Equity giant KKR is preparing to propose commitments to the European Union to secure early approval for its €22bn acquisition of Telecom Italia's landline network. These commitments aim to address EU concerns regarding potential price hikes in the wholesale telecoms market. If accepted, the deal could be approved next month, averting a lengthy "phase 2" investigation. The EU may extend its decision deadline by 10 days to mid-June if KKR's commitments are deemed acceptable, although final approval remains uncertain. #privateequity #privateequitynews #rawselection

PE News Weekly 📈 📍 Oak Hill Advisors leads $1bn debt package for Vista Equity's $1.25bn Model N acquisition, set to close mid-2024. Other lenders include Brinley Partners, KKR, Morgan Stanley, and New Mountain Capital. The package consists of a $735m loan, a $150m delayed-draw term loan, and an $80m revolving credit facility. Pricing is 5 percentage points over the Secured Overnight Financing Rate, with leverage at around eight times based on $90m EBITDA. 📍 Blackstone's credit unit plans to sell $450m of loans at a discount to provide liquidity to investors in an older fund. Evercore is assisting in finding a buyer for the loan portfolio, acquired for $2.4bn from NewStar Financial in 2017. The portfolio includes debt from companies like Arriva, American Achievement, BMC Software, and Charter Communications. Blackstone has selected a bid valuing the portfolio at around 60 cents on the dollar, with the transaction pending closure. 📍 Private Equity giant KKR is preparing to propose commitments to the European Union to secure early approval for its €22bn acquisition of Telecom Italia's landline network. These commitments aim to address EU concerns regarding potential price hikes in the wholesale telecoms market. If accepted, the deal could be approved next month, averting a lengthy "phase 2" investigation. The EU may extend its decision deadline by 10 days to mid-June if KKR's commitments are deemed acceptable, although final approval remains uncertain. #privateequity #privateequitynews #rawselection

Check out this piece from my colleague George Mueller. He explores why the resurgence of syndicated markets and the return of M&A is likely to create opportunities for private junior debt. 📰: KKR #KKRCredit #alternatives

In light of the recent news that a well-known telco borrower transferred valuable assets to an Unrestricted Subsidiary, ultimately creating leverage for lenders to participate in discounted debt buybacks, we thought it was a good time to highlight potential sources of Unrestricted Subsidiary investments capacity in the average leveraged finance deal. In our latest blog, our founder Sabrina Fox explains in detail, step by step, how to calculate capacity for investments in Unrestricted Subsidiaries – hint: it’s not only what’s available in the dedicated Permitted Investments basket, and the largest source of capacity might be available in an expected place… Read the blog here: https://lnkd.in/gfGMZ73F #covenants #onlinetraining #education #leveragedfinance

Recently, a well-known telecoms borrower moved significant, valuable assets into an Unrestricted Subsidiary, ultimately generating leverage (no pun intended) for discounted debt repurchases. The most significant source of capacity was very likely found in an unexpected place…in my latest blog for Fox Legal Training, I explain how to calculate capacity for Unrestricted Subsidiary investments, setting out the analysis step by step. The blog is linked below – follow Fox Legal Training for more covenant educational resources delivered directly to your feed. Students of FLT’s Leveraged Finance Covenant Training have a strong understanding of these concepts and know exactly where to look to calculate capacity for investments in Unrestricted Subsidiaries. To equip your team with these skills, get in touch to find out more about our first-of-its-kind online covenant education platform. #covenants #onlinetraining #education #leveragedfinance https://lnkd.in/dfNRJty7

Shaping the future of private debt: Diversity at the helm! Direct lending leads with 32% of funds closed in H1 2023, closely followed by mezzanine at 27.9%. While direct lending saw a robust growth of 470 basis points YoY, mezzanine stole the show with a whopping 1,580-basis-point rise compared to H1 2022. This healthy competition is driving our industry, and we're excited to be part of it. #DirectLending #MezzanineFunding #DiversityInLeadership #RetailFundraising #PrivateCredit #FinanceTrends #PrivateDebt #InstitutionalInvestment #2023Outlook #Fundraising #BusinessGrowth #CorporateAcquisition #Dealmaking #PrivateEquity #InvestmentTrends #FinancialAnalysis #VentureCapital #Innovation #FinancialIndustry #MarketTrends #FinanceNews #Acquisitions #Investment #Finance #EconomicGrowth #ResilientEconomy #PEdeals #VentureDebt #investing #FamilyOffice PitchBook Data, Inc. (n.d.). GLOBAL Private Debt Report 2023. https://lnkd.in/eb-a3KWb Disclaimer: The content provided by Autori Partners on our social media platforms is for informational purposes only and should not be construed as financial advice. This information does not constitute a recommendation or offer to buy or sell any financial instruments or adopt any investment strategy. Always seek the advice of a qualified financial advisor or other relevant professional with any questions you may have regarding your personal financial situation. Investing involves risk and past performance is not indicative of future results. Please review this with your legal team or a professional to ensure it meets your specific requirements and complies with all applicable laws and regulations.

Pioneer Credit Limited (ASX: PNC) this morning released to the ASX the acquisition of a further debt ledger portfolio with the key points being:   - Acquired a significant Part IX (Insolvency) debt portfolio from Max Recovery Australia for total consideration of A$15.8 million. (less collection risk due to being court/legislative agreed payment arrangements).   - Portfolio consists mainly (circa 99%) of banking and finance products with the entire portfolio originated from vendors which Pioneer has existing relationships with and each of whom have consented to this transaction.   - Acquisition is partly funded by Pioneer’s recently established finance facility with Nomura Australia Limited and from existing cash flows.   - Pioneer reaffirms its FY24 Purchased Debt Portfolio (PDP) Investment Guidance of $85 million announced on 8th December 2023, which following settlement of this transaction will be approximately 90% completed. To provide some perspective Pioneer Credit at their FY23 results presentation in August 2023 provided a A$60 million of PDP Investment Guidance for the FY24 year with 58% of investments under contract. Moving forward to December 2023 the company upgraded its FY24 PDP Investment guidance to A$85 million post the acquired Debt Portfolio of Panthera with A$61.3 million secured, being 73% of the new guidance "banked". Today the company with this A$15.8 million debt portfolio acquisition takes the book to $77.1 million, being 90.7% of guidance locked in. Recognising that this, along with pricing and collections, is a key driver to revenue expansion and profitability. 1HFY24 Results Release and Investor Webinar   PNC will release their 1HFY24 Half Year Result on Thursday 29th March 2024.   An Investor Briefing Webinar with Managing Director Mr Keith John & Chief Financial Officer Mr Barry Hartnett presenting will be hosted by Ethicus Advisory Partners on:   Date: Friday, 1st March 2024 Time: 11.00am AEDT/ 8.00am AWST/8.00am HK/Sing Time Registration: https://lnkd.in/g7mE5iZR  #asx #microcaps #financialservices