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In the ever-evolving world of corporate finance, one trend that has been gaining significant momentum is the increased issuance of convertible debt by Chinese issuers. Over the past few months, Chinese technology companies including JD.com, Lenovo, Alibaba and Trip.com have collectively issued convertible bonds totalling US$10.5
In recent years, the landscape of mergers and acquisitions (M&A) financing in private equity (PE) has experienced significant changes. Rising costs of debt and fluctuating availability have compelled PE firms to reassess their financing strategies. By: Bennett Jones LLP
From large cap syndicated deals to mid-market private credit, whether in loans or in bonds, the ability for borrowers to incur material incremental debt is commonplace. However, when you look beyond the headline ratios and baskets, it becomes clear that the devil – and the true amount of debt capacity – is in the details.
Get up to speed with Ramy Shweiky and Mark Seneca on: Negotiable terms when establishing a purchase price How your purchase price is adjusted at closing Examples of debt-like items. By: Orrick, Herrington & Sutcliffe LLP
billion to acquire SP Plus, a provider of parking facility management services, in a combination of equity and debt. AI-powered parking platform Metropolis today announced that it raised $1.7
We are seeing - Continued availability of growth capital for specialty lenders—SME lenders attract the most capital in the previous 12 months - VC debt cheques (e.g., Quilam Capital's debt investment in Merchant Money and Fasanara Capital's debt investment in Novicap). By: White & Case LLP
Primary investment grade bond issuance surged in Q1 2024 as investors ramped up exposure to high-quality borrowers in a high interest rate environment. In the US, investment grade corporate borrowers secured US$429.7 billion of financing in Q1 2024; the highest level of quarterly issuance since Q2 2020, according to S&P Global.
Indeed, iRobot has said that it is having to raise $200 million in debt to “fund its ongoing operations,” a debt that Amazon will take on when (or if) the deal finally closes — and that is why it has tabled a new lower bid for iRobot. While the U.K. In the U.S.,
Ask anyone interested in distressed debt hedge funds for “the pitch,” and they’ll probably mention one of the following: “It’s like long/short equity or credit , but more interesting!” Distressed debt investing offers advantages over other hedge fund strategies , but the marketing often oversells the benefits.
Distressed mergers and acquisitions (M&A) involve companies in financial or operational distress, potentially on the brink of insolvency or already grappling with significant debt burdens.
In today’s rapidly evolving digital landscape, technology’s impact on mergers and acquisitions (M&A) is profound and multifaceted. Acquiring companies need to understand the target’s digital capabilities, potential technology debts, and how well their systems integrate with their own.
capital markets’ resilience and ability to adapt, IPOs, debt markets and mergers and acquisitions (and related financings) have shown substantial increases over 2023. As a testament to the U.S.
As companies look to stave off technical debt, a process of aging systems limiting a company’s ability to modernize, the first step is simply understanding the state of your architecture. SAP announced today that it is acquiring German startup LeanIX, a software service which helps companies map out their architecture.
Arctic Wolf, a cybersecurity company that’s raised hundreds of millions of dollars in debt and equity, today announced that it plans to acquire Revelstoke, a company developing a security orchestration, automation and response (SOAR) platform, for an undisclosed amount.
Macroeconomic uncertainty has impacted Indonesian debt markets in recent years. But, after a period of disruption, prospects for domestic and offshore debt issuances are brightening. By: White & Case LLP
The New York Times: Mergers, Acquisitions and Dive
DECEMBER 21, 2023
But their crushing debt load could be a turn-off. A potential deal could bolster their streaming businesses and negotiating power with cable operators.
The challenges facing financial sponsors in the past couple of years have been widely discussed. Their funds have amassed over $1 trillion in dry powder that they are competing to deploy in a weak exit market. By: Skadden, Arps, Slate, Meagher & Flom LLP
Midaxo was pleased to showcase its productivity platform for corporate development, which includes purpose-built pipeline management, due diligence and post-merger integration modules. The current high-interest-rate environment is complicating matters by making it more difficult to pencil out debt-driven private equity deals.
Online fashion retailer’s sale of 75% stake to Jack & Jones owner could bring store back to the high street Business live – latest updates Asos has sold a majority stake in Topshop for £135m in a deal that will help it repay debts and could see the brand return to the high street, as fashion retailers struggle after a soggy summer.
I learned a few new things in these 2 roles, including how to evaluate a merger opportunity and present it to a corporation’s Board of Directors (BoD). To pick up where we last left off with valuation, I will cover the topic of a Merger Relative Valuation in this blog post and move on to other non-valuation topics from here.
For companies, this makes funding growth initiatives and refinancing existing debt much more expensive. As central banks continue their campaign to cool inflation, interest rates remain at elevated levels not seen in well over a decade. By: White & Case LLP
The Review covered a firms operating in range of private asset classes, including: venture capital, infrastructure (equity and debt), private equity and private debt. By: Proskauer - Regulatory & Compliance
14,801/2024 creates infrastructure debentures, changes rules for incentivized debentures and investment funds in the sector, including tax guidelines, and promotes incentives for raising funds through the issuance of debt securities abroad (bonds). New Law No. By: Mayer Brown
Welcome to this edition of Credit Conditions, a quarterly publication from McDermott Will & Emery that analyzes recent debt market trends. Key Debt Market Trends - Interest Rates - “Start your engines” has shifted to “hold your horses” as rates continue to remain “higher for longer.”
After a subdued 2023 during which it was challenging for private equity (PE) to raise debt financing as a result of elevated interest rates and a difficult syndicated lending market, 2024 featured a material shift in the global credit landscape. By: Akin Gump Strauss Hauer & Feld LLP
Specialist financial services investor, Atlas Merchant Capital, is backing the merger, providing enough liquidity to support Panmure Liberum’s long-term strategic ambitions. The post Panmure Gordon and Liberum agree merger to create new investment banking giant in the UK appeared first on The TRADE.
Higher interest rates presented a challenging environment for dealmakers and the debt markets in 2023. In this edition of Credit Conditions, we look back at last year’s key market trends and explore their potential impact on debt markets in the coming year. But what does 2024 have in store? By: McDermott Will & Emery
Equity and debt cheques from financial sponsors fuel growth, with investment committee appetite across the full spectrum from Seed through to late stage / pre-IPO. The payments sector bucks the trend on IPOs. Current market: M&A activity levels retain a monumental high. By: White & Case LLP
What began as an outlet for companies with riskier credit to raise debt, the private credit asset class has morphed into a viable alternative lending source for middle-market and, increasingly, large-cap companies. Private credit has grown from managing around $250 billion in assets in 2008 to nearly $1.7 trillion in assets as of June 2023.
In this edition of Fintech Flash, we discuss important things you should know about the change of control requirements when acquiring a fintech company with state lender, loan broker, debt collector, or money transmitter licenses. By: Goodwin
Traditional debt financing was expensive and scarce, expectations on valuations were tricky to navigate, portfolio companies required additional attention, fundraising was not easy and regulators continued to scale up their scrutiny of the industry and its transactions.
The deal values Furlenco, which has raised over $225 million altogether prior to the deal against equity and in debt, at about $104.3 Sheela Foam has proposed to pay $36.5 million for the 35% stake in the Bengaluru-headquartered startup, the older firm said in a stock exchange filing.
LCH RepoClear has merged its RepoClear Euro debt service, which includes specials and general collateral, with its tri-party basket repo clearing service €GCPlus. As a result, members are now able to settle Dutch government bonds at Euroclear Netherlands as well as Austrian and Spanish government bonds at Clearstream Banking Frankfurt.
At McGuireWoods’ 16th annual Healthcare Finance & Growth (HCFG) Conference, panels of healthcare-focused investors and lenders provided insights about the healthcare M&A and debt markets. By: McGuireWoods LLP
To greatly simplify, the NWC target is the minimum amount of net working capital which the Buyer requires the acquired company to have at Closing so that the Buyer can operate the business without disruption and the immediate need to add significant cash or take on additional debt. By: Whiteford
There is a wealth of dry powder to spend but 2023 has seen M&A deal activity hampered by rising costs of debt, unstable markets, supply chain issues, general political uncertainty, and fear of global recession. So, what does 2024 have in store for European M&A? By: Proskauer Rose LLP
During a live Q&A in September — 7 Tips and Tricks for Successful Technology Due Diligence and Integrations — Mart Lumeste, Co-Founder of Intium Tech covered the challenges and best practices for creating technology integration playbooks, managing technical teams post-acquisition, and integrating technologies post-merger.
A typical European leveraged loan will comprise of various tranches of debt, for a variety of purposes, all documented within a single facilities agreement.
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