The Sprint to $40 trillion
Plus Ferrovie $2.1 billion loan, BlackRock Sees in its HPS acquisition
Good day, and Merry Christmas!
What a year it has been. Apollo has set a new standard by highlighting that the private credit markets have the potential for $40 trillion in growth.
This is our final edition for 2024, and we will be back in 2025 with improvements to make this newsletter even better for you. Please don't forget to share your thoughts in the poll.
Now, let’s dive into this week's happenings.
Industry News
Apollo see private credit reaching $40 trillion ( Link )
Asset-backed lending continues to drive private credit boom (Link)
Australia’s private credit market continues to show promise (Link )
Databricks to raise $2.5 billion of debt from private credit .( Link )
MetLife is looking to grow its private credit business through would consider complementary acquisitions as part of its new strategic plan. ( Link)
Talking Point
Large-scale infrastructure investment and economic reforms is showing all the signs that India-focused private debt AUM is set to surpass $18bn by end of 2024 ( Link )
Dealflow
Technology/ Media / Telecoms
Open Fiber, an Italian telecommunications company, has secured $3.1 billion in debt and equity funding from Macquarie and Cassa Depositi e Prestiti.
Astra Tech, a UAE fintech startup, has obtained $500 million in asset-backed security (ABS) financing from Citigroup.
Healthcare
Grifols, a Spanish drugmaker, has secured $1.4 billion through private debt placement.
Carlyle’s AlpInvest and Sixth Street are backing Essential Pharma’s $942 million recapitalisation with growth debt and structured equity.
Fundraising
Shriram Finance, India's largest retail non-banking financial company (NBFC), has secured $1.3 billion in an offshore multi-currency loan.
Carlyle, the global investment firm, has completed the final close for its third Carlyle Credit Opportunities Fund (“CCOF III”), which has $7.1 billion in investable capital.
Balbec Capital LP, an alternative asset manager, seeks €800 million in its first Spanish securitisation by bundling acquired loans.
Apollo and Santander have agreed that Apollo-managed funds will be invested in Santander's $370 million infrastructure credit portfolio.
Logistics and Transport
Ferrovie, the national state rail operator and holding company managing transport and infrastructure services has secured a $2.1 billion loan from Intesa Sanpaolo.
Industrial
JBS, a Brazilian meatpacking giant, has secured $155 million through a short-term debt sale.
Reliance Industries, an Indian industrial group, is negotiating to raise $3 billion through an offshore loan.
Real Estate
SBB, a Swedish real estate group, has agreed to a $2.9 billion debt swap with its bondholders.
Deer Valley Resort, based in Utah, aims to secure $300 million in high-yield bonds.
Odevo, a Swedish property manager backed by CVC, has secured $1.4 billion in private credit from Ares and Blackstone.
The Canary Wharf district is set to raise $777 million from Apollo, the global investment giant, to repay its debt
Consumer
Pan Brothers, an Indonesian garment manufacturer, has restructured its $537 million debt with its creditors.
Mars is collaborating with private credit investors to raise $1 billion to fund its $36 billion acquisition of Kellanova, the food manufacturer.
In the Chart
Private credit possesses significant potential as a financier of the real economy. As the landscape of private markets continues to evolve, there is a growing trend of collaboration between key actors like private credit lenders and bankers. By leveraging private credit, market participants can better address the financing needs of the real economy, contributing to overall economic stability and development. .(Link)
Source Blackstone
PCW Picks
Can falling interest rates be good or bad for private credit (Link)
What BlackRock Sees in its HPS acquisition (Link)
The growing opportunity in Private Credit( Link)
People Moves
Linda Fodil and Thibault Sartori are to join BNP BNP Paribas asset management as investment directors as the firm plans to scale its private debt team (Link)
A newsletter for private credit professionals. The most efficient way to keep up with private credit news, funding and trends.