This Week in Private Credit
Plus - Fintech Wagely new $23million in debt, MicroStrategy plans more debt to acquire more Bitcoin, Adani Group new $1.2 billion bond offering.
Hello folks.
To our new subscribers, thank you for joining us. Please share this newsletter with your colleagues and friends, and if you're joining our community for the first time, why not subscribe?
Let’s dive into this week's fast-changing world of private credit.
Top News
The rise in private credit may lead to more regulation ( Link)
Moody’s predicts increased risk as Private Credit competition grows (Link)
Deals
Technology
Middle Market Private Equity Firm HGGC raised a $1.5 billion debt package for its portfolio company font designer Monotype from direct lenders, including Antares, Blue Owl, and Oaktree; the firm plans to use about half to pay itself a dividend (Link)
Business Intelligence company MicroStrategy plans to upsize its convertible debt offering to $700 million to buy more Bitcoin (Link)
Morgan Stanley is leading a group of banks in talks with Elon Musk and his team about refinancing a $12.5 billion debt(Link)
Consumer
Private prison and detention centres operator CoreCivic is offering $450 million worth of senior new notes due in 2029 (Link)
Citigroup Inc. is in discussions with private credit firms about providing new capital to Peloton Interactive Inc., the exercise equipment and media company, to refinance the company’s debt (Link)
Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co have provided Equinox Holdings Ltd, the luxury fitness company, with $1.8 billion in fresh capital to refinance maturing loans. (Link)
Logistics
Global asset management firm Ardian is paying $850 million, including debt, to acquire CampusParc (Link)
Industrial
Indian multinational conglomerate, Adani Group is considering offering $1.2 billion in more bonds (Link)
Fundraising
ION Group holding company has secured a €700 million loan from UBS to take control of Asset Manager Prelios (Link)
Indonesian Fintech Wagely has secured $ 23 million in debt and equity funding led by Capria Ventures (Link ).
Ardian, the French Asset Manager, is to raise €5 billion for its sixth private credit fund (Link)
In the Chart
Private credit keeps firm in fundraising uncertainty.
Private credit continues to hold firm despite fundraising and private market uncertainty according to Pitchook
People
Global Investment firm BlackRock Inc. has appointed Maheshwar Nataraj to head its Indian private credit business.
A newsletter for private credit professionals. The most efficient way to keep up with private credit news, funding and trends. Have a good weekend, and we always welcome any feedback.