Ares Management has taken control of UK broadband provider Toob after the company’s existing shareholders agreed to transfer their stakes to the private credit firm, which is also its senior lender, according to a report by Bloomberg.
Private credit is facing renewed pressure as the proportion of troubled loans held by major lenders rises to levels not seen since 2017, highlighting growing risks across the $2tn asset class, according to a report by the Financial Times.
Partners Group has secured a $1bn private credit mandate from an unnamed major institutional investor in Asia, as demand for private debt continues to grow among regional allocators, according to a press statement by the firm.
Kedrion Biopharma is exploring a debt financing of around €2bn that could be used in part to fund a dividend payment to its shareholders, according to a report by Bloomberg citing unnamed people familiar with the matter.
Goldman Sachs is sounding out insurers, asset managers, banks and private credit firms about participating in Nvidia’s planned $500bn AI infrastructure financing programme, after securing a central role in the initiative, according to a report by Reuters.
TDR Capital is weighing strategic options for UK private credit manager Arrow Global, including a potential sale, as the private markets investor assesses its options for the business, according to a report by Bloomberg.
US state insurance regulators are stepping up their scrutiny of insurers’ exposure to private credit as concerns grow over the risks posed by the rapidly expanding asset class, according to a report by the Wall Street Journal citing comments from Susan Ochs, acting insurance commissioner for New Jersey.
Companies are increasingly opting for shorter maturities in the private placement market as uncertainty over the direction of interest rates makes borrowers reluctant to lock in elevated financing costs for extended periods, according to a report by Bloomberg citing Mizuho analysis of Private Placement Monitor data.
Private credit lenders are becoming increasingly reluctant to allow borrowers to defer interest payments, as growing use of payment-in-kind arrangements raises concerns that underlying loan stress may be greater than reported default figures suggest, according to a report by the Wall Street Journal.
Blue Owl Capital has raised $750m through a new investment-grade bond issue, with proceeds earmarked to repay borrowings under its revolving credit facilities, according to a report by Bloomberg.
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