Honigman LLP’s Post

A group of Wall Street lenders led by Morgan Stanley and Goldman Sachs Group Inc. swooped in to manage a roughly $2 billion bond sale for Ardonagh Group Ltd., a key win for banks over private credit firms that had offered a record-breaking loan to the UK insurance broker, report Silas Brown and Davide Scigliuzzo. Private credit firms are still expected to provide a loan package of around $3 billion -- down from the roughly $5 billion private credit deal originally considered, which would have been a record. https://lnkd.in/eqfCg3en #privatecredit #directlending #leveragedfinance

More signs of the growing coexistence of the traditional and new private credit markets.

The state of the leases in the building presented a big challenge on this deal. The building was partially owner occupied and the remaining tenants had only a few years left on their leases. We helped our client negotiate a reserve agreement for tenant improvements / leasing commissions that would be held with the lender to address the increased risk associated with the lease roll and cover the cost of improvements to the spaces. When negotiating these types of reserve agreements on behalf of a borrower, there are three major points to focus on: (1) the initial amount (calculation) of the reserve, (2) the requirements for replenishment of the reserve (if any) and (3) the requirements for termination of the reserve.

Each week, members of the Annex Wealth Management team answer your questions about investing, money and the economy. This week Annex Wealth Management's Matthew Morzy, MBA, CFP and Fred Coleman, CFP® answer your questions on: Custodial Brokerage Accounts | Banking Crisis Coming? | Dollar Cost Averaging

Read more of American Banker's coverage of Capital One's deal to buy Discover Financial Services. Kevin Wack, Catherine Leffert and Polo Rocha report on how other bankers are viewing the deal.

Great article on our groups founder. This demonstrates the capital we have available to expand our lending capabilities worldwide and in the UK. https://lnkd.in/e9aji-Eg

With all the hurdles of trying to find banks that willingly want credit union cash and with the strenuous effort trying to open those accounts, Insignis Cash is here to help. Rest assured we are constantly seeking out new banking partners for you as well as asking existing partners for additional deposit accounts. As a passionate believer in the mutual cooperative movement, you know that my commitment to all credit unions is paramount. For you, less time spent on management equals more time for members. #creditunions #cashmanagement #depositaccounts

Read the latest article from Charles Perer of SG Credit Partners - The Day After Tomorrow - in this new exclusive article, Perer discusses how consolidation in the ABL industry is reshaping commercial finance, sparking new opportunities for savvy lenders serving the lower middle market. #assetbasedlending #commercialfinance #corporatefinance #lending #banking #privatedebt #privatecredit #privateequity Read the full article here: https://lnkd.in/etpZV26z

Some of our global Private Credit team recently took an insightful walk through global market developments during a Clifford Chance Perspectives webinar that asked What does the short and long-term future hold for private credit? Moderated by Jim MacHale, our expert panel of Partners and Counsel, Katherine Sinclair, Chin Seng Chew, Elizabeth Hundt Russell, Jason Ewart, Christoph Nensa, Shaun Langhorne and Boudewijn Vermeer, looked to answer - Will the boom times in private credit continue or will enthusiasm be dampened by the resurgence of syndicated bank loans and the return of CLOs? For a short summary of the discussion read: https://lnkd.in/gsuPajP9 #PrivateCredit #PrivateCapital #Investment

Big move in #privateequity secondary land: Amanda Ugarte, who leads US PE secondaries advisory at Lazard, is leaving to take over as head of secondaries advisory for Bank of America, which is expanding into the strategy. BofA is joining the wave of banks building out GP-led secondaries capabilities for transactions like continuation funds, which continue to be popular as a way to return proceeds to investors in older funds. From me and Madeleine Farman: Check it out on Buyouts: https://lnkd.in/g2CqieKS