The Credit Fundamentals of Merlin
CLOs Uncovered
by S&P Global Ratings
3w ago
In our latest episode, Hina & Sandeep have a discussion with Alphee Roumens on how Merlin continued to access capital markets to finance further growth and focus on its evolution post covid era and the areas we closely monitor ..read more
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Uncovering Our Insights On Altice France Following It’s Recent Rating Action
CLOs Uncovered
by S&P Global Ratings
1M ago
Hina & Sandeep discuss Altice France with Justine Miquee over an in-depth analysis of Altice France's recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring ..read more
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How NordAnglia (Bach Finance) Continues To Access Capital Markets
CLOs Uncovered
by S&P Global Ratings
2M ago
Series 6, Episode 1: Hina & Sandeep have a discussion with Raquel on credit fundamentals of Nord Anglia and despite raising $600 million term loan add-on, it is able to preserve its ratings, though reducing our recovery estimate for its senior secured debt ..read more
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How Snooze Drag Helps Borrowers Extend Loan Maturities
CLOs Uncovered
by S&P Global Ratings
4M ago
Series 5, Episode 5: Hina & Sandeep wrap up the year with Tia Zhang and discuss a workaround seen in loan documentation allowing borrowers to extend maturities more easily ..read more
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The Upgrade: Episode 32: Creative Structuring Helps Trinseo PLC
CLOs Uncovered
by Minesh Patel
4M ago
In Episode 32, Steve H Wilkinson, Managing Director of Leveraged Finance at S&P Global Ratings, discusses an interesting case study of Trinseo’s creative debt structuring that helped the firm procure new debt financing to address pending near-term maturities.  Related Document Link: Leveraged Finance: Creative Structuring Helps Trinseo PLC, Comes With Lowered Recovery Prospects And Higher Costs | S&P Global Ratings (spglobal.com ..read more
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The Upgrade - Episode 31: Unlocking the Big Deal - Worldpay's ‘BB’ Credit Rating Explained
CLOs Uncovered
by S&P Global Ratings
4M ago
In episode 31, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Daniel Pianki, the director of U.S. corporate ratings, discuss one of the most significant leveraged buyout transactions this year and Worldpay's credit rating rationale ..read more
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The Upgrade: Speculative Grade Issuers Face Rising Pressure as Revenue Growth Slows
CLOs Uncovered
by S&P Global Ratings
4M ago
In Episode 27, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Hanna Zhang, the director of U.S. leveraged finance and recovery, discuss Hanna’s article titled: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion. Key takeaways from the article include: Earnings pressures were evident in the quarter as the momentum in revenue growth decelerated. However, the lower-rated 'B' category exhibited solid year-over-year EBITDA growth. To some extent, these entities even outperformed higher-rated 'BB' peers, particularly those operating in subse ..read more
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LSF10 XL Investments S.a.r.l. (Xella)
CLOs Uncovered
by S&P Global Ratings
4M ago
In this latest episode of our Leveraged Finance & CLOs Uncovered Podcast is out. This time, we discuss how rising interest rates and decreasing consumer confidence led to a downgrade of building material maker LSF10 XL Investments S.a.r.l. (Xella ..read more
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Parques Reunidos (Piolin Bidco)
CLOs Uncovered
by S&P Global Ratings
4M ago
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International Park Holding (PortaVentura)
CLOs Uncovered
by S&P Global Ratings
4M ago
In this episode Hina Shoeb & Sandeep Chana spoke with Lukas Brockmann about PortaVentura’s amend and extend deal and S&P Global Ratings’ rationale for considering it as opportunistic. The theme park operator International Park Holding (PortaVentura) extended maturity and upsized its deal while meeting ongoing leisure demands. This is S&P Global Ratings' only cross sector podcast, providing market participants with advanced analytical insights into Leveraged Finance deals overlaying CLOs. We highlight the key features we’re seeing in corporate credits, leveraged loans, and sectors t ..read more
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