美国私人信贷与中间市场周报预览

USPrivate Credit &Middle MarketWeekly Wrap Still in play In the lead-up to the US Thanksgiving holiday, private credit lendershad several deals to consider. For example, insurance benefitsproviderPeople Corporationis seeking about $500 million fromprivate credit lenders for a holdco PIK note to support a dividend — Commentary, page 3 The year 2026 is expected to bring private credit market participantswhat they have been wishing for: increased buyout and M&Aactivity. Interest rate cuts have already inspired dealmaking, —Market feature, page 6 Still in play In the lead-up to the US Thanksgiving holiday, private credit For example, insurance benefits providerPeople Corporation is seeking about $500 million from private credit lendersfor a holdco PIK note to support a dividend recapitalizationby sponsor Goldman Sachs Asset Management, accordingto market sources. Pricing on the deal is being discussed Elemica’s EBITDA is roughly $45 million. Leverage is around6.25x, and the company is seeking to add one additional turnof leverage via the dividend recapitalization. The company’sexisting debt includes loans from affiliates of Ares and The debt would sit behind the company’s existing unitrancheloan, which is priced at CORRA+52. Affiliates of Ares andGolub Capital held the company’s first-lien debt as of Sept. Specialist insurance underwriterEuclid Transactionalisseeking some $400 million of financing to back a plannedbuyout of the company. Sources indicated that private creditlenders were poised to take the financing, although bank Defense contracting firmManTech Internationalis pivotingto private credit for a proposed $2.3 billion refinancing The shift comes after the company brought a $2.15 billion termloan B and $150 million delayed draw term loan to the BSLmarket on Nov. 10. Price talk was S+300. That BSL processwas pulled after the deal failed to close by the commitmentdeadline of Nov. 20, Bloomberg reported. Private credit firmsprovided ManTech’s existing debt, and incumbent lenders CRC Group, a specialty insurance brokerage, is among thebidders for Euclid, according to anInsurance Insider USreport.CRC has pushed out a competing bidder, the specialtyinsurer Amwins. Sources indicated that Genstar Capital and Supply-chain software companyElemica, a portfoliocompany of Eurazeo, is seeking financing to complete adividend recapitalization, according to market sources. Thepotential dividend recapitalization follows a sale process thatthe sponsor, Eurazeo, had pursued but ultimately abandoned. Vaccine makerModerna(Nasdaq: MRNA) has obtained a$1.5 billion credit facility to bolster its balance sheet aheadof a significant planned investment in its oncology and raredisease programs. Ares Management Credit Funds provided Through November 2027, $400 millionof the DDTL may be drawn, and theremaining $500 million may be drawn Pricing is S+550, and the facilityprovides for no amortization beforematurity, according to an investorpresentation. Maturity is five years.The agreement includes a minimumliquidity covenant set at $750 million buyout by Investcorp totaled $142.5million. Churchill Asset Managementwas lead left arranger on the financing,according to market sources. ApogemCapital and Adams Street Private Creditwere joint lead arrangers and jointbookrunners. The financing includeda first-lien term loan, a delayed-draw At the same time, Eldridge is seekingabout $800 million for a private creditcontinuation vehicle. The deal involvessenior debt assets, according to Club Scene Smith Ventures has lined up privatecredit financing to support itsacquisition of the non-bank assetsofGreen Dot Corporation(NYSE:GDOT), a bank and fintech company,as part of Green Dot’s take-privatebuyout by CommerceOne FinancialCorporation. TPG Credit provided thedebt financing commitment in supportof Smith Ventures’ asset acquisitions.An investor presentation showed $515 More private credit GPs are bringingcontinuation vehicles to marketthan ever, largely a result of thegrowing primary market and the rise Public utilities servicerELM UtilityServicesreceived senior facilities tosupport Tiger Infrastructure Partners’acquisition of the company. WhiteHorseCapital was administrative agent, jointlead arranger and joint bookrunner,according to market sources. Ares Currently, Ares is in market with twocredit continuation vehicles, seekingabout $1 billion for each deal, accordingto market sources. Ares’ secondaries Department of Transportationcontractor Traffic ManagementSolutions, a portfolio company ofWarren Equity Partners, has obtained a One deal involves senior loans, and theother involves junior debt assets. Theprecise size of both deals is still subjectto change as discussions are ongoing, The financing backing industrialweighing system servicerKanawha The full9-page report isavailable through the LCD News – USTim Crosstim.cross@pitchbook.comLCD News – USTim Crosstim.cross@pitchbook.com brenn.jones@pitchbook.comMichael