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Asset manager PGIM Inc. is looking to at least triple its investments in the growing direct lending market where it wants to compete with banks to fund mid-size companies outside of the buyout space.
The acquisition of the Texas-based lender will help Regions expand its offerings to small businesses while adding about $2 billion of loans to the bank's balance sheet.
The heads of the two companies explain how the deal came about, what hurdles they face and how they plan to mash up their very different operations.
Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion.
The deal for Boston-based Radius would be the first in history in which an online lender buys a mainstream bank.
The company asserted in the statement that S&P’s action was driven more by the distressed trading levels of Serta’s loans in the secondary market rather than the company’s “financially solvent” status.
The state retirement system is looking to dedicate one of every six dollars it manages to direct lending – more than five times the industry average.
PE firms have made investments in only seven banks in 2019, compared with 21 last year. Here's what's driving the slowdown.
Family offices—mini-investment firms set up by the super rich to manage their personal wealth—have poured more and more cash into direct lending, Preqin says.
First Eagle, with $99 billion AUM, will expand its presence in structured finance-based direct lending to middle-market firms through the acquisition by uniting the two firms’ credit-business platforms, according to a release.
TPG Sixth Street Partners' Alan Waxman warns investors are turning a blind eye to an epidemic of fake corporate earnings projections.
The month of October brought some jumbo unitranche loans to the direct lending market. It also brought declines in the quality and terms of broader deals, according to some participants.
According to Kroll, this is the middle-market lender's first securitization of growth-opportunity loans made to venture-capitalized software firms that have yet to develop earnings or substantial assets.
The $5 billion financing package may also include around $1 billion of secured debt that would be sold to investors, as well as about $1.7 billion in letters of credit that would be split among participating banks
The acquisition of Radius Intelligence fits with the online lender's existing focus on small commercial borrowers.
The increases are mostly at the junior debt levels of deals, according to the Refinitiv research unit.
The Atlanta fintech, whose shares have plummeted since it went public last year, also said it will stop providing financial guidance to its investors.
Steeper rate declines contributed to a deeper quarterly net loss at Ocwen Financial, forcing it to extend its timeline for returning to profitability.
Mr. Cooper Group reported a second-quarter net loss of $87 million as the company took a $231 million fair value hit to its mortgage servicing rights portfolio.
New Residential Investment Corp. took a $32 million net loss in the second quarter as it diversified its business lines and repositioned to protect its mortgage servicing rights from falling rates.
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