According to Reuters, Federal Reserve Chairman Jerome Powell expressed concern over the rise of business debt in the last few years, but did not believe comparisons to the decade-old subprime mortgage crisis were entirely warranted.
According to Reuters, the leveraged loan market has only grown more aggressive in the last six months, with almost 75% of broadly syndicated loans arranged in Q1/2019 covenant-lite compared to 58.9% of such loans arranged in the same period in 2013.
Three years after a sales practice scandal rocked the bank, Wells Fargo is struggling to recruit new clients for its corporate bank, according to a new report from Reuters.
Turnaround specialist James Mesterharm, a managing director at AlixPartners, has been tapped to lead restructuring efforts during PG&E’s soon-to-be-filed bankruptcy, according to sources talking Reuters.
According to Reuters, Sears Holdings is in the final stages of negotiations with Great American Capital Partners and other lenders for $350 million in bankruptcy financing. The funds would be used to keep retail locations open through the upcoming holiday season.
Reuters reported banks are continuing to issue highly leveraged loans in the wake of loosening rules this year, despite regulator warnings of credit market frothiness.
Reuters reported syndication of the $5.8 billion-equivalent loan package backing Blackstone’s buyout of Refinitiv, Thomson Reuters’ Financial and Risk division, is expected to launch on September 4 in the U.S. Bank of America Merrill Lynch is leading the syndication.
Reuters reported that a JPMorgan-led bank group arranged a $3 billion loan facility in support of JAB Holding Co’s $7.2 billion takeover of Panera Bread.