The credit quality of the collateral is lower, by several metrics, than that of Exeter's prior deal; however, S&P Global expects cumulative net losses to be in the same range, from 20.1%-21.1%.
-
HPS Investment Partners is adding a new name to one of its legacy Highbridge CLOs, as well as piling on extensive changes to note structure, deal terms and restrictions on some higher-risk assets.
October 10
-
The private equity firm obtained $582.5 million in financing from Goldman Sachs and J.P. Morgan; proceeds were used to refinance $510 million of debt and return $52.2 million of equity to the sponsor.
October 10
-
Investors don't appear to be overly concerned about recent management changes at the student loan refinance lender.
October 10
-
CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses.
October 10
-
Just $7.6 billion of deals were refinanced or reset in September, bringing the total for the third quarter to $27.2 billion, far short of the pace of the first half, when approximately $138 billion was reworked.
October 9
-
A report released Friday calls risk retention "an imprecise mechanism" for encouraging the alignment of interest between sponsors and investors. It recommends creating loan-specific requirements under which managers would receive relief.
October 6
-
Belmont Green Finance, which began originating loans in late 2016, has gathered up its first round of originations through 3Q2017 in a transaction that will issue up to £230.6 million in notes.
October 6
-
The sale of the struggling Financial Freedom unit to an undisclosed buyer would continue CIT's strategy of shedding noncore business lines.
October 6
-
The Treasury Department is expanding its calls for overhauling regulation of the financial services sector, this time focusing on changes to the most significant rules surrounding securitization and derivatives.
October 6
-
The proportion of collateral that will be acquired after the CPS Auto Receivables Trust 2017-D closes is 33.3%, or $66 million, from the 29.7% level from the sponsor's prior deal in July.
October 6
-
Chicago hopes to get into the market by year's end with the first of up to $3 billion of refunding under new credit.
October 5
-
The lawsuit against Navient Corp. demonstrates that despite the recent appointment of more industry-friendly regulators in Washington, financial services companies still face significant legal threats from state capitals.
October 5
