Private Credit Market Sees One of the Cheapest Loans as Competition Intensifies [BNN Bloomberg (Canada)]
AllianceBernstein Holding L.P. Units (AB)
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Source: BNN Bloomberg
the cheapest rates seen in the private credit market, according to people with knowledge of the matter. The new loan is expected to price at 4.5 percentage points over the benchmark rate, the people said, asking not to be identified discussing a private transaction. That would mean a 1.25 percentage point cut on the margin compared to the company's existing credit facility, which it received about six months ago, according to filings. The quick turnaround in pricing comes as the $1.7 trillion private credit market's biggest competitor — Wall Street banks — have benefited from a resurgence in the leveraged loan market. To avoid losing market share to institutional investors that buy leveraged loans, direct lenders have been agreeing to slash prices on sought-after deals. Competition between private credit firms has also intensified because of the lack of new leveraged buyouts. Read more: Wall Street Reclaims $16 Billion of Deals Lost to Private Credit Ares Management Corp., All
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AB
Earnings
- 4/25/24 - Beat
AB
Sec Filings
- 4/25/24 - Form 8-K
- 4/25/24 - Form 10-Q
- 4/9/24 - Form 8-K
- AB's page on the SEC website