Sabitlenmiş Tweet
Another post in the books, this time providing the down low on LTV and EV (read it to find out)!
⚓️Oh Captain, My Captain⚓️ by @Highly_Levered highlylevered.substack.com/p/oh-captain-m…
English
Highly Levered
35 posts
Highly Levered
@Highly_Levered
Lever, recap, repeat. Email newsletter bringing you the inside scoop on what actually goes on in the private credit trenches.
Email Newsletter Katılım Haziran 2020
250 Takip Edilen114 Takipçiler
Highly Levered retweetledi
Read new research to find out what decentralized finance is and how it may lead to a paradigm shift in the financial industry #DeFi ow.ly/Lwbj50DsSBJ
English
@BUSlNESSBARISTA Gotta be Supreme (owned by Carlyle). Scarcity brought to you by Private Equity
English
Scarcity is an incredibly powerful tool.
What companies deploy scarcity-as-a-strategy best?
English
Intro into workouts this week! What happens when your debt investment turns from OK to sh!tty?!?
🏋️♂Come with me if you want to LIFT🏋️♂ by @Highly_Levered highlylevered.substack.com/p/come-with-me…
English
This thread is why lenders try to avoid bankruptcy by any means necessary. You will literally watch the value of your collateral be sucked dry by professionals.
Lily Jamali@lilyjamali
NEW: PG&E's bankruptcy has cost ~$700M in fees to lawyers, bankers, advisors. Here's what firms hired by PG&E have charged so far, per the fee examiner: Cravath, Swaine & Moore $145,673,527 AP Services $91,115,745 Weil Gotshal $49,503,083 Munger Tolles & Olson $44,035,833 1/5
English
Talking Term Sheets and Superheroes! Check out this week's post for detailed content on the private credit and equity markets that you can't get anywhere else!
🕸Friendly Neighborhood Leverage Provider🕸 by @Highly_Levered highlylevered.substack.com/p/friendly-nei…
English
NEW POST OUT - Talking about the madness that is EBITDA
🐺What is Debt May Never Die🐺 by @Highly_Levered highlylevered.substack.com/p/what-is-debt…
English
Chuck. E. Cheese and the highschool prom - check out this week's post for a little 🦧Credit Investing 101🦧 - LIVE NOW
👽 ET Phone Loan 👽 by @Highly_Levered highlylevered.substack.com/p/-et-phone-lo…
English
@ragnar_viking_ Very true Ragnar. I many times feel squeamish when ABL lenders start to squeeze borrowing bases above my Term Loan in distressed situations. That is the ultimate slow liquidation forcing the hand of more junior debt holders and the equity.
English
@Highly_Levered Agree though even shitty has some appeal with the right collateral and structure and if you know how to liquidate said collateral. I often make more in those scenarios. You just don’t want to be a cash flow lender to those steaming piles
English
As a credit investor, you can make money (#YIELD) lending into all three of these types of businesses. As long as you don’t lend to sh!tty businesses, all will be well
Michael Mitchell@IgnoreNarrative
A good friend of mine, quoting his PM, once said that there are three types of businesses: - Bad businesses - Good businesses - Great businesses True alpha is generated when you're able to spot a business transitioning between those buckets I think about that constantly
English
🌶Spicy new post up this week🌶 Talking credit markets in the new post-COVID world!
Post 5 – 🍟Diners Drive-ins and Debt🍟 by @Highly_Levered highlylevered.substack.com/p/post-5-diner…
English
@Highly_Levered @jared_ellias OR pump EBITDA which isn't GAAP anyhoo...so good luck with THAT C-suite!
English
I may or may not have been a lender in a deal that JUST restructured where we have debt springs (Gordian may have been an advisor 😉)
Saves everyone the fight of valuation and future performance at the time of restructuring. Let future performance dictate the end result.
Jared Ellias@jared_ellias
Here's an example of how you can use "debt spring backs" - a cousin of an earn-out - to bridge bankruptcy valuation gaps. The clause dials up (or down) the post-bankrupcy firm's liability to pre-bankruptcy creditors in good states of the world. gordiangroup.com/insights/restr…
English
@jared_ellias EBITDA tested at time of sale (when in best interest of all parties to inflate).
Lenders took <50% equity position, and have standard governance rights associated with the equity.
Trick was to set spring levels such that all stakeholders were incentivized to grow EBITDA
English
@Highly_Levered Did you get governance rights to go with the spring backs?
English
English
@LSValue I already have Skadden working on getting a new SPAC for this $30 billion idea.
English
Guys I found a new buyout target prob $500m: Hydrow
So it’s a row machine but with a screen on it.
Also I have an elliptical machine with a screen on it idea (top secret), looking for investors.
English
What do Sally, John, Leverage, and Fireworks all have in common? They are all crucial to this week's post..
🌊CHECK IT OUT🌊
🌠 Wingardium LEVERosa 🌠 PART 2 by @Highly_Levered highlylevered.substack.com/p/-wingardium-…
English
@Moody_Square Those declines are similar to radio. They have improved slightly since but still down 40% - 50%. These businesses can’t withstand another 6 months of this without new capital coming in.
English
Got a restructuring proposal in today from the second lien lenders for one of our portfolio companies (operator of radio assets).
Radio hurting big, advertising down worse than recession levels. Curious how other media channels are holding up, anyone have insight?
English
NEXT POST IS UP!! Swish and Flick your 🍑🍑 to the link below
🌠 Wingardium LEVERosa 🌠 PART 1 by @Highly_Levered highlylevered.substack.com/p/-wingardium-…
English
@DanielSigal Agreed, good points. This business has heavy concentration in California for what it’s worth. Had 50% declines in April, trending upward to 10% declines in June. More work to do but I think I am net positive on this as a whole... for now. More work to do, thanks for the input!
English
@Highly_Levered I think this is similar to real estate i.e. local markets/economic drivers.
Anecdotal - I live in a suburb of LA and the Jiffy Lube a mile from my house was no less busy in the last 3 months. I imagine it's the same for all locations in the area/city.
English
⚡️LIVE DEAL QUESTION⚡️
How does everyone feel about quick service oil specialists (Jiffy Lube etc.) in the post covid new normal? Bullish as less people fly and more opt to travel by car? Or bearish as less miles driven ultimately leads to volume declines?
English