Friday Workout — Don’t have Nightmares; Clusters Suck

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News & Analysis

Distressed

LevFin

High stakes — Rescheduling to test cannabis borrowers

In the world of leveraged finance, operating without the ability to deduct SG&A expenses from taxes is a total nonstarter. But for US cannabis companies — particularly those on the adult-use recreational side — such a move currently remains out of reach.

17 Jul 2026

| US

News & Analysis

Private Credit

Taking the Credit — Private credit flirts with preferred equity as exits stutter

Once reserved for distress, preferred equity has become an “acceptable liquidity solution” for a market struggling with exits, Paul Hastings’ global finance partner Jennifer Passagne told 9fin. And it seems that dealmakers agree. They’ve seen the number of deals featuring pref equity at least double over the past 12 months, according to 9fin sources.

17 Jul 2026

| Europe

News & Analysis

Distressed

LevFin

Reno secures 85% backing for creditor-led restructuring as Apollo hands over the keys

Creditors are set to take control of Italian recycled cartonboard producer Reno de Medici from sponsor Apollo, after holders of more than 85% of the group’s notes backed a recapitalisation that will equitise up to €300m of debt and inject €100m of new money.

17 Jul 2026

| Europe

League Tables

Private Credit

European private credit league tables Q2 26

The European private credit deal rankings for Q2 26 are in, with Ares still leading the overall deal count for the last 12 months. However, Muzinich has risen to take the quarterly top spot, the first time that the New York-based firm has been pipped to that crown.

17 Jul 2026

| Europe

Market Wraps

ABF

Excess Spread — Aussie giant, Ibiza classics, structuring sensitivities

Fair dinkum, this really is a hell of a deal! Cashmere Funding 2026-1 is backed by A$17.8bn ($12.45bn) of Australian mortgages, and funds one of the largest portfolio sales on record, KKR and Pimco’s purchase of Westpac’s RAMS book.

17 Jul 2026

| Europe

News & Analysis

Distressed

‘More stable than real estate’ — How software’s most reliable revenue started to crack

Six years ago, the same year technology buyout shop Thoma Bravo raised a record $22bn across three funds, more than doubling assets under management to $70bn, managing partner and firm namesake Orlando Bravo told Michael Milken that recurring revenue from software companies was safer than real estate.

16 Jul 2026

| US