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Wall Street Banks Rush to Reclaim Edge in Market for Buyout Debt

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Wall Street’s top banks are rushing back into the lucrative market for leveraged buyouts to reclaim business from private creditors.

Banks are committing financing for a slew of new deals — from the $1 billion loan for the purchase of book publisher Simon & Schuster Inc. to the roughly $1.7 billion of debt for the acquisition of packaging firm Veritiv Corp. They can win this business, in part, because they’ve cleared out so much of the older debt stuck on their books that made it harder to compete for new offerings.

“Money is coming flying into credit,” said Richard Zogheb, head of global debt capital markets at Citigroup. “The real challenge is creating supply.” “There’s a face-off between private lenders and the syndicated market for leveraged buyout transactions,” said Kim Harris, a partner and portfolio manager in liquid and structured credit based at Bain Capital Credit. In the end, private equity sponsors are “going to go with whoever has the best execution.”

That, and the Fed’s current fight against inflation, means investors are more willing to support transactions with lower leverage and more lender-friendly documentation — especially to firms with a credit rating equivalent to a B2 or above from Moody’s Investors Service.

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