Rachel Graf
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Covering leveraged finance for @business
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Articles by Rachel Graf
The AI shake-up creates a $9B test for Chicago private-equity giant Thoma Bravo
These 14 families wield influence across Chicago and Illinois through business, politics, philanthropy, sports and civic institutions.
Thoma Bravo Conceded 40 Deal Sweeteners as Debt Talks Heat Up
Bloomberg (Bloomberg) -- Thoma Bravo executives went into talks with lenders knowing they’d have to give ground — the only question was how much. On the other side were some of Wall Street’s biggest money managers — names like BlackRock Inc. and Invesco Ltd. — and they were well aware the balance of power had shifted in their favor.
Something Borrowed, Something Due: The Knot Grapples With Debt and Downgrade
Photographer: Joe Raedle/Getty Images (Bloomberg) -- The Knot Worldwide Inc. priced a $670 million leveraged loan Thursday to address upcoming debt maturities after the wedding-planning website’s credit rating was slashed deep into junk territory. Hours after The Knot launched the deal to amend and extend its existing $660 million syndicated loan by two-and-a-half years, Moody’s Ratings downgraded the company by two notches to Caa1 — a level that signifies “very high” credit risk.
Private Credit Squeezed By Bank Refinancings
Highly-indebted companies are increasingly ditching private credit loans for cheaper capital in the bank loan market, a shift underscoring the stark realities of higher-for-longer interest rates. Corporate America’s effort to limit its interest burden is showing up in refinancing data from JPMorgan Chase & Co. and KBRA DLD. Companies with private debt are refinancing in the syndicated market about three times more often than firms with syndicated loans are tapping private credit, the data show.
Empresas endeudadas migran del crédito privado y recurren a refinanciaciones para reducir costos
Bloomberg — Las empresas muy endeudadas están abandonando cada vez más los préstamos de crédito privado para recurrir a capital más barato en el mercado de préstamos bancarios, un cambio que pone de relieve la cruda realidad de unas tasas de interés más altas durante más tiempo. El esfuerzo del sector empresarial estadounidense por limitar su carga de intereses se refleja en los datos de refinanciación de JPMorgan Chase & Co. (JPM) y KBRA DLD.
Private Credit Squeezed By Bank Refinancings: Credit Weekly Original
Highly-indebted companies are increasingly ditching private credit loans for cheaper capital in the bank loan market, a shift underscoring the stark realities of higher-for-longer interest rates. Corporate America’s effort to limit its interest burden is showing up in refinancing data from and KBRA DLD. Companies with private debt are refinancing in the syndicated market about three times more often than firms with syndicated loans are tapping private credit, the data show.
Private Credit Squeezed By Bank Refinancings: Credit Weekly
Photographer: Michael Nagle/Bloomberg (Bloomberg) -- Highly-indebted companies are increasingly ditching private credit loans for cheaper capital in the bank loan market, a shift underscoring the stark realities of higher-for-longer interest rates. Corporate America’s effort to limit its interest burden is showing up in refinancing data from JPMorgan Chase & Co. and KBRA DLD.
Private Credit Funds Avert Worst Fears And Rebound From Lows
In the eye of the private credit storm, outlooks called for the $1.8 trillion market to either bring about the next financial crisis or for the pressure to quickly peter out. Nearly half a year later, it seems the truth lies somewhere in the middle. Publicly traded business development companies, which pool direct loans and are listed on stock exchanges, have been reporting their second-quarter results in recent days, providing the clearest state-of-play yet for the industry.
Veritas-Backed Firm Begins Year’s Biggest Software Refinancing
(Bloomberg) -- Gainwell Technologies has kicked off a $5.8 billion debt overhaul that would be the US software sector’s biggest of 2026, doing so as the sector has underperformed the broader leveraged-loan market by the most in years. The Veritas Capital Fund Management-owned firm launched a five-year leveraged loan on Friday that will be part of a $4.34 billion package that includes other first-lien secured debt, according to a person familiar with the matter. Such debt is often junk bonds.
Private Credit Funds Avert Worst Fears and Rebound From Lows
via Bloomberg (Bloomberg) -- In the eye of the private credit storm, outlooks called for the $1.8 trillion market to either bring about the next financial crisis or for the pressure to quickly peter out. Nearly half a year later, it seems the truth lies somewhere in the middle.
Fitch Adds to Hundreds of CLOs Slated for Rating Upgrades
(Bloomberg) -- Fitch Ratings said it’s upgrading 30 portions of collateralized loan obligations, in addition to the hundreds of tranches it had said previously it was considering for upgrades under a new methodology. The ratings agency said Monday that it had upgraded 30 US CLO tranches that were not among the 767 it had put on review for potential upgrades earlier this year.
米ソフトウエア会社が今年最大の借り換えへ、投資家心理占う試金石に
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Veritas-Backed Software Firm Seeks $5.7 Billion Debt Refinancing Original
(Bloomberg) -- Gainwell Technologies LLC is in discussions with investors to replace almost $5.7 billion of leveraged loans, a deal that would be the biggest refinancing from the beleaguered US software industry this year. JPMorgan Chase & Co. is working with the healthcare technology provider to address about $4.2 billion in first-lien debt and a riskier second-lien loan of approximately $1.5 billion, according to people with knowledge of the matter.
Sweet and Savory Fall Recipes Made With Nuts
Photo credit: Jessi Heggan As the weather begins to cool and fall flavors fill the table, nuts offer rich flavor, texture and warmth to seasonal cooking. The perfect addition to creamy sauces, crunchy toppings and indulgent desserts, these versatile ingredients can easily elevate both savory dishes and sweet treats.
CLO格上げラッシュへ、格付け手法見直し－金融危機の記憶呼び起こす
格付け会社各社は、ローン担保証券（CLO）の格付け手法を大幅に見直す方針で、数百件の案件にまたがる数百億ドル相当の債券が格上げの対象となる見通しだ。ストラクチャードクレジットのリスクが再び実態以上に低く見積もられるとの懸念も浮上している。 見直しの口火を切ったのはフィッチ・レーティングスだ。同社は6月1日、CLOの新たな格付け手法を公表。格付けを付与する証券の最大15%が格上げの対象になる可能性があるとした。CLOはレバレッジドローンをリスクやリターンの異なる複数のトランシェに組み替えた証券化商品だ。その4日後には、ムーディーズ・レーティングスがさらに踏み込み、同社が格付けを付与するトランシェの約3分の1が格上げの対象となる見直し案を公表した。
AI Push to M&A-Starved Loans Gains Fuel With Supersized QTS Deal Original
(Bloomberg) -- Wall Street banks, scouring every corner of the capital markets to finance the artificial intelligence buildout, have landed on a new pool of funds: US leveraged loans, which are clamoring for the transactions amid a dearth of buyout deals.
Over 400 CLOs Are Set for Ratings Upgrades, Fanning ‘08 Concerns Original
Credit-rating firms are preparing sweeping changes to how they assess , putting hundreds of deals and tens of billions worth of bonds in line for upgrades, while reviving fears that structured credit is once again being made to look safer than it really is. The revamp started with .
Farm Facts: Clams
Photo credit: Jimmy Ho Harvested year-round, Florida hard clams add ocean-fresh flavor to pastas, salads, soups, fried seafood baskets and much more. Learn more about this locally produced delicacy with these fascinating clam facts. The hard clam is a brown, oval-shaped mollusk with a tough shell that protects its meat. A hard clam shell can reach up to 5 inches wide with rings or ridges that indicate its growth and age.
Over 400 CLOs Are Set for Ratings Upgrades, Fanning ‘08 Concerns
Bloomberg (Bloomberg) -- Credit-rating firms are preparing sweeping changes to how they assess CLOs, putting hundreds of deals and tens of billions worth of bonds in line for upgrades, while reviving fears that structured credit is once again being made to look safer than it really is. The revamp started with Fitch Ratings.
Olde Naples Chocolate Crafts Florida-Themed Sweet Treats
Photo credit: Olde Naples Chocolate Enjoy a sweet taste of the Sunshine State with handcrafted treats from Olde Naples Chocolate. Specializing in Florida-themed chocolates and truffles, the Bonita Springs-based company crafts personalized chocolate boxes, corporate gifts, wedding favors and more decadent delicacies for every occasion.
プライベートクレジットからシフト、CLO上場投信に資金流入
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
CLO ETFs Boom on Higher Rates, Private Debt Woes Original
Bloomberg (Bloomberg) -- Wall Street has an answer for retail investors seeking to profit from elevated interest rates and dodge defaults in private credit: funds that buy collateralized loan obligations.
ゴールドマンも最大の関心、AIデータセンターが全て－資金需要衰えず
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
For Goldman’s Top Bankers, It’s All AI Data Centers All the Time Original
Bloomberg (Bloomberg) -- For leveraged finance practitioners, artificial intelligence is the only game in town — especially in the absence of more debt deals to finance mergers and acquisitions. The trillions of dollars needed to fund the technology’s data centers and power infrastructure dominated discussions last week at Goldman Sachs Group Inc.’s 11th annual leveraged finance and credit conference in Dana Point, California.
For Goldman’s Top Bankers, It’s All AI Data Centers All the Time Original
(Bloomberg) -- For leveraged finance practitioners, artificial intelligence is the only game in town — especially in the absence of more debt deals to finance mergers and acquisitions. The trillions of dollars needed to fund the technology’s data centers and power infrastructure dominated discussions last week at Goldman Sachs Group Inc.’s 11th annual leveraged finance and credit conference in Dana Point, California.
Jefferies Sued by Fund Investors Over ‘Massive’ Water Bond Fraud Original
has been hit with an investor class action lawsuit over bond purchases made by its 352 Capital fund in a water vending machine firm that federal prosecutors have called a scam. According to the complaint filed in New York state court, Leucadia Asset Management’s 352 Capital poured millions of dollars into bonds issued by Water Station Management, which the government and Jefferies itself have alleged was a fraud.
Jefferies Sued by Fund Investors Alleging Water Firm Fraud
Photographer: Michael Nagle/Bloomberg (Bloomberg) -- Jefferies Financial Group Inc. has been hit with an investor class action lawsuit over bond purchases made by its 352 Capital fund in a water vending machine firm that federal prosecutors have called a scam. According to the complaint filed in New York state court, Leucadia Asset Management’s 352 Capital poured millions of dollars into bonds issued by Water Station Management, which the government and Jefferies itself have alleged was a fraud.
New CLOs at Blackstone, Guggenheim Boast Key Perk: Less Software
(Bloomberg) -- Blackstone Inc. and Guggenheim Investments are among investment firms reducing software exposure in some of their recent collateralized loan obligation deals out of growing caution over AI disruption. Blackstone, the biggest US manager of CLOs, is curbing software holdings in its new deals, which package leveraged loans for sale into tranches of varying risk and return, according to people familiar with the matter.
JPMorgan Boosts Warner Bros. Loan to $10 Billion as Merger Looms Original
A -led bank group boosted a leveraged loan offering for to $10.2 billion as the media company looks to refinance short-term debt ahead of its planned acquisition by The offering is comprised of two tranches: a US dollar facility that was increased to $9 billion from $5 billion, and a €1 billion ($1.16 billion) portion that’s unchanged, according to a person with knowledge of the matter. Such loans are typically repaid at par in the event of an acquisition that changes ownership.
JPMorgan eleva préstamo a Warner Bros. a US$10.200 millones mientras se acerca la fusión
Bloomberg — Un grupo bancario liderado por JPMorgan Chase & Co. (JPM) aumentó una oferta de préstamos apalancados para Warner Bros. Discovery Inc. (WBD) a US$10.200 millones, ya que la compañía de medios busca refinanciar su deuda a corto plazo antes de su adquisición prevista por Paramount Skydance Corp.
JPMorgan Boosts Warner Bros. Loan to $10 Billion as Merger Looms
Photographer: Jill Connelly/Bloomberg (Bloomberg) -- A JPMorgan Chase & Co.-led bank group boosted a leveraged loan offering for Warner Bros. Discovery Inc. to $10.2 billion as the media company looks to refinance short-term debt ahead of its planned acquisition by Paramount Skydance Corp.
Apollo Urged by Teacher Groups to Probe CEO’s Political Work (1) Original
Two teacher organizations are asking to investigate Chief Executive Officer ’s apparent use of the firm’s resources to support his work with President ’s administration in violation of company policy.
Banks Start $6.2 Billion Warner Bros. Debt Cleanup Before Merger Original
Photographer: Jill Connelly/Bloomberg (Bloomberg) -- A group of banks led by JPMorgan Chase & Co. kicked off a multi-billion dollar leveraged loan sale for Warner Bros. Discovery Inc., as the company capitalizes on favorable credit markets to curb debt ahead of its acquisition by Paramount Skydance Corp. The offering is comprised of two tranches: a $5 billion US dollar facility and a €1 billion ($1.16 billion) portion, according to a person with knowledge of the matter.
Carlyle BDC Cuts Dividend Even As It Flags Better Credit Market
Bloomberg (Bloomberg) -- A private credit fund managed by Carlyle Group Inc. cut the value of its assets in the first quarter and lowered its dividend, while reporting that it originated more loan deals. Carlyle Secured Lending Inc., a business development company that provides loans to mostly small and mid-size companies, cut its dividend to 35 cents a share for the current quarter, the firm said in a statement Monday. That’s down from 40 cents a share in the first quarter.
GameStop CEO says eBay shut account after funding stunt Original
By Rachel Graf, Bloomberg Cohen shared a screenshot of a notice from eBay saying his account had been suspended. He previously said he was raising money on the platform to help pay for the deal. His account racked up scores of bids totaling tens of thousands of dollars for a hodgepodge of items. Bloomberg News couldn’t immediately verify that Cohen’s account, which was still publicly accessible on Thursday, had been suspended. EBay declined to comment through a spokesperson.
GameStop CEO says eBay shut account after funding stunt
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GameStop CEO Says eBay Shut Account After Funding Stunt (1)
Chief Executive Officer said his account was suspended following a publicity stunt in which he listed a raft of personal items — including a pair of socks — to fund his $56 billion bid for the online marketplace. Cohen shared a screenshot of a notice from eBay saying his account had been suspended. He previously said he was raising money on the platform to help pay for the deal. His account racked up scores of bids totaling tens of thousands of dollars for a hodgepodge of items.
GameStop CEO says eBay shut account after funding stunt
(Bloomberg) -- GameStop Corp. Chief Executive Officer Ryan Cohen said his eBay Inc. account was suspended following a publicity stunt in which he listed a raft of personal items — including a pair of socks — to fund his $56 billion bid for the online marketplace. Cohen shared a screenshot of a notice from eBay saying his account had been suspended. He previously said he was raising money on the platform to help pay for the deal.
私物出品のゲームストップCEO、イーベイがアカウント停止と主張
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
GameStop CEO says eBay shut account after buyout funding stunt
(Bloomberg) -- GameStop Corp. Chief Executive Officer Ryan Cohen said his eBay Inc. account was suspended following a publicity stunt in which he listed a raft of personal items — including a pair of socks — to fund his $56 billion bid for the online marketplace. Cohen shared a screenshot of a notice from eBay saying his account had been suspended. He previously said he was raising money on the platform to help pay for the deal.
GameStop CEO says eBay shut account after buyout funding stunt
; ; Continue reading More for You Continue reading More for You
GameStop CEO Says eBay Shut Account After Buyout Funding Stunt
Chief Executive Officer said his account was suspended following a publicity stunt in which he listed a raft of personal items — including a pair of socks — to fund his $56 billion bid for the online marketplace. Cohen shared a screenshot of a notice from eBay saying his account had been suspended. He previously said he was raising money on the platform to help pay for the deal. His account racked up scores of bids totaling tens of thousands of dollars for a hodgepodge of items.
GameStop’s Cohen Says He’s Selling on eBay to Help Fund Takeover
Chief Executive Officer is raising money to help pay for his proposed $56 billion takeover of , one pair of socks at a time. The move to sell a hodgepodge of items — on eBay, of course — has already racked up scores of bids totaling tens of thousands of dollars, including $7,500 for the socks. But it’s unlikely to sway his skeptics who view GameStop’s bid for a company four times its size as a nonstarter. Earlier this week, GameStop $125 per share in cash and stock for online marketplace eBay. ...
Sixth Street BDC Tumbles on Quarterly Loss, Dividend Cut
Bloomberg (Bloomberg) -- A private credit fund managed by Sixth Street Partners tumbled after lowering its dividend and reporting a quarterly loss, as market-wide volatility eroded the fair value of its loan portfolio. Sixth Street Specialty Lending, a business development company that makes direct loans, reduced its quarterly dividend to 42 cents a share from 46 cents in the prior three months, it said in a statement Tuesday announcing its first-quarter results.
RBC Is Launching a Public Debt Fund as Retail Investors Flee Private Credit
Bloomberg (Bloomberg) -- As retail investors pull cash from private credit, Royal Bank of Canada’s asset management division is offering a risky, public market alternative: a fund for CLO equity. RBC Global Asset Management is planning to launch its first interval fund to invest in the riskiest slices of corporate loan pools known as collateralized loan obligations, according to portfolio manager Mark Shohet.
Riskiest Junk Debt Is Lagging as Investors Fret About Software Original
Investors, worried about artificial intelligence disrupting software companies, are skirting the most-troubled US junk debt even as they embrace risk in . The lowest-rated junk bonds that often trade, those in the CCC tier, have gained this year but are slightly lagging securities in the B and BB tiers, Bloomberg high-yield indexes .
Pack-and-Go Recipes Make for Delicious Beach Day Bites
Photo credit: Jessi Heggan Florida summers can be sweltering, but with the coast never far away, a refreshing escape by the water is always within reach. Whether you prefer sunbathing, swimming or just settling in under an umbrella, a well-packed cooler can turn any day at the shore into a mini vacation. Elevate your next beach or pool day lunch with these perfectly packable recipes highlighting a few of summer’s most refreshing ingredients.
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