Wall Street Nabs Deals From Private Credit With Cheaper Rates
- Morgan Stanley, JPMorgan secured a $1.2 billion financing deal
- Ardonagh takes public route to save on borrowing costs
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Wall Street scored another coup against private credit arrivistes this week when investment bank leveraged finance teams snared a $1.2 billion deal from one of direct lending’s biggest borrowers, Ardonagh Group Ltd.
Ardonagh tapped Morgan Stanley, Bank of America Corp. and JPMorgan Chase & Co. to partly refinance private credit debt, raising a $700 million leveraged loan along with $530 million in high-yield bonds. Big banks have successfully refinanced a series of direct loans recently, usually allowing the borrowers to cut their funding costs.