News flash: The Data Tapes has gone bi-monthly.

Welcome to The Data Tapes, now bi-monthly by popular demand. Your feedback has pushed us to double the updates, keeping you even more in tune with the latest in private credit and ABS markets. Expect the same bite-sized coverage of debt financings, platform fundraises, data & charts, market commentary - and occasionally, updates from Setpoint.

💸 Debt Financings

• BondIt Media Capital, a film, TV, and media financing platform, closed a new $60M credit facility with Keystone National Group. 

• Braavo Capital, a non-dilutive financing platform for consumer app developers, closed a $30M new credit facility from Upper90 to fund originations, along with a $5M new equity financing. 

• Capchase, a non-dilutive financing platform for SaaS businesses, closed a €105M warehouse facility with Deutsche Bank to support growth in European markets. 

• Citibox, a Spanish smart residential locker business, closed a €80M debt financing from CoVenture and Growth Credit Partners. 

• ClickLease, a small ticket leasing platform for SMBs, completed its first securitization with a $220M issuance secured by 34,000 leases. Atlas was the sole structuring agent and bookrunner. 

• Consumer Portfolio Services, a consumer auto lending and servicing platform, renewed a $200M revolving credit facility with Citi. 

• DigniFi, an automobile repair financing platform, closed a $150M warehouse facility from Encina Lender Finance, plus $25M in credit commitments from Brigade.

• Gynger, an embedded financing platform for software purchases, closed a $100M warehouse facility from CIM to fund originations, alongside a $20M Series A led by PayPal Ventures.

• InvestBev, an investment platform for alcoholic beverages, closed a $50M delayed draw term loan from Victory Park to offer non-dilutive financing to whiskey brands and distilleries.

• Lendbuzz, an consumer auto financing platform, upsized its $20M revolving credit facility to $50M with BHI, the US division of Bank Hapoalim

• ​​Octane, a point-of-sale financing platform for recreational purchases, closed a $365M securitization backed by fixed-rate powersports loans. Since Q4 2019, Octane has completed 11 securitizations totaling over $3.7B.

• OCN (fka OneCarNow), a Mexico-based fintech platform providing vehicles and financial services to gig workers, closed a $75M debt facility from i80 alongside an $11M Series A financing. 

• Slope, a B2B payments platform for enterprise companies offering checkout and embedded financing, closed a $175M debt facility from JP Morgan alongside a $65M strategic equity round

• Spruce Power, an owner-operator of distributed solar assets, closed a $130M debt facility with Barings.

• Stax Engineering, a provider of maritime emissions capture barges, closed a $40M credit facility with Upper90 to finance the build out of a fleet of barges. 

• Stream Financial, a point-of-sale financing platform for home improvements and solar installations, issued three classes of notes totaling $194.5M in its inaugural securitization.

• Trucksmarter, a software and financing platform for truck drivers and owner-operators, closed a $50M debt facility with ability to scale to $100M led by CoVenture.

💰️Platform Fundraises

• Blue Owl has entered into an agreement to acquire Atalaya for $450M, with up to an additional $350M in potential earn outs. This acquisition enhances Blue Owl's asset-based lending capabilities.

• Oak Hill and One Investment Management formed a partnership to invest in European private credit, committing up to $5B initially.

• Sound Point Meridian Capital closed a $100M revolving NAV loan with CIBC.

• Trinity Capital announced its expansion into the sponsor finance vertical.

• Trinity Capital priced an underwritten public offering of $100M in aggregate principal amount to pay down a portion of its outstanding debt with its KeyBank Credit Facility.

📈 Visuals

🗣️ Commentary

• “In some ways, [private credit firms] are the new banks. We see big benefits to scale in our markets. Entry barriers for new firms are quite high at the moment.” - Blair Jacobsen, Ares Co-Head of European Credit

• “There are a lot of similarities [in asset-backed lending markets] to what private corporate credit looked like 10 years ago when we started Blue Owl / Owl Rock. We see the opportunity in alternative credit going forward to be analogous to and possibly bigger than the opportunity in corporate credit. The marketplace for asset-backed credit is about $7T.” - Marc Lipschultz, Blue Owl Co-CEO 

• “We have done probably $10 billion [in synthetic risk transfer deals] in the last year. There will always be regulatory arbitrage. Right now your premium over alternatives is pretty wide.” - Steven Tananbaum, Founder & CIO of GoldenTree Asset Management

📖 What We’re Reading

• Blackrock’s Investor presentation on their $3.2B acquisition of Preqin 

• Car Dealership Guy’s writeup on the state of US auto lending

• FT Partners’ monthly market update and analysis on Alternative Lending

• KKR Global Head of Private Credit on why ABF is gaining more attention

• WSJ on why American borrowers are on shakier ground