Apr. 24 at 5:41 PM
Private credit tape getting messy:
WSJ flags
$MEDALLIA unable to service ~
$3B of debt tied to lenders including
$BX,
$KKR,
$APO. Read-through: stress is no longer isolated, it’s creeping into sponsor-backed structures.
Thoma Bravo reportedly staring at a ~
$5.1B hit — that’s not a rounding error, that’s a cycle reset marker.
At the same time,
$KKR and
$BX are already in restructuring mode on a separate ~
$1.4B dental LBO package (Affordable Care deal via Harvest Partners). That’s two stress points surfacing in the same breath.
Translation from a trader lens: private credit complacency is being repriced in real time. Tight liquidity + higher-for-longer = cracks showing in 2021 vintage leverage.
Watch spreads, not headlines. This is how credit cycles actually start to unwind.
Curious about the full approach?👉 Check the @MeanReverter_
