1Q 2021 Investor Presentation
Leveraged Finance Issuance Driven by Refinancing and M&A
Activity in 1Q 2021
Uses of Funds from USD High Yield Bonds and Bank Loans¹
■Debt Refinancing M&A Capital Spending Shareholder Payments Liquidity / Working Capital
20212 Issuance Drivers:
% of Mentions
5%
9%
8%
8%
7%
9%
10%
16%
17%
13%
15%
13%
12%
Opportunistic refinancing driven by lower
effective yields
17%
5%
5%
5%
5%
4%
6%
4%
39%
34%
29%
54%
41%
49%
40%
000
Increased M&A related issuance
71%
70%
70%
64%
68%
62%
54%
2015
2016
2017
2018
2019
2020
1Q 2021
1.
2.
Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25
million and general corporate purposes. An issue can have multiple purposes and, as a result, percentages do not sum to 100%.
Data through March 31, 2021.
Source: Moody's Analytics.
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Shareholder payments resumed
1Q 2021 Investor Presentation
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