Cloud 9fin

Sponsors Bain and Cinven are confident creditors will approve the A&E deal for Arxada, despite opposition from its senior unsecured bondholders. But is that confidence based on sunny optimism?
9fin sources say negotiations are ongoing with the SUNs in the background as the deadline to sign up for the deal is today (28 May). The company may look to extend by a day, Cinven partner Christopher Anderson, said on a Q1 26 earnings call yesterday (27 May).
The company received over 90% support from its secured creditors last week, Anderson said. However, he did not give an update on the SUN consent threshold, which was a meagre 20% at the deal launch on 13 May.
The company needs 75% from each class of creditors to implement the deal through an English scheme of arrangement, which it filed for on 26 May.
In this episode of Distressed Diaries, host and senior reporter Bianca Boorer speaks with distressed credit analyst Yusuf Sule and senior legal consultant Luke Viner about the A&E deal, creditor sentiment, what could happen if it goes to court, and how the company might handle the unconsenting SUNs.

In our latest episode of Syndication Nation, US investment grade editor William Hoffman and senior leveraged finance reporter Sunny Oh discuss one of the hottest topics in corporate credit — data center bonds.
With billions of dollars of fresh debt hitting both high-grade and high-yield markets to finance the AI infrastructure buildout, investors are being asked to underwrite these project finance-type deals. That’s changing the job of the average tech credit analyst, forcing them to exercise a due diligence muscle they don’t typically use.
For more detail, read Will, Sunny, Yiwen and Dan’s latest piece discussing all the nuances and structures that lenders say can make or break one of these bond offerings. Find all our coverage of this new debt class at 9fin.com.
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In our latest episode of Syndication Nation, US investment grade editor William Hoffman and LevFin senior reporter Sunny Oh break down a complicated mess of debt headed for the primary in the back half of 2026 to fund the combination of Paramount Skydance and Warner Bros. Discovery.
The debt stack is expected to include $32bn of existing bonds and $49bn of newly syndicated debt split across asset classes for one of the largest financings of the year.
For more detail, read William, Sunny and Will Macadam’s latest piece breaking down the colossal $81bn debt stack that will finance this deal. Find all our coverage of the Paramount-WBD deal at 9fin.com. 
 
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In this episode of Tranche Talk, *Cloud 9fin’*s CLO series, our global head of CLOs Tanvi Gupta, talks with Anjana Mohan Ravani, head of CLOs and corporate ABS at Redding Ridge Asset Management.
They dive into infrastructure CLOs as an exciting growth area and discuss the value proposition for investors looking to underwrite the asset class and what the portfolio composition would look like for these deals.
They also delve into the lay of the land in private credit, CLO triple-A investor sentiment and the potential misconceptions about captive equity returns.

In this episode of Syndicated Nation, senior reporter Sunny Oh welcomes Lotfi Karoui, managing director and multi-asset credit strategist for Pimco, to discuss how corporate credit has managed to hold up in the face of geopolitical jitters from the Middle East and worries around the terminal value of software businesses.
Karoui also addresses the relative liquidity between direct lending and 144a private placements — often conflated with private credit — the growing dispersion of loan marks in business development vehicles, and questions around whether public bond markets can absorb the flood of data-center-driven issuance spurred by hyperscalers’ AI spending.
Find all of our coverage on leveraged finance and corporate credit at 9fin.com.
Have any feedback on the podcast? Send us a note at [email protected] — thanks for listening!