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 Apollo Management LP founder Leon Black (pictured) is calling a bottom for the drought of financing for leveraged buyouts, predicting that lending will make a comeback in 2008.
Bloomberg is reporting that he said that banks have unloaded enough of the leveraged debt commitment backlog off their books to begin providing the financing needed for new LBOs. "We're well on our way to a credit-market recovery," Black said during a panel discussion in Beverly Hills, Calif. As more LBO debt is sold off in the next six months, "the banks will be in business again."
Investment banks have been working hard to move the debt commitments from their books by selling billions of dollars of the leveraged loans at steep discount.
Standard & Poor's estimates that the banks have cut their leveraged loan holdings to $95 billion from the $245 billion when the credit crunch began last July. Categories Deal Video
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