Morningstar Acquires LCD from S&P Global for Leveraged Loan Market Data


LCD is the only provider of real-time coverage of the US and European leveraged loan and high yield bond markets, from trade inception through debt life.

Morningstar has agreed to acquire Leveraged Commentary & Data (LCD), a market leader in news, research, data, insights and indices for the leveraged finance market from S&P Global.

According to the official announcement, the purchase price is up to $650 million in cash, consisting of $600 million at closing, subject to certain adjustments, and a contingent payment of up to $50 million six months after closing, upon the fulfillment of certain conditions related to the transition of the LCD customer relationship.

Morningstar will now rely on LCD’s leveraged loan data, news, analysis and indices. The leveraged finance market data provider will integrate with Morningstar’s PitchBook platform to create a centralized platform for participants in the leveraged finance market.

PitchBook was founded in 2007 and collects and analyzes detailed data on the entire venture capital, private equity, and M&A landscape. The market data provider has offices in Seattle, San Francisco, New York, London and Hong Kong and serves more than 70,000 professionals globally. In 2016, Morningstar acquired PitchBook.

John Gabbert, Founder and CEO of PitchBook, said, “As alternative asset markets continue to grow and deepen, this acquisition presents new opportunities for PitchBook and LCD to solve real customer problems together and address the need for transparency in private credit markets. LCD’s in-depth coverage of the leveraged loan market combined with PitchBook’s institutional level coverage of private and public equity markets will create an end-to-end data and research tool to enable basic workflows. There is nothing else that offers more complete access to this data in one place.

LCD is the only provider of real-time coverage of the US and European leveraged loan and high yield bond markets, from trade inception through debt life.

The platform also offers growing coverage of investment grade bond issuance, distressed debt, corporate bankruptcies, mid-market transactions and CLOs/fundraisings.

LCD has over 500 leveraged loan indices in the US and Europe that track performance, index characteristics and risk metrics comprising over 1,800 loans.

More than 60 LCD employees, including senior journalists, researchers, technologists, and customer support and sales personnel, will join Morningstar as part of the PitchBook team.

LCD generates approximately $56 million in revenue. Morningstar intends to finance the transaction with a combination of cash on hand and a new credit facility at closing.

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