What is Private Debt / Direct Lending? Direct lending, private debt, private credit, private lending, illiquid credit and alternative credit are sometimes used interchangeably for bespoke, structured credit offered by non-bank lenders - going directly to the borrower. As the group of lenders is either a small consortium or just one counterparty,
Credit
Credit Agreement Key Terms
What are some of the key terms of a credit agreement that are important to commercial bankers, corporate bankers, credit investors and restructuring investment bankers? Here are some of the main parts of the credit agreement that are often referenced. Anatomy of a Credit Agreement Recitals Definitions Terms of Commitments and Loans
Analysing Bond Indentures and Credit Agreements
Credit Cycle – Looser Covenants
Yield and Covenant Trade Offs What gives rise to a restructuring or financial distress? Often, the seeds for a restructuring are planted when creditors first subscribe for new debt issuance, sometimes under debtor friendly terms. When markets are flush with liquidity and buy-side investors are starved for investment opportunities, creditors sometimes make
Bridge Loans in Private Equity
By Boris Mihaylov and Konstantin Ba Initially posted on the BSPEC blog The world of private equity requires funds to react immediately to potential purchase opportunities. But what if an attractive opportunity arises during the draw down period and the funds required exceed the sum of collected commitments? Bridge loans (appropriately labeled
