Ares and the BDC complex cut leverage after a covenant-lite scare
Business-development companies are still open for business. They would like a little more cushion first.
Priya NairFinance Reporter
Stacks of coins beside a growing plant
NEW YORK — Business-development companies are still open for business. They would like a little more cushion first.
Two BDCs reduced statutory leverage after a sponsor-backed software credit tripped a maintenance test that had been written as if defaults were a 2020 problem.
Priya Nair
Finance Reporter
Writes on banks, private credit, and the regulatory perimeter around nonbank lenders.