Private credit funds tighten covenants as mid-market defaults edge higher
The $1.7 trillion parallel banking system is discovering that documentation still matters when the sponsor needs a waiver.
Finance Reporter
Downtown financial district towers
NEW YORK — The $1.7 trillion parallel banking system is discovering that documentation still matters when the sponsor needs a waiver.
Three direct-lending shops said they have added tighter incremental-debt baskets and cash-sweep language after a cluster of software and healthcare roll-ups asked for relief in the same quarter.
Priya Nair
Finance Reporter
Writes on banks, private credit, and the regulatory perimeter around nonbank lenders.
