From large cap syndicated deals to mid-market private credit, whether in loans or in bonds, the ability for borrowers to incur material incremental debt is commonplace. However, when you look beyond the headline ratios and...more
Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,...more
For fast-growth companies in particular, recurring revenue (or annualised recurring revenue, "ARR") loans are increasingly common in the European loan market, as lenders and borrowers become more familiar with a new...more