Following Windstream Holdings Inc.’s court battle with one of its bondholders, and its subsequent bankruptcy filing, new credit agreement terms have begun to appear in the U.S. syndicated loan market.
Referred to as “Windstream Provisions,” these cutting edge terms reflect an effort by borrowers (and their financial sponsors) to address a perceived threat from lenders who hold an overall “net short” position in respect of a borrower or its debt, as was reportedly the case with the agitating Windstream bondholder.
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