Loan investors hold the line against co-op bans — for now
- Dan Mika
- +David Bell
- + 1 more
The newest aggressive maneuver by sponsors and issuers in the knives-out world of debt restructuring? Trying to ban lenders from negotiating as a group.
At least four deals in the US syndicated primary market this year tried to insert language into credit agreements that would prevent lenders from joining co-op groups, according to 9fin sources, although there may be others.
Among them were retail holding company WHP Global during a February refinancing and tax compliance software maker Avalara as it refinanced its private debt facility into the BSL market earlier this month.