Exploration of the changes in private credit markets over the past 15 years, emphasizing the role of flexible investors and the adaptation of credit agreements to provide tailored solutions for companies, balancing practical aspects with philosophical considerations in financing relationships.
In recent years, the term ‘lender-on-lender violence’ has become a popular way to refer to deals that are more politely known as ‘liability management exercises’.
Both terms are euphemistic — so what are we actually talking about here? And what happens when these often quite bruising battles between companies, their sponsors and their lenders, take place in the (supposedly) quieter and more genteel world of private credit?
For this week’s episode of Cloud 9fin, our host Will Caiger-Smith hits up Damian Ridealgh and H.T. Flanagan of Freshfields to figure out how liability management became all the rage, and how lenders are trying to protect themselves against it.