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Chris Wright of Crescent Capital discusses managing capital structures during a downturn, rise in popularity of ARR loans, exploiting loopholes in the private credit market, and the current economic situation and the maturity wall.
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Quick takeaways
- Junior debt is increasingly important in providing runway for overleveraged companies in the current rate environment.
- Restructuring deals demonstrate the benefits of lenders collaborating instead of using traditional majority approaches to optimize outcomes.
Deep dives
Distress in the credit markets: Quiet and behind the scenes
Behind the scenes, there is a pick-up in non-traditional deals in the credit markets. Companies are facing stress due to the increase in base rates and the trajectory of rates, which has pushed out the distress cycle. Distress is not widespread yet, but it is in the early stages. Default rates remain low, but stress is being put on companies due to higher rates. The current environment is more of a rate environment phenomenon than a result of poor company performance.
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