The Insight: Conversations – Walking into the Unknown with Howard Marks, David Rosenberg, and Aman Kumar
The Memo by Howard Marks
Shift to Loan-Only Capital Structures in Private Equity
Private equity sponsors are shifting towards loan-only capital structures for leverage buyouts, taking advantage of the optionality it provides. In these structures, recovery should be no different than bonds in previous years, as there is no cushion to protect against losses. The market needs to realize the implications of loan-only structures.
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