Tony Hokayem, Managing Director and Partner, Colbeck Capital Management, provides a detailed view of the role Covenant-lite credit facilities play in this highly competitive market. Hokayem discusses how financial covenants on middle market credit facilities have evolved since the financial crisis, the growing presence of covenant-lite loans in the middle market, sectors in which covenant-lite loans have been most prevalent, and how the current economic environment will likely impact middle-market lenders with these loans in their portfolios.
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