Despite our known deficiencies on the links, we were invited last week to a superb round of golf with other direct lending professionals at a course in Summit, NJ.
‘Superb’ because we walked away with ‘closest-to-the-pin’ honors. Though in fairness, 48 feet, eight inches is hardly close to anything. And we didn’t even make the par putt. Then our partners carried us to the ‘best-foursome’ score.
Pro forma
adjusted.
Nineteen holes is also plenty of time to dissect goings-on in leveraged loans. There was wide agreement that both terms and structures have become as issuer-friendly as at any time in a decade. And while sponsors are supporting buyouts with plenty of equity, toppy leverage and weak covenants aren’t always applied to the best credits...
