Lien and mean

Distressed investors are hungrily eyeing the many second-lien loans taken out by US private equity sponsors. Deal Mechanic presents the vulture view

No matter how healthy you feel, you can't help but become uneasy when vultures watch your every move.

The upswing in the economy has meant lean times for distressed investors over the past year. But a stack of tantalising carcasses may present themselves as a tasty treats in 18 to 24 months in the form of second-lien loans.

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