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How to negotiate good terms in the lower mid-market

It’s still possible to negotiate decent terms in the lower mid-market, but does that compensate for country and political risks? David Turner seeks to find out
A Lens

Fees are a focus, even in good times

Few private market managers provide fee discounts for early and repeat investors, while credit managers often only provide breaks to those making commitments over a certain amount, Andrew Hedlund finds

There are bargains to be had in private debt

Fees charged by managers have been falling steadily, but LPs hoping to strike even tougher deals may be in luck.

The borrower’s market revealed

Loan terms and covenants have weakened during 2018, making it a good time to borrow.

5 takeaways for LPs from AIMA’s 2018 private credit study

The survey takes a deep dive into the profile of private debt investors, the fees they pay and the way GPs finance their funds.

Breaking up is hard to do

A hard Brexit and its effects on trade give US LPs one more headache to worry about as their own country picks a trade fight with China. By Andrew Hedlund

When it comes to EBITDA, lender beware!

With concern increasing over various deal terms, Paul Johnson of EQT Credit warns of the growing trend of inflated earnings figures.

Margin protection dives as cov-lite remains dominant in Europe – report

Covenants continue to loosen in Q3 across several areas including margin protection and the way leverage is calculated for acquisitions.

WATCH: ‘Beware leverage deep in the structure’

Increased leverage deep in the capital structure will cause problems for those firms unable to fix problems, maintains GSO's Dwight Scott in this video shot at the PDI New York Forum.

WATCH: The asset class’s deepest concerns revealed

Leverage, pricing, yield and documentation were among the issues haunting delegates at our New York Forum, as discussed in this two-minute video.

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