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In the US, unitranche loans have given the senior-junior debt capital structure a run for its money in recent years, but mezzanine lenders are still finding deals.
This addition to the financial engineer’s toolkit is gaining in popularity, but what do LPs think of it?
The EBITDA addback has become one of the most controversial aspects of deal documentation. Research shows lenders are resisting the most extreme examples.
illustration of approach to leverage
The firm tries to secure non-recourse financing, long-term maturities and little-to-no financial maintenance covenants, said Cyrus Madon on an earnings call last week.
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