In the syndicated loan market—during times of borrower distress—documentation loopholes are allowing majority lenders to disproportionately benefit at the expense of minority holders. This practice, known colloquially as “lender-on-lender violence,” presents a significant challenge to the sector. The menace is growing by the day.
A look at private credit, and why increased activity in the broadly syndicated loans space is not necessarily a bad thing for direct lending, and vice versa, from Benefit Street Partners Managing Director Anant Kumar.
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