LBO market’s heart still beating — but only just
A slew of hung deals paralysed LBO activity in the second half of 2011. The problem was liquidity: it was, with the exception of unpredictable prepayments into loan funds, non-existent, making underwriting difficult and debt expensive. It was a dire situation. But the determination of all parties in the leveraged loan market to keep doing deals should prevent a complete shutdown in 2012, reports Olly West.
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