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Since 2008, and especially since 2013, direct lending has offered a new source of liquidity for European mid-market borrowers unable to access capital from the traditional lending community to refinance and grow in the aftermath of the financial crisis, and of insufficient size to access the debt capital markets. This article reflects on the present state of the direct lending market using data from Deloitte and Preqin, as well as the author’s own observations of market activity and following discussions with a number of other market participants. It then considers some of the key issues – legal and practical – that arise where super-senior revolving credit facilities and asset-based lending facilities are introduced into direct lending capital structures, before concluding with the author’s predictions for key themes that could shape the direct lending market in 2018 and beyond.
Click here to read the full article by Max Millington at Osborne Clarke.
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