Covenant lite: good for society

[Joelle]

Covenant lite: good for society
      

The covenant-lite and PIK-toggle era may be gone but the creative debt structures still have their supporters.
Partly credited for keeping the default rate low by lowering the threshold for companies to go belly-up, the terms refer to the loose conditions agreed during the buyout boom when funding was readily available. 
At a conference on Wednesday organized by The Deal, Blackstone’s COO Tony James volunteered [...]
         

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