CLOs in syndicates create new headache for LBOs
Restructurings of facilities backing leveraged buy-outs are set to be more complicated than ever because of the complex capital structure of deals and the number of lenders involved. The originate-and-distribute boom of 2005-2007 led to a big presence of complex debt instruments in syndicates— mainly collateralised debt obligations— which are complicating restructurings because of their tight lending criteria.
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