Carlyle seeks cov-lite amendment

By Sam Kerr
11 May 2017

Carlyle is attempting to get an amendment on a 2015 CLO, Carlyle Global Market Strategies Euro 2015-3, to raise the covenant-lite limits in the deal to 90% from 80%.

The amendment would bring the deal into line with a number of new issue European CLOs. Alongside the raising of cov-lite limits the manager also wants to increase the bucket for senior secured obligations to 92.5% from 90%.

Given Carlyle tends to run a fairly high level of ...

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