Ares extends NSF securitzation covenant breach waiver

By Tom Brown
30 Jun 2020

Ares Management Corporation has agreed to extend a covenant waiver on its securitization financing for Non-Standard Finance (NSF) after initially giving the lender until June 29 to find alternative funding.

NSF is exploring options to raise equity following its covenant breach, looking to lower its leverage and allow further drawings on the Ares facility.

Alternatively, the company may tighten its lending criteria to manage potential covenant breaches.

NSF announced that discussions are ongoing with a number ...

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