Lenders to demand more drastic amend and extend terms

31 May 2012

Apax and Permira’s UK fashion retailer New Look and Charterhouse’s French clothing retailer Vivarte both reached the consent thresholds required to enable them to pass through the requested amendments to their leveraged loans this week as 2012’s frantic amend and extend activity continued.

But loan investors warned that they would become much more assertive with sponsors and borrowers and would demand fundamental changes to capital structures as part of the amend and extends — as opposed to just "kicking the can down the road".

"As you move further down the credit quality ...

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