Serta and other Structuring Questions
Hi all, I'm prepping for a PC interview and was looking at J Crew, Serta, Chewy protections. Would Serta even be relevant if you're investing in a bilateral unitranche or term loan assuming you have other protections in place that restrict adding more senior debt? A bilateral loan doesn't have a lender group, so there wouldn't be anyone to prime you, right? Would it be included to account for the possibility that another lender joins the bank group on a pari basis? Are all of these provisions typically included in MM/LMM credit agreements?
In general, what other provisions might be included in MM/LMM credit agreements that we don't see in large cap, non-IG credits? Are there any good resources on this?
Thank you in advance!
King & Spalding has a good repository of resources on their “private credit and special situations hub.” You just have to register and can browse through their decks on dropdowns and uptiering transactions.
hugely helpful, thank you!
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