date:Jul 03, 2014
ng credit facility.
The deal will be done on a covenant-lite basis, removing traditional maintenance covenants that protect investors.
European investors initially protested against covenant-lite loans, which are common in the US, but the riskier structure has increased in popularity due to a lack of other deals to invest in. Second lien loans have also gained favour in Europe recently as borrowers' reliance on the high yield bond market lessens.
BNP Paribas, ING and Rabobank are leading the