O'Leary, Christopher
April 2006
Investment Dealers' Digest;4/3/2006, Vol. 72 Issue 13, p20
Trade Publication
The article looks at the increasing popularity of second-lien lenders in the United States and their rising power over first-lien lenders. Second-lien lenders have provided loans that typical first-lien lenders have refused to approve. Second-lien lenders have also obtained more favorable terms in intercreditor agreements with first-lien lenders. One dispute between first-lien and second-lien lenders is the issuance of financing to bankrupt firms. Second-lien lenders are also financiers of leveraged buyouts.


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