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Unmatched Capital
Private credit deals

Private credit deals: how a loan is agreed, what it really costs, and what happens when the borrower needs a change

This sub-hub covers how direct lending and other private credit deals are agreed: the stages, the all-in cost to the borrower, and how lenders behave when terms need amending. It asks who pays, and what the headline margin leaves out.

What readers ask

  • Is direct lending a good idea?
  • What are the risks of direct lending?
  • What is a unitranche loan?
  • How does a liability management exercise work?
  • Can you give me an example of direct lending?
  • What is the key difference between a first lien and a unitranche loan structure?