Picking Up the Beat, Lenders See Signs of ‘A Brand New Day’
In this year’s survey we decided to present — wherever it made sense to do so — the expectations expressed in 2008 and 2009 along with this year’s results. Although the trends shown here may not be surprising, we thought this perspective might provide a sense of solace, particularly given views offered in the previous presentations.
We found out a few things that brightened our day — namely, issues such as lowered commitment levels and advance rates, and tightened loan covenants have seemingly lost their relevance as ongoing concerns to more than half of the respondents. Furthermore, virtually none of our respondents saw exit financings or DIP loans dominating the landscape in new ABL opportunities … perhaps signaling the dawn of a brand new day.