Whats Market 2020 Mid-Year Trends in Large Cap and Middle Market Loans

The leveraged loan market started 2020 in a “business as usual” fashion; lenders faced a competitive environment and many borrowers continued to secure flexible terms in their loan agreements.  However, the 2019 novel coronavirus disease (COVID-19)abruptly shifted the landscape.  Since March, M&A lending hasstalled, defaults have soared, and many borrowers have scrambled to draw down under existing revolvers and to address the pandemic in their loan agreements.  More lender-friendly terms have started making a comeback in loan agreements, in many cases being introduced by amendments.

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