Amid Bad Debt Deals, Loan Covenant Analyst Says This Deal Is The Worst Ever

Jenny Warshafsky, a covenant analyst at Xtract research, sees terms for lenders getting worse and worse. But Warshafsky says a recent $250,000 deal put together in the software industry by Vista Equity Partners might be the worst yet. And she didn’t soft-pedal her legal issues in a June report titled “The Worst Debt Covenant Ever.”

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The report comes amid a trend of weakening loan covenants. Loan covenants are designed to protect lenders by limiting actions a...

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