“EBITDA add-backs are like Instagram filters of financial performance…” That was just one of the many sharp one-liners Jennifer Daly shared during our podcast episode, where she discussed how legal documents in private credit deals have changed over the years. The episode covers a lot of ground, including what makes documents borrower-friendly or lender-friendly, which clauses to pay special attention to, LMEs, the restructuring process, and much more. Premium subscribers get the full episode as soon as it is published. Free subscribers get a preview, with the full episode released at a later date. BIO Jennifer Daly is chair of Private Credit and Special Situations and a partner in the Corporate Department at Paul Hastings’ New York office. She is lead counsel for private credit funds, special situation and opportunistic funds, business development companies (BDCs), hedge funds and other investment advisers, leading financial institutions and borrowers in LBOs, leveraged finance, unitranche, first lien/second lien, mezzanine, debtor-in-possession financings, rescues, exits, liability management transactions and other secured and unsecured lending transactions, with a focus on both performing credit and the finance elements of in-court and out-of-court workouts and restructurings. Jennifer’s selected significant representations include Antares, Apollo, Blue Torch Capital, CVC, Blackstone Credit, KKR, Owl Rock, MSD Capital, Park Square Capital, Sound Point Capital and New Mountain Capital. Jennifer previously held senior roles in the financial services and investment management sectors at Bank of America Merrill Lynch and distressed credit fund Avenue Capital, and was the chief operating officer and chief compliance officer of the hedge fund Hunter Peak Investments. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit debtserious.substack.com/subscribe
