FRANCE Law and Practice Contributed by: Arnaud Fromion, Frédéric Guilloux and Pierre-Benoît Pabot du Châtelard, Clifford Chance
8.2 Lessons Learned What has been learned from recent private credit transactions is that private debt funds are becoming increasingly involved in bid processes, offering very competitive pricing in comparison to the syndicated loan market, with competitive underwriting fees and margins, and no flex, plus greater flexibility on leverage and covenants. Some banks are developing their own private debt vehicles. There has also been an increase in the number of NAV financings, including to the benefit of pri - vate debt vehicles. As far as documentation is concerned, special attention is given to the amendment and waiver clauses, stricter covenants regarding release of security, disposal of assets and incurrence of super senior debt.
8.3 Application of Insights Lenders and borrowers will apply the insights gained from case studies as appropriate to their business circumstances.
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