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Some buyers have even returned their recent purchases to the public market because of the credit crunch. In order to look at the year ahead, one must look back, from a few to several years. “Covenant-lite is down. Pik features are gone. It’s a banker-friendly, covenant-heavy lending regime,” said Charles Nathan, partner at Latham & Watkins.
The M&A market tends to run in cycles, and the coming year will be a low point for private equity.
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