Davis Polk partners Hilary Dengel and Sartaj Gill were quoted in an article from S&P Global discussing the Main Street Lending Program, particularly the Federal Reserve’s new credit facilities. Gill noted that, from a borrower’s perspective, there are challenges in the way the program has been structured that make it difficult to access, especially in terms of leverage. Dengel pointed out that the four-year tenor of available loans is also problematic.
“Leveraged Loan Issuers See Little Love from Main St. Lending Program” (April 15, 2020) (subscription required)