easy · Debt Capital Markets primary-issuance-syndication
What is the 'bridge-to-takeout' window typically intended to accomplish?
- To allow the issuer to wait for a favorable market 'window' to issue permanent bonds at the lowest possible spread.
- To allow the issuer to default on the outstanding bridge loan without facing any legal consequences at all.
- To provide a window in which the company's reported EBITDA can be reduced in order to satisfy its maintenance covenants.
- To give the issuer enough time to convert the bridge loan into permanent equity capital that never has to be repaid to anyone.
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