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Private Credit Finance: Growth Trends, Structuring Considerations, and Certain Key Terms and Protections

Recording of a 90-minute premium CLE video webinar with Q&A

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Conducted on Thursday, December 7, 2023

Recorded event now available

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This CLE course will examine certain trends and developments in the private credit markets. The panel will discuss various types of private credit financing, key advantages and risks associated with such financing, and important terms and downside protections that are frequently built into credit documents for such financing.


Historically a means for providing junior debt or financing for smaller or more challenging deals, the private credit market has expanded dramatically since the turn of the century and now covers an array of strategies that span the capital structure and types of borrowers. Private credit financing offers investors attractive yields and downside protection, and, unlike many traditional bank lending arrangements, it provides flexible, relationship-based financing at a time of growing liquidity constraints. Private credit is a "big tent" that covers financing ranging from senior secured debt to junior unsecured credit for funding new building construction, to loans against specialized assets or contractual revenue streams, to distressed situations.

Private credit instruments have traditionally incorporated "tighter" terms and enhanced downside protections in comparison to the credit documentation for, say, broadly syndicated loans. While this remains the case in smaller and medium-sized private credit financings, notable signs of convergence as between large private credit financings and broadly syndicated loans have been growing over recent years (although a number of critical differences remain). Examples of typical key terms and downside protections include financial maintenance covenants, approach to EBITDA addbacks and covenant carveouts, the inclusion of J Crew blockers and other liability management restrictive measures, and events of default.

Listen as our authoritative panel of experts discusses different types of private credit financing, pros and cons associated with such financing, and certain key terms and lender protections in private credit documentation.



  1. Overview of the current private credit market
  2. Types of private credit financing
    1. Direct lending, including first lien, second lien, and unitranche lending arrangements
    2. Sponsor-backed lending
    3. Mezzanine debt
    4. Distressed debt and opportunistic credit
    5. Specialty finance
  3. Key advantages and risks in private credit financing
  4. Certain key terms and protections in private credit financing
    1. Financial maintenance covenants
    2. EBITDA addbacks
    3. J Crew blockers and other liability management restrictive measures
    4. Covenant carveouts
    5. Events of default
    6. Other downside protections
  5. Key takeaways


The panel will discuss the topics set forth below as well as other important topics regarding private credit:

  • What factors gave rise to today's private credit market?
  • What types of private credit financing are currently being used?
  • What are some examples of important terms and downside protections that are typically included in documentation for private credit deals?
  • What are some key advantages and risks that should be considered in connection with private credit financing?


De Silva, Joanne
Joanne De Silva

Mayer Brown

Ms. De Silva represents private credit funds, business development companies, and other institutional investors in...  |  Read More

Friedman, Jason
Jason S. Friedman

Mayer Brown

​Mr. Friedman’s practice primarily involves representation of borrowers, private equity sponsors, banks and other...  |  Read More

Snyder, Benjamin
Benjamin Snyder

Mayer Brown

Mr. Snyder has more than a decade’s experience advising clients across various industries (including hospitality,...  |  Read More

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