We find that corporate loan contracts frequently concentrate control rights with a subset of lenders. Despite the rise in term loans without financial covenants--so-called covenant-lite loans--borrowing firms' revolving lines of credit almost always retain traditional financial covenants. This...

We find that corporate loan contracts frequently concentrate control rights with a subset of lenders. Despite the rise in term loans without financial covenants—so-called covenant-lite loans—borrowing firms' revolving lines of credit almost always retain traditional financial covenants. This...

This is the Online Appendix to accompany “Concentration of Control Rights in Leveraged Loan Syndicates” by Mitchell Berlin, Greg Nini, and Edison Yu. It includes material that we deem as supplementary to the primary analysis included in the main document