Mon 09/18/2023 08:52 AM
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Meredith Dixon
Credit Research

Harvard Zhang

Wheel Pros’ proposed financing structure continues the double-dip trend, effectuating a transaction in which the majority of the collateral enhancement comes not from additional pledged assets but solely from the provision of duplicative claims. It is distinct from other recent double-dip transactions in that the new-money financing does not directly benefit from the double-dip structure, though there are turnover provisions that bolster the...
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