Tue 01/03/2023 09:02 AM
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In credit agreements, most favored nations, or MFN, protection is meant to provide initial lenders with the benefit of better pricing should their borrower incur additional pari debt. Ideally, MFN protection requires that if a borrower incurs any additional pari debt under incremental debt, incremental equivalent debt, ratio debt or acquisition debt baskets, and if that debt is priced more than 50 basis points higher than the initial term loans, the pricing on the initial term
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