IPD private debt is senior fixed rate, fixed term debt that represents a significant source of capital for mid-sized public and private companies. A typical loan would satisfy investment grade criteria, be at least $10 million, have a term greater than 5 years, be secured by collateral and have a priority position in the event of liquidation. It is normally supported by covenants such as minimum debt service, maximum leverage, contractual payments and predictable corporate or project earnings.
