AMERICAS DISTRESS DAILY: WhiteHawk Sees FILO in Retail Buyouts

First-in-last-out, or FILO, loans were once reserved as last-resort liquidity injections. As the name implies, these funds are the last to be repaid. But these loans have made their way into buyout financing packages for retail companies, according to Alex Zuckerman, a managing director at direct lending firm WhiteHawk Capital Partners.

• The Los Angeles-based performing credit manager has extended these types of loans to help finance the take-private of Family Dollar Stores Inc. WhiteHawk focuses on asset-backed lending and last year raised $952 million for its fourth closed-end fund.

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