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Institutional characteristics of HLT loans

The development of the market for HLT loans can be traced to the growth over the past decade in commercial lending transactions to finance mergers and acquisitions, leveraged buyouts, and related transactions. One measure of the growth in HLTs is that between January 1987 and September 1994, LPC reported that there were 4122 deals, with a combined dollar amount (in new-issue loans) estimated at $
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