Revolving draws

Hard as it may be to believe in these turbulent times, cheap credit was easy to come by for much of this decade. As recently as the first half of 2007, the going remained good for borrowers, with credit spreads locked at historically low levels. And in the ultra-competitive loan business, banks looked to increase market share by extending funding to even the lowest-rated corporates while at the same time relaxing loan covenants - a decision that came back to bite many firms as the credit crisis