| Summary: | This research aims to understand the influence of the determinant factors of the pricing of loans in LBOs, in particular the impact of the 2007/2008 financial crisis and the term structure of loans of the LBO spreads. This study uses a sample of 1,196 syndicated loans closed from 2000 to 2016. Results suggests that spreads are different in a market-based versus bank-based financial system and in United States versus Western Europe, and that during the crisis period countries in a market-based financial system and United States deal with higher spreads. In what concerns other relevant results, we also find that the variable EBITDA/Sales, or EBITDA margin, has impact in a bank-based financial system with an increase on spreads, whereas the impact in Western Europe is significant and tends to decrease the spreads.
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