“There’s a large universe of middle market companies that on the back of an 11-12 year credit cycle have continually been able to borrow and reborrow from one lender to another,” observes Mohsin Meghji of M-III Partners, a turnround veteran who has restructured companies from Sears to Sanchez Energy. “These companies have been limping along by virtue of rates having been very low. They haven’t really deleveraged.”