As M&A financing opportunities remain in the doldrums, private credit firms are forced to be flexible on certain terms in order to win the few deals that are out there. And recently, it's call protections that are being sacrificed for direct lenders to appeal to borrowers. But what's interesting about a number of these situations is that while the beneficiary is the borrower, it is lenders pitching repricings, according to Kristopher Ring, a partner at Goodwin told 9fin. And that's because private credit firms attempt to stave off loosing quality assets from their portfolios. "I think what's happening is lenders are going to sponsors and saying, 'we want to reprice your loan at a lesser rate,' and the reason they're doing it is they're being proactive versus reactive, because otherwise they'll lose the deal, which could potentially lessen the strength of their relationship with the sponsor," Ring said.