Bloomberg's Christine Idzelis report that private-equity firm Blackstone is looking for a $1.2 billion loan without any covenants to help it complete its $3 billion buyout of Nashville-based Emdeon. But in contrast to other buyers early this year, when cov-lite lending was at 2007 levels, Blackstone may not get all it wants.

“Anything that comes with a non-standard structure will have a much more difficult time finding a home with investors,” said Russell Morrison, the Charlotte, North Carolina-based head of high-yield investments at Babson Capital Management LLC.