The media spin game is alive and well on Wall Street. The initial reporting held that Kohlberg Kravis Roberts had been forced to make certain concessions to keep the closely watched First Data deal on track. The big item was maintenance requirements related apparently to earnings. That sounds like a big deal. But the New York Times responds with an article noting that KKR will likely not agree to any covenants with real teeth. It also notes that the interest rate is the same as always and that the deal still includes payment-in-kind toggles. So you could spin it both ways. In any case, the deal is going forward and in this environment, it could be a win for all. We'll have to wait and see how other deals fare.  

For more:
- here's the New York Times article

Related articles:
- The meaning of the First Data battle