When is a change in control not a change of control? That is the question some Focus Financial lenders are asking after the company managed to finance its $7bn buyout without refinancing its existing debt.

It all hinges on the wording of the credit agreement — so for this week’s episode of Cloud 9fin, Will Caiger-Smith sat down with 9fin’s debt covenant expert James Wallick to talk about this strange situation and its possible implications.