As financing markets have become more challenging, borrowers have adjusted by becoming more creative in arranging financing for their deals, Saee Muzumdar, an M&A partner at Gibson, Dunn & Crutcher LLP, said on this week’s Drinks With The Deal podcast.

As an example, Muzumdar pointed to a deal in which funds affiliated with Blackstone Inc. (BX) agreed to take a 55% stake in the climate technologies unit of Emerson Electric Co. (EMR). Blackstone is financing the deal in part with funds from a consortium of direct lenders. Muzumdar noted that the deal reflects an expansion in the kinds of transactions direct lenders can fund as well as the ability to form a syndicate of direct lenders rather than relying on a single one to provide the debt for a buyout.

“There is an expansion of what the direct lenders can and are willing to do,” said Muzumdar, who did not work on the deal.

Muzumdar started her career at Gibson Dunn in fall 2008, when the financial crisis made for an exceptionally challenging M&A market. As a result, she said, she worked on a range of transactions from financings to bankruptcies and became a more well-rounded lawyer.

Here’s the podcast with Saee Muzumdar:

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