Many smaller highly leveraged companies face an uncertain future as well.

The idea, he added, is to "use your best relievers at the most critical, highly leveraged point in the game."

And they still own a highly leveraged company with talk of an initial offering this year.

Even if it is no longer considered as a highly leveraged company.

Banks say the default rate on loans to highly leveraged companies has been low.

But the fact a highly leveraged company can borrow more does not prove it is a good idea to do so.

"It could be catastrophic for a number of operators, especially the highly leveraged," he said.

Many regional banks, for example, have said the average size of their highly leveraged transactions was below $10 million.

But it was, and is, a highly leveraged company.

First Chicago also has a $3.6 billion portfolio of loans to highly leveraged companies.