NEW YORK and LONDON, February 3, 2025 – Leading international law firm Proskauer today shared its 2025 Trends in Private Credit report, highlighting market participants’ strong belief that 2025 is expected to be an exciting...more
2/4/2025
/ Asset Management ,
Capital Markets ,
Competition ,
Debt Financing ,
Financial Services Industry ,
Investment ,
Investment Funds ,
Lenders ,
Loans ,
Private Equity Firms ,
Risk Management
One of the foundational provisions negotiated in almost every European leveraged loan agreement is the “Change of Control” definition and associated clauses. This provision is crucial because it directly impacts the risk...more
9/13/2024
/ Acquisitions ,
Asset Management ,
Credit ,
Debt ,
Default ,
EU ,
Fees ,
High-Interest Loans ,
Lenders ,
Loan Agreements ,
Mergers ,
Portability ,
Repayment Options
As borrowers continue to feel the squeeze caused by inflation and high interest rates, lenders in the European mid-market have seen a marked increase in covenant relief, waiver and amend and extend requests from borrowers on...more
In recent months, market participants have become increasingly optimistic about the probability of a “soft landing” in the US economy, whereby tight monetary policy is shown to have tamed inflation whilst avoiding triggering...more
Notwithstanding at least some deterioration in documentation standards towards the top-end of the private credit market in recent years, maintenance leverage covenants have remained a pervasive feature of unitranche as an...more
As the private credit industry has relentlessly expanded and the capital available for deployment by private credit asset managers has rapidly grown, those investing at the top end of the market have increasingly had to...more
6/20/2023
/ Asset Management ,
Capital Expenditures ,
Credit ,
EBITDA ,
Financial Services Industry ,
Financing ,
Leveraged Loans ,
Market Conditions ,
Minority Equity Investments ,
Sponsors ,
Syndicated Loans ,
Triggering Event
At the start of June 2022, the prevailing rate for the sterling overnight index average (SONIA) was 0.94%. Just 12 months later, SONIA has risen to 4.43%, and comparable increases in the equivalent reference rates have been...more
“Call protection” (which you may also hear referred to variously as a “prepayment fee”, “prepayment premium”, “call premium”, “prepayment penalty”, “non‑call”, “hard call”, “soft call” or “make‑whole”) is a core economic term...more
After the unprecedented boom of the immediate post‑COVID era, European M&A activity has slumped in recent months. Indeed, recent market intelligence from Dealogic showed that Q1 of 2023 in EMEA saw a 68% decline in M&A volume...more
In recent months – as credit spreads have continued to widen – sponsors, borrowers and lenders alike have frequently found themselves combing through their loan documents to check the scope of the “MFN” provisions applicable...more
The private credit market has proven to be an attractive prospect for investors in light of recent economic developments. As other asset classes shrunk during the global financial crisis, private credit maintained...more