From large cap syndicated deals to mid-market private credit, whether in loans or in bonds, the ability for borrowers to incur material incremental debt is commonplace. However, when you look beyond the headline ratios and...more
The macro-economic landscape of recent years, marked by rising interest rates and inflationary pressures, has significantly escalated borrowing costs in the European mid-market. This has prompted borrowers to explore...more
Liability management transactions which may favour a subset of creditors over another are increasingly common in the US leveraged finance markets. 2024 may be seen as the year in which these US imports began to make a real...more
Borrowers and lenders alike may be forgiven for running out of steam when, having negotiated ever more complex commercial grids, term sheets and loan agreements, one reaches the final line item – the governing law of the loan...more
Side letters document bespoke arrangements between all or certain parties to a financing transaction and supplement the terms of the principal documents thereto. Becoming increasingly popular with stakeholders, and with the...more