Private Equity VS Real Estate Transactions | #4 Optimizing Total Asset Value
Private Equity VS Real Estate Transactions | #2 EBITDA Valuations Explained
Podcast: Questions & Concerns About Documentation: A Conversation with Colin Adams, M-III Partners
As private-equity backed portfolio companies work through the effects of the last several years of economic challenges, including continuing elevated interest rates, they may find themselves in need of covenant relief,...more
WHAT IS A LIQUIDITY COVENANT AND WHY IS IT INTRODUCED? A liquidity covenant is a requirement for a business to maintain a minimum amount of available cash on a balance sheet. Originally Published in Butterworths...more
Methodology - At the beginning of the third quarter of 2022, Mergermarket, on behalf of Dechert LLP, surveyed 100 senior-level executives at private equity (PE) firms based in North America (45%), Europe, the Middle East...more
Executive summary • Despite the COVID-19 pandemic, 2020 still saw robust private equity (PE) activity relative to historical activity, with well over 5,000 completed transactions even amid a drop in aggregate deal value...more
Mining companies entered 2020 in good financial shape and have continued to secure finance despite disruption from COVID-19 - The mining industry has navigated the past nine months in better shape than most sectors, even...more
For private investment funds with limited or no remaining uncalled commitments, net asset value (NAV) and hybrid credit facilities can provide a useful source of liquidity to support underperforming assets or allow funds to...more
The onset of the novel Coronavirus pandemic (“COVID-19”) led to an abrupt shutdown of businesses worldwide and across numerous industries. The shutdown’s impact on the commercial real estate market generally, and on REITs...more
As the UK begins to emerge tentatively from lockdown, amendment and waiver processes continue on leveraged finance facilities for businesses which have been hit by COVID-19. ...more
The coronavirus pandemic has had an unprecedented impact on many businesses, including those with outstanding high yield bonds. The incurrence covenant regime (and absence of any maintenance covenants) means that, provided...more
Akin Gump London-based financial restructuring partner Liz Osborne and finance partners Amy Kennedy and Stephen Peppiatt discuss European bonds, loans and the various flavors of covenants in the current liquidity constrained...more
As the coronavirus pandemic upends the economy, the financial health of the leveraged loan market has been impacted. The long-term effect of the pandemic on the leveraged loan market will depend on inherent market risks, the...more
As COVID-19 sends shockwaves through the global economy, many experts are predicting one of the deepest recessions in U.S. history. The hospitality, employment services, transportation, travel, leisure, mining, and oil...more
The pandemic crisis unfolding in the United States and around the world has placed a significant strain on commercial lending relationships, and the pressure will only mount as the medical and financial ramifications unfold....more
To raise new debt at a time of low liquidity, leveraged and other sub investment grade companies must navigate restrictions in loan and bond documents. Many companies are seeking funding to survive the currently...more
As the COVID-19 coronavirus pandemic spreads further around the world, the full impact of the virus on businesses remains to be seen. For some industries (travel, hospitality, retail, health and leisure) the immediate loss...more
We are sadly amid one of the most extraordinary times any of us can remember. The prevailing hope and expectation is that the current extraordinary times and related disruption is temporary. The rise in “cov-lite” and...more
What should a borrower be doing about its credit facility as a result of shut-downs and loss of revenues from the COVID-19 disruptions? The borrower’s primary concern is to ensure sufficient liquidity, particularly if the...more
The LMA Early Evening Seminar at Hogan Lovells Amsterdam on 1 October 2019 explored some trends in the leveraged finance market, with reports of a very healthy Dutch market, notwithstanding effects of Brexit, recession...more
Recently, Broc Romanek hosted another one of his excellent webcasts. This one covered the SEC’s Division of Corporation Finance’s recent issuance of several new and modified Compliance & Disclosure Interpretations regarding...more
As discussed in our recent client alert “SEC Issues Important Non-GAAP Interpretations” (May 19, 2016), the SEC recently released a series of new C&DIs on the use of non-GAAP financial measures by reporting companies and new...more