News & Analysis as of September 18, 2024

European Union › EBITDA

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

In Practice: European Middle Market CLOs Could Rise in 2024 - Despite Some Challenges

Latham & Watkins LLP on 5/13/2024

This article describes the current challenges in developing a European MM CLO market, and how asset managers may overcome them. Originally published in Butterworths Journal of International Banking and Financial Law -...more

Are You as Senior Secured as You Think?

White & Case LLP on 3/1/2024

Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,...more

Innovation in Financing: Where Are We Seeing Growth?

McDermott Will & Emery on 12/22/2023

Meanwhile, cash-strapped biotechs have in many cases been forced to leverage relationships with big pharma to address liquidity. Cash is king in a financing environment such as we have observed over the last 18 months, and...more

Beyond the Valuation Gap - Flexing Earnouts in the Current M&A Environment

Latham & Watkins LLP on 5/18/2023

Increased use of earnouts is likely to facilitate M&A deals across sectors in Europe. Earnouts are increasingly common in European M&A. The growing prevalence of this contractual provision — in which additional...more

European direct lenders step in to fill the gap

White & Case LLP on 2/9/2023

Heading into 2023, European leveraged finance markets continue to deal with fierce headwinds, following 12 months of economic and geopolitical volatility that has prompted a general slowdown in issuance. What does this mean...more

European leveraged loan restructurings: why the next downturn will be different

Hogan Lovells on 1/20/2023

Although the IMF recently announced at Davos that it would upgrade its global economic forecasts, with an improvement predicted in the later part of 2023 and into 2024, times remain difficult for many companies and their...more

2023 Global Private Equity Outlook

Dechert LLP on 11/29/2022

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

5 things you need to know about … recurring revenue

White & Case LLP on 8/16/2022

For fast-growth companies in particular, recurring revenue (or annualised recurring revenue, "ARR") loans are increasingly common in the European loan market, as lenders and borrowers become more familiar with a new...more

Five factors driving leveraged finance in 2022

White & Case LLP on 2/2/2022

It was a year of rebounds in 2021, from the early hike in refinancing activity to the subsequent surge in M&A and buyout deals, as well as frenetic activity in the PE space, all of which contributed to a noteworthy uptick in...more

The Rise of ARR Financings

Hogan Lovells on 1/24/2022

EBITDA has long been the trusted metric for leveraged financings, but the European market is becoming increasingly familiar with a new barometer of performance: annual recurring revenue (“ARR”)....more

The Rise of Recurring Revenue Loans in Europe

Morrison & Foerster LLP on 11/10/2021

As growth stage companies rapidly expand there is frequently a need for additional funding to support continued growth notwithstanding that the business is not yet generating (or is only just generating) positive EBITDA....more

Top Ten Investment Trends and Opportunities in the Healthcare Market

McDermott Will & Emery on 9/9/2021

As the world enters a phase of the global pandemic marked by an increasing rate of vaccinations, investors are looking for global (particularly, European) healthcare market opportunities. With the emergence of certain...more

The Private Equity Market in Italy: Past, Present and Future

McDermott Will & Emery on 8/25/2021

Past: Once Upon a Time - Thinking back to pre-pandemic times, it cannot be said that the Italian private equity (PE) and venture capital (VC) market was particularly flourishing or on the rise. Funding was decreasing...more

Developments Of Creditor Rights In Private Debt

Morrison & Foerster LLP on 3/3/2021

Despite the COVID-19 pandemic, 2020 proved that the European private debt market remains strong. A 2021 Preqin Private Debt Report revealed that there were 504 active European private debt managers in 2020, up from 443 in...more

Mind the Gap: Strategies for Addressing the Valuation Gap in European M&A Deals During and After COVID-19

McDermott Will & Emery on 12/4/2020

In a climate where there are so many unknown factors challenging valuation methodologies, we explore a number of mechanisms that European dealmakers may consider during the Coronavirus (COVID-19) pandemic in order to bridge...more

European High-Yield Market Responds to COVID-19

Skadden, Arps, Slate, Meagher & Flom LLP on 10/1/2020

While the outbreak of COVID-19 brought primary issuances of high-yield in Europe to a standstill starting in late February 2020 (lasting close to two months), in June the markets resumed the brisk pace of primary issuances...more

Lenders’ views on documentation diverge under lockdown

White & Case LLP on 9/15/2020

The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions....more

European Financing Dynamics in the Second Half of 2020

McDermott Will & Emery on 6/24/2020

Although companies across many sectors felt the impact of the Coronavirus (COVID-19) pandemic immediately, the true effects and likely impact will not be seen until later this quarter and beyond. Whilst some companies have...more

High yield bonds: know your numbers

White & Case LLP on 5/29/2020

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

COVID-19 and Leveraged Finance: Some Issues to Consider

Pillsbury Winthrop Shaw Pittman LLP on 3/27/2020

With many borrowers facing a current or looming liquidity crunch but having a committed revolving line of credit potentially available to them, borrowers and lenders need to carefully review their loan documentation when...more

COVID-19 – a health check for European leveraged financings

Hogan Lovells on 3/27/2020

The impact of COVID-19 is developing fast across the globe and across industries. We outline a selection of the issues which we are currently busy discussing with lenders, sponsors and portfolio businesses in various...more

European Direct Lending – where are we now…

Hogan Lovells on 3/17/2020

Hogan Lovells was a sponsor of last week's Creditflux/Debtwire European Direct Lending Forum and London leveraged finance partner, Jo Robinson, took part in a panel discussing the influence of large cap precedents on...more

European leveraged finance: A bifurcated balancing act: Data dive: European leveraged finance 2020

White & Case LLP on 2/19/2020

- The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent - European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion - High yield bond...more

International Capital Markets Newsletter Issue 2 – Winter 2020: The EU Prospectus Regulation – Six Months On…

Dechert LLP on 2/10/2020

On 21 July 2019, the remaining provisions of the EU Prospectus Regulation came into force. Since this date, prospectuses for offers of securities to the public or admission to a regulated market in the EU have been required...more

Skadden's 2020 Insights

Skadden, Arps, Slate, Meagher & Flom LLP on 1/30/2020

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

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European Union › EBITDA

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