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White & Case LLP

The US syndicated loan market shows signs of recovery

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During Q1 2024, borrowers returned to the US syndicated market to reprice costly private credit facilities - The US syndicated loan market has seen an uptick this year, with banks proactively pitching deals to win back...more

Strafford

[Webinar] Erroneous Payment Provisions in Loan Agreements: Common Features; LSTA Form; Negotiation Tips - Fine Tuning Revlon...

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This CLE webinar will explore the evolution of erroneous payment provisions in credit agreements as a result of the infamous Revlon case. The panel will review provisions developed by market participants, including language...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Decades-Old Question Answered: Term Loans Are Not Securities

A recent appellate ruling, Kirschner v. JPMorgan Chase Bank, N.A., rejected the contention that syndicated term loans should be treated as securities, affirming the long-held view by market participants that these loans are...more

Orrick, Herrington & Sutcliffe LLP

Kirschner Court Adopts Fact Specific Analysis to Conclude That Loans Are Not Securities

The United States Court of Appeals for the Second Circuit recently affirmed the 2020 Kirschner v. JP Morgan Chase Bank, N.A. ruling that a secured $1.775 billion syndicated term loan to Millennium Laboratories LLC...more

Paul Hastings LLP

Market Intersection: A Quarterly Look at the U.S. Credit Markets 1Q23

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General market unease in the first fiscal quarter of 2023 was evident. The back-to-back collapse of two regional banks spooked investors and the effects of two federal rate increases rippled through the market. Uncertainty in...more

Cadwalader, Wickersham & Taft LLP

Miami Musings February 2023 | Issue No. 211 - Fund Finance Symposium Panel Recap: Syndications Panel

The past year has seen a challenging environment for the balance sheet of many banks. The ability for a bank to sell and assign their commitments in fund finance facilities has therefore increased in importance. In the...more

Cadwalader, Wickersham & Taft LLP

Facing Erroneous Payments July 2021 | Issue No. 135 - Revlon: It’s Worth a Double Take (Part I: Syndicate Lender Considerations)

Summary of Case - On August 11, 2020, the administrative agent in a loan to Revlon intended to make an interest payment to the lender syndicate and instead mistakenly wired almost $900 million of its own money to the...more

A&O Shearman

Effective cause: a case of contract, commission and implied terms

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In a case about the wording of an agency agreement between a finance company, EMFC, and a corporate property developer, TRG, I look at whether the agreement contained an implied term that EMFC was only entitled to commission...more

White & Case LLP

The Central Bank of Egypt Declares a Six-Month Moratorium on all Repayments Under Existing Facilities as a Response to the...

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The Central Bank of Egypt ("CBE") has declared a six-month moratorium on all repayments of principal and interest under existing facilities as part of a package of relief measures the CBE has taken in response to the economic...more

White & Case LLP

The EU loan syndication impact assessment is out: more competition scrutiny ahead?

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Setting the scene The long anticipated European Commission (DG COMP) report on "EU loan syndication and its impact on competition in credit markets" (see here) has finally been published. The study primarily focuses on the...more

Jones Day

European Commission's Antitrust Concerns Lead to Syndicated Loans Market Study

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In April 2017, the European Commission ("Commission") published a tender offer seeking an assessment of the EU market for loan syndication and possible implications under EU competition rules. The successful candidate will...more

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