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MFN clauses in private credit facility agreements
This article examines most-favoured nation clauses (MFNs) in private credit facility agreements in recent years with a particular focus on how MFN clauses are typically calculated and the scope of the carve-outs which often feature in such clauses.
13 JAN 2025The rise of “hybrids” in the ever-converging PIK and Preferred Equity landscape
In this article the authors consider the key structural, economic and documentary differences between Holdco payment in kind and preferred equity shares and consider recent demand for new hybrid instruments.
1 JAN 2024
