Articles by author
Structuring loan buybacks
In this article the authors consider the structure of loan buybacks with a consideration of the documentary changes made by the Loan Market Association (LMA) as well as some of the approaches that have evolved in the market to address buybacks.
1 MAY 2021Drop downs and up-tiers in English law loan documentation
Over the past few years there has been a focus on whether loan documentation can be used to create additional priority debt, often as a result of transactions that were not anticipated by incumbent lenders. Various labels have been attached to these types of transaction, with the following becoming common currency: “drop down” and “up-tiering” transactions. While they have different component parts, they result in participating creditors gaining a priority position viz-à-viz other creditors in the borrower’s capital structure. A number of articles discussing aspects of these transactions have been circulated by market participants and the LSTA has published a very helpful market advisory on drafting for New York law credit agreements. This article takes a look at these topics in English law documentation.
31 MAR 2024
