White & Case
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Term SOFR: a non-US market perspective
In this In Practice article the authors consider the nature of Term SOFR and how the LMA Term SOFR Exposure Draft addresses certain key documentation issues.
1 JAN 2022Recent trends in leveraged financing: the ever more borrower friendly market
In this article the authors examine recent trends in leveraged finance transactions, looking at “Most Favoured Nation” (MFN) protection, dividend to debt reallocation mechanics, ineffective IP transfer prohibitions and super grower baskets/contribution debt baskets.
1 JUL 2022Ripping up the rulebook: financing the energy transition
The authors set out some of the challenges faced by both lenders and equity investors when deploying capital towards energy transition projects at scale. Such challenges include the volume of capital expenditure required, novel technology risk, untested markets and the participation of diverse stakeholders with a range of different sectoral experience. The authors then draw on their firm’s experience to demonstrate pioneering approaches taken by lenders and investors to mitigate risk and establish bankable project structures.
1 JAN 2024The art of the intercreditor
Over the last decade, financing transactions have moved away from typical senior/mezzanine loan structures to a wider variety of products including syndicated loans, first lien/second lien loans, direct lending and high yield bonds (and in some cases, a hybrid of them). This has increased lenders’ attention on the intercreditor terms, which establish the relationship and priority between the different types of creditors in the financing structure, particularly in the circumstances when things go wrong. In this In Practice article, the authors consider the key terms of intercreditor agreements that creditors should be focused on during negotiations and, how these and other provisions differ between a structure comprised of senior and junior loans (Senior/Junior Structure) and a structure comprised of notes, each accompanied with a super senior revolving facility (Notes/SSRCF Structure). 11 1
1 JAN 2024
