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The Smile Telecoms Restructuring Plan: A Closer Look

A restructuring plan completed earlier this year by Smile Telecoms notches up a number of firsts. African telecommunications provider Smile Telecoms Holding Limited, incorporated in Mauritius, successfully completed a...more

Credit Insights – Delay or Disclose? Managing Default Risk From Qualified Audit Opinions in the COVID-19 Era

Boards of struggling companies (and their auditors) must navigate choppy waters in terms of finalising their audited accounts in the midst of a global downturn. The global downturn triggered by the COVID-19 pandemic...more

Credit Insights – Finding Liquidity Under Loan and Bond Documents

To raise new debt at a time of low liquidity, leveraged and other sub investment grade companies must navigate restrictions in loan and bond documents. Many companies are seeking funding to survive the currently...more

Credit Insights – What Borrowers and Lenders Should Know About MACs During COVID

Material adverse change provisions in credit agreements are under much heightened scrutiny in the current circumstances. In the current environment, both corporates and their lenders are trying to assess a fast-moving...more

The Growth of European Covenant Lite

In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market and this...more

The Growth of European Covenant Lite

In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market, and...more

WORD OF THE DAY® – Release Clause [Video]

Latham Partner James Chesterman explains the term Release Clause from the Book of Jargon® – European Capital Markets and Bank Finance. The Book of Jargon® – European Capital Markets and Bank Finance is one of a series of...more

3/17/2017  /  EU , Release Agreements

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

Covenant-lite Terms Continue to Develop in Europe

As predicted a year ago, the adoption of US-style covenant-lite terms in European leveraged deals continues apace. This is hardly surprising given that the existence of ultra-low interest rates are sparking intense...more

New Opportunities in Cross-Border Special Situations Lending

Recent changes in cross-border leveraged loan documentation requirements open up new possibilities for both borrowers and lenders. Cross-border leveraged loan documentation has become increasingly permissive with respect...more

US trends affecting the European leveraged loan market

The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more

UPDATE: Cross-border Leveraged Lending – Consider Changes Needed to US Intercreditor Agreements for Financings with European...

Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements. The US loan markets continue to attract European borrowers whenever US pricing...more

Key Issues in Leveraged Lending

The leveraged finance market in Europe has been continuing to develop in sophistication and depth over recent years. With the advent of sponsors operating globally, many law firms in the market having strong US and UK...more

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