News & Analysis as of September 20, 2024

European Union › Covenant Lite Deals

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

European leveraged finance: A bifurcated balancing act: Restructuring: When is the right time?

White & Case LLP on 2/24/2020

HEADLINES - Default levels remain historically low at 1 per cent to 2 per cent - Prevalence of cov-lite loans in Europe may be concealing some underperformance, but there are no conventional triggers for lenders to...more

European leveraged finance: A bifurcated balancing act: Data dive: European leveraged finance 2020

White & Case LLP on 2/19/2020

- The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent - European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion - High yield bond...more

Skadden's 2020 Insights

Skadden, Arps, Slate, Meagher & Flom LLP on 1/30/2020

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

A Closer Look at Asset Sales in Leveraged Finance: reinvest, repay, repeat

White & Case LLP on 11/1/2019

European Leveraged Finance Client Alert Series: Issue 8 - The traditional approach to the treatment of disposal proceeds in leveraged loan agreements has evolved in recent years, as borrowers seek to retain greater...more

Restructuring the next wave of cov-lite debt

White & Case LLP on 7/13/2019

Cov-lite loans can leave lenders with limited restructuring options, but creative lenders will still find ways to bring debtors to the table - Recent data shows that investor protection in loan documents has fallen to its...more

Anglo-American relations: A special relationship with subtle differences

White & Case LLP on 5/25/2019

Much has been written about the influence of US terms on European transactions and particularly the steady migration of US concepts into English law facilities agreements, resulting from the supply-demand imbalance in the...more

Ten years on: The surprising resilience of European leveraged finance: Market outlook for the year ahead

White & Case LLP on 2/15/2019

As the leveraged debt market has matured at pace in the past decade, many are hopeful that it will maintain an upward trajectory, at least in the medium term. As noted in the report, times have changed, and 2018 has seen a...more

Ten years on: The surprising resilience of European leveraged finance: LBOs and CLOs boost the market

White & Case LLP on 2/14/2019

Loans backing LBOs have driven the market in Europe this year, with volumes reaching €56.5 billion, up 37 per cent from €41.3 billion in 2017. By the middle of 2018, total loans in the US breached US$100 billion, up a third...more

Ten years on: The surprising resilience of European leveraged finance: The post-crisis rise of leveraged finance

White & Case LLP on 2/12/2019

A decade on from the onset of the financial crisis, the leveraged debt landscape is almost unrecognisable and continues to evolve as lenders, borrowers and advisers find new ways to come to market. In the aftermath of the...more

The Growth of European Covenant Lite

Latham & Watkins LLP on 4/18/2018

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

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European Union › Covenant Lite Deals

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