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Bonds Leveraged Finance

White & Case LLP

US issuers flock to convertible bonds in choppy market

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US borrowers have turned to convertible bonds in recent months as mainstream debt and equity markets have stumbled in the face of inflationary and interest rate headwinds. Combined leveraged loan and high yield bond deal...more

Goodwin

Debt Download - January 2023

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Welcome to Debt Download, Goodwin’s monthly newsletter covering what you need to know in the leveraged finance market. We hope your year is off to a good start!...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Playbook for Borrowers Facing Economic and Debt Market Pressures

The U.S. capital markets have experienced significant volatility since the arrival of COVID-19. After lockdowns resulted in a short recession in early 2020, the markets reopened in booming fashion, with M&A, equity and debt...more

Latham & Watkins LLP

Could PE Benefit From the Universal Adoption of “Super Senior” RCFs in Leveraged Financings?

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Undrawn credit lines are essential to private equity but in short supply from banks. Undrawn revolving credit facilities (RCFs) are essential to private equity. They are a backup in the event of mismatches in the working...more

Hogan Lovells

Breaking News: Italian Legislation on COVID19 - A Game Changer for Private Debt Funds?

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Among the legislative measures approved by the Italian Government to support the financial indebtedness of corporates in the face of COVID19, ... the State guarantee made available through SACE S.p.A. ("SACE") is mainly...more

Latham & Watkins LLP

Credit Insights – Finding Liquidity Under Loan and Bond Documents

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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

Skadden, Arps, Slate, Meagher & Flom LLP

Strong Finish to 2019 Offers Promising 2020 for US and European High-Yield Markets

In 2019, a wave of bond-to-bond refinancings, as well as significant bank and term loan-to-bond refinancings, punctuated a strong year for debt financings after a slow first quarter. Throughout last year, debt investors...more

Kramer Levin Naftalis & Frankel LLP

Fed Concludes That Banks Have Improved Management of Leveraged Lending Risks Even as Noninvestment-Grade Debt Has Grown

On May 6, 2019, the Board of Governors of the Federal Reserve System (the Board) published its annual Financial Stability Report....more

White & Case LLP

Change of Control Clauses in High Yield: What You Need to Know

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European Leveraged Finance Client Alert Series: Issue 4, 2019 - Most high yield indentures contain a "Change of Control" clause that relates to changes in the beneficial ownership of the issuer. We provide an overview of...more

White & Case LLP

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

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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

Kramer Levin Naftalis & Frankel LLP

Southern District Clarifies the Applicability of Section 316(b) of the Trust Indenture Act to Exchange Offers

Last year, plaintiffs successfully used an obscure provision of the 1939 Trust Indenture Act (the TIA) to challenge restructurings by Education Management, LLC (Marblegate) and Caesars Entertainment Operating Co. (Caesars)...more

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