News & Analysis as of

Debt Lenders

Proskauer Rose LLP

Private Credit Deep Dives – Portability (Europe)

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One of the foundational provisions negotiated in almost every European leveraged loan agreement is the “Change of Control” definition and associated clauses. This provision is crucial because it directly impacts the risk...more

Cadwalader, Wickersham & Taft LLP

Going for Gold August 2024 - Credit Portfolio Finance – A Primer on Back-Leverage

The combination of increased regulatory pressure and additional investor demand for higher yield has seen numerous banks gradually displaced by private debt funds in the corporate lending sector (particularly for mid-market...more

White & Case LLP

Lenders explore venture debt opportunities to increase market share

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Venture debt endured a challenging 2023, but as lenders look for new product lines to increase deployment after a quiet period, they are turning their attention to the venture debt market. US venture debt lending dropped...more

Bilzin Sumberg

Tax Considerations for Contingent Interest and Convertible Debt in Cross-Border Lending Transactions

Bilzin Sumberg on

The treatment of contingent interest and convertible debt in cross-border payment transactions is subject to several provisions of the Internal Revenue Code. To add confusion to the already complicated subject, the...more

J.S. Held

Lending Climate in America – 1st Quarter 2024 Survey

J.S. Held on

With inflation continuing to impact the US economy, lenders are focused on the economic impact of the presidential election in November. Lenders’ expectations for the US economy’s performance in the longer term – beyond the...more

Ballard Spahr LLP

Third Circuit Rules Pennsylvania Consumer Discount Company Act Does Not Regulate Collection of Charged-Off Debts

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On February 7, 2024, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s Order granting a motion for judgment on the pleadings and holding that a charged-off loan made by a lender licensed under the...more

DarrowEverett LLP

Venture Debt: Down Round Protection Without Triggering Downside Provisions

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There is increasing chatter in the startup and investor space surrounding venture debt. It is not at all surprising that as the availability of ready capital has contracted considerably over the past two years, debt and...more

Jones Day

Adler: English Court of Appeal Overturns Restructuring Plan

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The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for...more

White & Case LLP

Incremental debt holds steady in uneven loan market

White & Case LLP on

With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although...more

Proskauer Rose LLP

Staying Afloat in an Uncertain Economic World: Hope for the Best, Prepare for the Worst Private Credit Restructuring Year in...

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While global inflation and higher-for-longer interest rates dominated macroeconomic headlines over the last year, middle-market private credit restructurings witnessed three notable trends.  First, these credits remained...more

Mayer Brown

The Benefits of Term Debt Tranches in Fund Finance Products – and What to Consider When Utilizing Term Debt

Mayer Brown on

With new banking rules on the horizon for financial institutions, lenders are looking for new strategies to bolster lending capacity and accommodate debt issuances. One such option is term debt....more

J.S. Held

Lending Climate in America – 4th Quarter 2023 Survey

J.S. Held on

Interest rates and inflation have been the big drivers of the US economy as of late, but lenders are increasingly optimistic for 2024, despite some challenges. Lenders foresee interest rate declines beginning in 2024 – with...more

Ballard Spahr LLP

CREFC Miami Takeaways

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Days two and three of the CREFC Conference in Miami were active for the Ballard Spahr Team, with the highlight being our annual reception attended by more than 220 guests. In follow-up to our day one summary alert, we wanted...more

Jones Day

Cure and Reinstatement of Defaulted Loan Under Chapter 11 Plan Requires Payment of Default-Rate Interest

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Section 1124(2) of the Bankruptcy Code gives chapter 11 debtors a valuable tool for use in situations where long-term prepetition debt carries a significantly lower interest rate than the rates available at the time of...more

Morrison & Foerster LLP

OCC Issues Guidance on Venture Lending

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On November 1, 2023, the Office of the Comptroller of the Currency (OCC) issued detailed guidance (the Bulletin) to national banks and federal savings associations addressing risk management standards and safe and sound...more

Jones Day

Federal Banking Agencies Propose Long-Term Debt Requirements for Large Banks

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In Short: The Situation: The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (collectively, the "Agencies") have proposed rules...more

White & Case LLP

How private credit funds are dealing with distress

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Private debt has grown quickly over the last decade. But as the macroeconomic backdrop has deteriorated, this asset class has not been immune to challenges. According to a McKinsey analysis of Preqin data, private debt...more

White & Case LLP

US high yield markets spring to life

White & Case LLP on

High yield bond activity rallies in the US as borrowers pivot away from pricier leveraged loans, but European and Asian markets remain challenged US high yield bond activity sparked back to life in H1 2023 as improved...more

White & Case LLP

Subdued macro conditions shelve major loan activity

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Loan issuance across all major jurisdictions saw year-on-year double-digit declines during the first half of 2023, as high inflation and rising interest rates continued to weigh on loan activity The first half of 2023 has...more

Paul Hastings LLP

The Fixed/Floating Distinction: Either Fixing a Fixed Charge or Seeing that the Floating Charge Floats, Not in Between

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A lender’s decision between taking a fixed charge and taking a floating charge requires it to weigh a multitude of pros and cons. A fixed charge ranks ahead of an earlier floating charge that has not crystallized when the...more

Sullivan & Worcester

Fixed and Floating Charges: the Key is Control, but the Key to Control is Drafting

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In our April webinar “Risk Mitigation Techniques in Trade Financing Structures”, which I delivered with my colleagues Sam Fowler-Holmes and Maria Capocci, we discussed methods to mitigate risks all the way along the...more

Shipkevich PLLC

CFPB Issues Bulletin to Warn Student Loan Servicers Who Ignore Bankruptcy Court Orders

Shipkevich PLLC on

On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more

Foley & Lardner LLP

The Future of Venture Debt

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Cash is the lifeblood of any business. Venture-backed companies without a financial history or proven track record are often unable to qualify for a more traditional loan with a big bank. Historically, venture-backed...more

White & Case LLP

Private debt players open for business, but only on the right terms

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Private debt managers seized the opportunity to win market share in 2022 as leveraged loan and high yield bond activity slowed—moving into 2023, private debt players remain open for business, but mainly on their terms - ...more

Rivkin Radler LLP

Applying FIRPTA to Short Sales

Rivkin Radler LLP on

State of the “Union” Did you watch the President’s state of the union address the other night? Was it as you expected? Were you hoping for something more? Were you disappointed? Did you find it informative? Maybe...more

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