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ECB Seeks to Curb Banks' Appetite for Leveraged Finance Risk

by Jones Day on

Subsequent to the close of the consultation period following the ECB's publication of the draft guidance, the ECB issued the final guidance to banks on leveraged transactions ("Guidance") on May 16, 2017. The Guidance applies...more

ECB Guidance on Leveraged Transactions

by White & Case LLP on

The European Central Bank ('ECB') published its final guidance ('Final Guidance') on leveraged transactions on 16 May 2017, marking the end of a public consultation process that began on 23 November 2016. In addition to its...more

Recent Court of Chancery Appraisal Decisions Provide Guidance on Court's Deference to Merger Price as Evidence of Fair Value

Two recent appraisal decisions from the Delaware Court of Chancery provide additional guidance on when the court will defer to the merger price as evidence of fair value. In the first decision, In re Appraisal of PetSmart,1...more

Debt Dialogue: May 2017 - Lyondell Chemical Company: Litigation Trust’s Fraudulent Conveyance Claims Fail

Just one year after Lyondell Chemical Company (Lyondell) and Basell AF (Basell) consummated a nearly $20 billion merger of their businesses, the merged business of LyondellBasell Industries (LBI) “failed in a colossal...more

ECB Publishes Final Guidance on Leveraged Transactions— What This Means for Banks

by Shearman & Sterling LLP on

After a period of public consultation, the European Central Bank (the “ECB”) published its final Guidance on Leveraged Transactions (the “Guidance”) on 16 May 2017. Twenty-four organisations (comprising credit institutions...more

European Central Bank Publishes Final Guidance on Leveraged Transactions

by Latham & Watkins LLP on

The ECB final guidance reflects market feedback and is more closely aligned to the US leveraged lending guidance. The European Central Bank (ECB) published the long-awaited final guidance on leveraged lending on 16 May...more

Lending Cap to be imposed by ECB – Will the new ECB guidance adversely affect leveraged transactions?

by Hogan Lovells on

On November 23, 2016, the European Central Bank (ECB) published its draft guidance on leveraged transactions in order to establish guidelines on how to measure and monitor the exposure to leveraged lending for significant...more

Setting the right agenda for TLBs

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 4 - As cov-lite/cov-loose TLB enjoys its time in the spotlight in 2017, sponsors, borrowers, banks and advisors continue to focus on the key areas to consider when planning...more

The Growth of European Covenant Lite

by Latham & Watkins LLP on

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

The 2017 Automotive Mergers and Acquisitions Outlook

by Foley & Lardner LLP on

As we stand here in early 2017, we are further away from the all-time high in valuations and deal activity that we witnessed in 2015; but despite signs that the extended expansion cycle for the industry may be plateauing,...more

Proskauer’s 2017 IPO Study

by Proskauer Rose LLP on

Proskauer’s Global Capital Markets Group has released its fourth annual IPO Study, a comprehensive analysis of U.S.-listed initial public offerings that priced in 2016, including an identification of IPO trends over a...more

Tax Round Up - April 2017

by Proskauer Rose LLP on

Welcome to the Tax Round Up, the first edition of what will be a regular bulletin highlighting the latest tax developments relevant to UK companies and asset managers. We plan to produce this monthly with the next one in...more

Shore Capital Partners Closed Second Private Equity Fund at $190 Million

by McGuireWoods LLP on

Shore Capital Partners has announced it has closed it second PE fund (Shore Capital Partners Fund II) at the hard cap of $190 million. With the closing, the firm indicated it now has approximately $350 million in total...more

New UK Tax Relief Restrictions for Corporate Interest

by Reed Smith on

This briefing provides a high-level summary of the new rules limiting the UK tax deductibility of corporate interest expenses. The new rules apply from 1 April 2017 to interest payments made from that date under new and...more

Healthcare & Life Sciences Private Equity Deal Tracker: Xenex Secures $38 Million in Funding

by McGuireWoods LLP on

Xenex Disinfection Services has announced it has received $38 million in funding. Xenex, based in San Antonio, is the developer of a pulsed xenon full spectrum UV room disinfection system for use in healthcare...more

BEPS – are you affected?

by Ropes & Gray LLP on

Over 100 countries and jurisdictions are collaborating through the OECD to implement measures to tackle base erosion and profit shifting (BEPS). The OECD have set out 15 actions points that aim to equip governments with the...more

Small Business Valuation—What Is It And Why Does It Matter?

by PilieroMazza PLLC on

Government contractors who have built successful businesses over a period of time often neglect to answer one simple question until very late in the game. The question, “What is my business worth?” has far-reaching...more

Greenfield Projects Spell Red Ink for Financiers

by K&L Gates LLP on

Originally published in The Australian - February 17th, 2017. The federal government has announced that the Western Sydney Airport at Badgerys Creek is going ahead. That’s great — it’s needed and will benefit a whole...more

Corporate News - February 2017

by Hogan Lovells on

A monthly newsletter covering topics of interest in the field of UK corporate law including mergers and acquisitions, listed companies, equity capital markets, corporate governance and general company law. Please see...more

"Business Tax Reform All but Certain in US, Europe"

United States - The prospects for business tax reform in the United States were greatly enhanced by the 2016 election results. Reform under Republicans, who control both the White House and Congress, could dramatically...more

The future of European leveraged debt: While fears of another downturn loom, the European financial markets have innovated,...

by White & Case LLP on

Leveraged debt markets in Europe have shown resilience this year. However, with so many factors up in the air in 2017—from politics to interest rates, regulations and investor sentiment—the question remains whether this will...more

Blog: SEC Charges Company With Violations Of The Rules Related To Non-GAAP Financial Measures

by Cooley LLP on

The Corp Fin staff have been dropping hints for quite a while about potential enforcement actions in connection with abuses of non-GAAP financial measures, and now one has finally materialized. In an Order released today,...more

Reminders for Foreign Private Issuers for the 2017 Annual Reporting Season

by White & Case LLP on

This memorandum outlines certain considerations for foreign private issuers (FPIs) in preparation for the 2017 annual reporting season. Part I of this memorandum discusses new developments and practical action items for the...more

Financial Services Quarterly Report - Fourth Quarter 2016: UK Autumn Statement 2016: Tax-Related Impact for the Financial Services...

by Dechert LLP on

In his first (and last) Autumn Statement, the Chancellor of the Exchequer, Philip Hammond, announced a number of tax measures affecting the financial services industry, although many of these changes had been the subject of...more

Alert: ISS and Glass Lewis Update 2017 Proxy Voting Policies

by Cooley LLP on

Institutional Shareholder Services (ISS) and Glass Lewis (GL), the two most influential proxy advisory firms, recently released updates to their voting policies for 2017. Both ISS and GL issued policy updates on director...more

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