On Aug. 24, the U.S. Court of Appeals for the Second Circuit issued its highly anticipated decision in the case of Kirschner v. J.P. Morgan Chase Bank NA.
The three-judge panel unanimously upheld the district court's...more
Second Circuit upholds SDNY’s finding that under Reves syndicated loans are not securities under federal law.
Introduction -
On August 24, 2023, the US Court of Appeals for the Second Circuit issued its highly...more
8/29/2023
/ Appeals ,
Blue Sky Laws ,
Commercial Bankruptcy ,
Credit Facilities ,
Debt Instruments ,
Institutional Investors ,
Lenders ,
Loans ,
Market Participants ,
Recapitalization ,
Refinancing ,
Securities ,
Syndicated Loans
The ruling, which held that the transaction did not violate the implied covenant of good faith and fair dealing, highlights the importance of carefully drafting lending documents.
On June 6, 2023, Judge David Jones of the...more
Decision affirms long-standing market convention.
On May 22, 2020, Judge Gardephe of the US District Court for the Southern District of New York held that syndicated term loans do not constitute securities under various...more
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
4/18/2018
/ Banking Sector ,
Bond Markets ,
Corporate Financing ,
Covenant Lite Deals ,
Debt ,
EBITDA ,
EU ,
Financial Markets ,
Intercreditor Agreements ,
Interest Rates ,
Investors ,
Lenders ,
Leveraged Loans
The new tax rules are expected to have an immediate impact on leveraged companies and leveraged finance transactions.
On December 22, 2017, President Trump signed into law the “Tax Cuts and Jobs Act” (the Act).1 This...more
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
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
4/27/2016
/ Banking Sector ,
Commercial Bankruptcy ,
Creditors ,
Debt Restructuring ,
Distressed Assets ,
EBITDA ,
EU ,
High Yield Bonds ,
Intercreditor Agreements ,
Leveraged Loans ,
Loan Documentation ,
Third-Party