High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize...more
High yield bond markets see issuance slow as borrowers and investors step back from new deals due to macroeconomic headwinds and geopolitical uncertainty
Elevated inflation and interest rate hikes in Europe and the US,...more
Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced...more
7/5/2022
/ Acquisitions ,
Bridge Loan ,
Buyers ,
Commitment Letter ,
EU ,
Fees ,
High Yield Bonds ,
Interest Rates ,
Marketing ,
Mergers ,
Private Equity ,
Term Sheets ,
UK
A rebound in European corporate transactions has driven a double-digit acceleration in leveraged finance earmarked for M&A (excl. buyouts), with a robust pipeline setting the stage for an active 2022.
In the summer of...more
2/22/2022
/ Acquisitions ,
Borrowers ,
Capital Markets ,
Coronavirus/COVID-19 ,
Corporate Governance ,
EU ,
Financial Services Industry ,
Global Dealmaking ,
High Yield Bonds ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers ,
Shareholders ,
UK
HEADLINES -
▪️ Buyout deal value in Western Europe hit an all-time record high by the end of 2021, more than doubling year-on-year
▪️ Private equity (PE) activity supported an 81% uplift in buyout loan issuance...more
HEADLINES -
• Buyout deal value in Western Europe hit an all-time record high by the end of 2021, more than doubling year-on-year
• Private equity (PE) activity supported an 81% uplift in buyout loan issuance...more
A rebound in European corporate transactions has driven a double-digit acceleration in leveraged finance earmarked for M&A (excl. buyouts), with a robust pipeline setting the stage for an active 2022.
In the summer of...more
2/3/2022
/ Acquisitions ,
Borrowers ,
Capital Markets ,
EU ,
Financial Services Industry ,
High Yield Bonds ,
International Trade ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers ,
Refinancing
Pro forma financial statements may be required in a securities offering where an acquisition or disposition has occurred or is probable within a certain period of the offering. In a Rule 144A offering, market practice is...more
11/23/2021
/ Acquisitions ,
Asset Test ,
Auditors ,
Capital Markets ,
Disclosure Requirements ,
Dispositions ,
EU ,
Financial Services Industry ,
Financial Statements ,
Income Test ,
Investment ,
Investment Test ,
Investors ,
Offerings ,
Pro Forma Sessions ,
Required Documentation ,
Rule 144A ,
Securities and Exchange Commission (SEC)
Although US high yield bond issuance cooled somewhat in Q3 2020, it still hit record highs, while European activity remained on an upward trend.
High yield bond markets in the United States and Western and Southern Europe...more
After COVID-19 concerns brought issuance to a near halt in March, Q2 high yield bond activity climbed in most markets as borrowers sought to boost balance sheets and cash reserves.
In the first six months of 2020, high...more
The coronavirus pandemic has had an unprecedented impact on many businesses, including those with outstanding high yield bonds. The incurrence covenant regime (and absence of any maintenance covenants) means that, provided...more
The impact of the coronavirus pandemic saw high yield bond issuances grind to a halt at the end of Q1, but markets started to revive in Q2.
After enduring a steep and sudden decline at the end of Q1 that effectively shut...more
An issuer of high yield bonds is subject to a number of different ongoing reporting obligations, some of which are contractual and some of which are regulatory. As part of the transaction process, issuers should take these...more
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
11/1/2019
/ Contract Terms ,
Covenant Lite Deals ,
De Minimus Doctrine ,
Debt ,
EBITDA ,
EU ,
High Yield Bonds ,
Leveraged Finance ,
Leveraged Loans ,
Prepayments ,
Reinvestment Funds ,
Sale of Assets
European Leveraged Finance Client Alert Series: Issue 7 -
The term "private placement", while having a relatively settled meaning in US financings, can have a variety of meanings in Europe. White & Case's European...more
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
4/29/2019
/ Beneficial Owner ,
Bonds ,
Buyers ,
Change in Control ,
Contract Terms ,
EU ,
High-Yield Markets ,
Leveraged Finance ,
Portability ,
Ratings ,
Refinancing ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Voting Shares