Market dynamics reshape borrower choices -
Competition between lending channels intensified in 2025, as leveraged finance markets in Europe saw lenders vying for deals and offering borrowers greater flexibility ahead of an...more
1/29/2026
/ Bond Markets ,
Borrowers ,
Capital Markets ,
Competition ,
Cross-Border Transactions ,
Debt Financing ,
Debt Market ,
EU ,
European Commission ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
High Yield Bonds ,
Investment ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Loans ,
Non-Bank Lenders ,
Private Equity ,
Private Funds ,
Syndicated Loans
A liability management exercise ("LME") is, at its core, any transaction a company undertakes to manage its debt other than actually servicing it in the ordinary course of business. While these historically ranged from...more
10/24/2025
/ Borrowers ,
Capital Markets ,
Contract Drafting ,
Credit Facilities ,
Creditors ,
Debt Restructuring ,
Financial Services Industry ,
Lenders ,
Leveraged Loans ,
Private Equity ,
Syndicated Loans
Starting preparations early is crucial for a smooth and successful exit by a private equity sponsor. By initiating the process well in advance, in-house management teams can streamline document gathering, minimize disruptions...more
While issuance of high yield bonds strengthened across all key global jurisdictions in 2024, the US and Europe still face mounting maturity walls -
High yield bond issuance in key markets around the world recorded major...more
European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 -
Europe's leveraged...more
2/6/2025
/ Borrowers ,
Capital Markets ,
EU ,
Financial Institutions ,
Financial Markets ,
Financing ,
High-Yield Markets ,
Investment ,
Investors ,
Lenders ,
Leveraged Finance ,
Loans ,
Private Equity ,
Private Funds
At the beginning of 2024, the White & Case leveraged finance team made a series of predictions on how the leveraged loan and high yield bond markets would perform in 2024.
After 12 months of softer markets in 2023, the...more
11/11/2024
/ Acquisitions ,
Borrowers ,
Capital Markets ,
EU ,
Financial Services Industry ,
Global Dealmaking ,
High Yield Bonds ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers
Liability management transactions which may favour a subset of creditors over another are increasingly common in the US leveraged finance markets. 2024 may be seen as the year in which these US imports began to make a real...more
Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,...more
European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024.
-Rising interest...more
1/30/2024
/ Acquisitions ,
Banking Sector ,
Buyouts ,
Debt ,
Debt Market ,
EU ,
Financial Institutions ,
Interest Rates ,
Investment ,
Leveraged Finance ,
Loans ,
Mergers ,
Private Equity ,
Refinancing
As our latest leveraged finance report reveals, European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on...more
Heading into 2023, European leveraged finance markets continue to deal with fierce headwinds, following 12 months of economic and geopolitical volatility that has prompted a general slowdown in issuance. What does this mean...more
HEADLINES -
-Rising interest rates and reduced refinancing options are increasing the likelihood of restructuring and financial distress in the next 12 months
-Cov-lite debt packages have given borrowers breathing...more
2/2/2023
/ Borrowers ,
Coronavirus/COVID-19 ,
Debt Restructuring ,
Financial Distress ,
Interest Rates ,
Investment ,
Investment Adviser ,
Investors ,
Lenders ,
Private Equity ,
Refinancing ,
Restructuring
European leveraged finance markets have been completely reconfigured in the past 12 months. Inflation, rising interest rates and geopolitical uncertainty have squeezed liquidity and seen high yield bond and leveraged loan...more
2/1/2023
/ Acquisitions ,
Borrowers ,
Capital Markets ,
EU ,
Financial Services Industry ,
Global Dealmaking ,
High Yield Bonds ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers ,
Refinancing ,
UK
European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on leveraged loan and high yield bond issuance. How will...more
1/31/2023
/ Acquisitions ,
Bank of England ,
EU ,
European Central Bank ,
Interest Rates ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Liquidity ,
Mergers ,
Price Inflation ,
Refinancing ,
Risk Assessment ,
UK ,
Ukraine
A public-to-private transaction ("P2P") is one in which a publicly listed company is acquired and taken into private ownership. Because they involve changes in ownership of public companies, P2Ps are subject to various...more
Current macroeconomic and geopolitical uncertainty may make it difficult for companies to know how to tackle their Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") disclosure. In...more
11/1/2022
/ Coronavirus/COVID-19 ,
Disclosure Requirements ,
Economic Sanctions ,
Energy Costs ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Markets ,
Geopolitical Risks ,
Investors ,
MD&A Statements ,
Military Conflict ,
NVIDIA ,
Price Inflation ,
Regulation S-K ,
Russia ,
Securities and Exchange Commission (SEC) ,
Supply Chain ,
Ukraine
Since the decision in Assénagon in 2012, there has been some doubt as to how much coercion can be applied in a consent solicitation that includes an "exit consent" and whether consents that seek to force detrimental economic...more
Mining & metals companies can take advantage of low prices in the leveraged finance markets to manage their liabilities amid the expected recession.
The current economic environment creates opportunities for the mining &...more
10/4/2022
/ Bank Loan Markets ,
Capital Requirements ,
Capital Structures ,
Collateral ,
Coronavirus/COVID-19 ,
Debt Restructuring ,
Economic Downturn ,
Federal Reserve ,
Interest Rates ,
Investors ,
Leveraged Finance ,
Liability ,
Liens ,
Metals ,
Mining ,
Price Inflation ,
Recapitalization ,
Refinancing
Standing at the intersection of the Eurobond and high yield markets, so-called "Cross-Over" emerging market deals were more popular than ever in 2021. These deals were not necessarily like the deals that had come before—deals...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
Leveraged loan and high yield bond markets in Western and Southern Europe saw a major resurgence in the past 12 months, driven initially by refinancing, followed by almost unprecedented M&A and buyout issuance, and setting...more
It was a year of rebounds in 2021, from the early hike in refinancing activity to the subsequent surge in M&A and buyout deals, as well as frenetic activity in the PE space, all of which contributed to a noteworthy uptick in...more
2/2/2022
/ Acquisitions ,
Borrowers ,
Buyouts ,
Debt Market ,
EBITDA ,
EU ,
Interest Rates ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers ,
Private Equity ,
Risk Factors ,
Supply Chain
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)
For the first time in years, inflation is on the radar for high yield bond and leveraged loan lenders and borrowers—but how might it impact markets?
A sustained period of low interest rates and abundant liquidity have been...more
In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as "bonds"). There are administrative problems that can arise when dealing with a large number...more