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
In anticipation of LIBOR discontinuation, key US and UK regulators signal a shift toward examining transition progress.
After an initial phase of applying mostly verbal pressure, UK and US regulators are now taking a more...more
In anticipation of LIBOR discontinuation, the SEC will begin examining transition progress.
Nearly a year after the US Securities and Exchange Commission’s (SEC’s) release of a Staff Statement on LIBOR Transition, 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
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
LSTA publishes model provisions for use in US law-governed credit agreements to assist in adopting new EU bail-in rules.
European Economic Area (EEA) financial institutions are now subject to a new set of regulatory...more
The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more
7/9/2015
/ Bond Financing ,
Bonds ,
Debt Restructuring ,
EBITDA ,
Equity Financing ,
EU ,
Eurozone ,
Financial Institutions ,
Intercreditor Agreements ,
Investors ,
Leveraged Loans
Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements.
The US loan markets continue to attract European borrowers whenever US pricing...more