Private Equity VS Real Estate Transactions | #4 Optimizing Total Asset Value
Private Equity VS Real Estate Transactions | #2 EBITDA Valuations Explained
Podcast: Questions & Concerns About Documentation: A Conversation with Colin Adams, M-III Partners
Orrick's Founder Series offers monthly top tips for UK startups on key considerations at each stage of their lifecycle, from incorporating a company through to possible exit strategies. The Series is written by members of our...more
It was a muted start to the year for the acquisition and leveraged finance market due to a challenging macroeconomic climate. Interest rate hikes at one of the fastest paces on record, surging inflation (particularly in...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
WHAT IS A LIQUIDITY COVENANT AND WHY IS IT INTRODUCED? A liquidity covenant is a requirement for a business to maintain a minimum amount of available cash on a balance sheet. Originally Published in Butterworths...more
In its judgment in Decision Inc Holdings Proprietary Limited v. Garbett and El-Mariesh, the High Court of England and Wales provided guidance on the interpretation of two types of warranties commonly found in sale and...more
In its judgment in Burnford & Others v Automobile Association Developments Ltd, the Court of Appeal has provided a useful summary of the current status of the ‘reflective loss’ principle – the rule that shareholders cannot...more
How is the loan market reacting to the economic environment, and how should borrowers respond? ...more
As the world enters a phase of the global pandemic marked by an increasing rate of vaccinations, investors are looking for global (particularly, European) healthcare market opportunities. With the emergence of certain...more
After the COVID-19 slowdown in 2020, the United Kingdom has been one of the most active buyout markets in Europe, with a 60% rise in buyouts in 2021 compared to 2020. This increase in activity has been driven in part by a...more
With the football transfer window having closed on another round of multimillion-pound transfers, the perception continues that football is a sport awash with cash. However, as football plays on behind closed doors, one need...more
As the UK begins to emerge tentatively from lockdown, amendment and waiver processes continue on leveraged finance facilities for businesses which have been hit by COVID-19. ...more
In Damoco (Bermuda) Ltd and Others v Atlanta Bidco Ltd, the High Court rejected claims as to the longstop date for accounts needed to calculate a contractual payment. Instead, the Court adopted a much narrower interpretation...more
Whilst the full scope of the potential impact of COVID-19 for financial covenant calculations and other purposes within loan agreements can only properly be assessed on a deal-by-deal basis, it is still possible to identify...more
To raise new debt at a time of low liquidity, leveraged and other sub investment grade companies must navigate restrictions in loan and bond documents. Many companies are seeking funding to survive the currently...more
We are sadly amid one of the most extraordinary times any of us can remember. The prevailing hope and expectation is that the current extraordinary times and related disruption is temporary. The rise in “cov-lite” and...more
On 21 July 2019, the remaining provisions of the EU Prospectus Regulation came into force. Since this date, prospectuses for offers of securities to the public or admission to a regulated market in the EU have been required...more
Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more
In 2019, a wave of bond-to-bond refinancings, as well as significant bank and term loan-to-bond refinancings, punctuated a strong year for debt financings after a slow first quarter. Throughout last year, debt investors...more
Cov-lite loans can leave lenders with limited restructuring options, but creative lenders will still find ways to bring debtors to the table - Recent data shows that investor protection in loan documents has fallen to its...more
As part of our periodic updates, here is an overview of recent developments of relevance to participants in the real estate finance market across certain key jurisdictions in Europe....more
The new International Financial Reporting Standard 16 Leases (IFRS 16) has taken effect, and the companies using IFRS shall adopt IFRS 16 for accounting periods beginning on or after 1 January 2019. ...more
We set out below a recap of some of the key European and international tax developments to note at the start of 2019. This alert provides a brief summary of the following...more
The Current Status of Brexit - On 29 March 2017 the United Kingdom (UK) gave notice under Article 50 of the Treaty on the European Union that it intended to leave the European Union (EU). The UK’s departure (so-called...more
We are delighted to share with you the results from our second annual Trends in Private Credit survey. This year’s survey was conducted via web from January 9th to February 9th 2018. In this report, we will share...more
UK Tax News and Developments - Latest on the Finance (No 2) Bill 2017 - On 20 July 2017 the government announced in Hansard that the House of Commons will, on Wednesday 6 September 2017, be asked to approve the Ways and Means...more