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Lenders Liquidity

DLA Piper

Key Takeaways From the Fund Finance Association 2024 Global Leadership Summit

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The Pine Cliffs Resort hosted the FFA’s 2024 Global Leadership Summit this week where key players and leaders from across the industry gathered to discuss macroeconomic, geopolitical, policy, legal, regulatory and other...more

Cadwalader, Wickersham & Taft LLP

B(ack to School) September 2024 - Unlocking Liquidity With a Tranche B Facility

Liquidity solutions are a topic du jour in fund finance. With bank balance sheets somewhat restricted by macroeconomic concerns and risk-weighted asset regulations, fund finance borrowers and lenders have sought creative ways...more

Proskauer Rose LLP

Private Credit Explained - Delayed Draw Term Loans

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A typical European leveraged loan will comprise of various tranches of debt, for a variety of purposes, all documented within a single facilities agreement. In a leveraged buyout scenario, the standard structure will be a...more

Paul Hastings LLP

Looking for Liquidity in Foreign Places: A Lender’s Guide to Financing Goods Located Outside the US Part II

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Part II: Ticket to Ride- With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with asset-based...more

Paul Hastings LLP

Looking for Liquidity in Foreign Places: A Lender’s Guide to Financing Goods Located Outside the US Part I

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Part I: Whose Law is it Anyway? With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with...more

Cadwalader, Wickersham & Taft LLP

NAV Positivity April 2024 - In Defense of NAV Loans

NAV loans are getting constant coverage in the press now. For those of us that spent years trying to direct focus to the potential of NAV lending, this is a welcome development.  Admittedly, not all of the coverage is...more

Cadwalader, Wickersham & Taft LLP

Missing Miami March 1, 2024 - 13 Takeaways From Miami

More than 1,800 industry players attended the 13th annual Global Fund Finance Symposium that wrapped up yesterday afternoon at the Fontainebleau in Miami Beach. There was a lot to talk about in terms of market evolution...more

Mayer Brown

Liquidity Covenants To The Fore

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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

Proskauer Rose LLP

Trends in Private Credit Restructuring: Out of Court “Change of Control” Transactions

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Restructurings defy a one-size fits all approach because every deal is unique and different tools are required to solve different problems. At one end of the restructuring continuum is the so-called “amend and extend,” where...more

Proskauer - Blockchain and the Law

Part I: NFT Lending — Legal Issues Involving Secured Transactions under the UCC, Pre- and Post-Article 9 and 12 Amendments

Despite the protracted crypto bear market, innovators in non-fungible tokens (“NFTs”) are hard at work. Gone are the days when NFTs were merely profile pictures (“PFPs”) displayed on a pseudonymous social media account or...more

Proskauer Rose LLP

Question of the Week: As secondaries deals get bigger, what do GPs/LPs need to know about financing in the market?

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“GPs should remain thoughtful about employing leverage on their GP-led secondaries transactions given the higher interest rate environment. However, there are a variety of financing products on offer from lenders which can be...more

Seward & Kissel LLP

Net Asset Value Credit Facilities: Key Issues And The Current Market

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Net asset value based credit facilities (“NAV Facilities”) are credit facilities pursuant to which the availability thereunder is based on the net asset value of the investments of the borrower, typically a private fund. The...more

White & Case LLP

Term loan C in the spotlight

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In debt markets characterized by tighter liquidity and cautious lenders, term loan C debt is providing borrowers with essential liquidity - Volatile credit markets and guarded banks have made securing term loan C (TLC)...more

Dechert LLP

Are Lockbox Lenders Subject to Implied Duties?

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Recently, in In re Moon Group Inc., a bankruptcy court said no, but the district court, which has agreed to review the decision on an interlocutory appeal, seems far less sure. The bankruptcy court held that a lockbox...more

Proskauer Rose LLP

Private Credit Deep Dives - Change of Control

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After the unprecedented boom of the immediate post‑COVID era, European M&A activity has slumped in recent months. Indeed, recent market intelligence from Dealogic showed that Q1 of 2023 in EMEA saw a 68% decline in M&A volume...more

Goodwin

Innovations in Private Fund Liquidity Solutions

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NAV Financings and Preferred Equity: What Are They and Why Are They Used? In a changing economic landscape, fund sponsors are increasingly conscious of the need to shore up liquidity, whether to take advantage of the...more

White & Case LLP

Hitting the brakes: European leveraged finance battens down the hatches

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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

Proskauer Rose LLP

Liability Management – Vaccine or Pandemic? Private Credit Restructuring Year in Review

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Once again, we reflect on the prior year for restructuring trends impacting private credit lenders. Last year it was all about “liability management”—the latest trend in which the limits of sponsor-favorable loan documents...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Playbook for Borrowers Facing Economic and Debt Market Pressures

The U.S. capital markets have experienced significant volatility since the arrival of COVID-19. After lockdowns resulted in a short recession in early 2020, the markets reopened in booming fashion, with M&A, equity and debt...more

Arnall Golden Gregory LLP

Restructuring Roundup - July 2022

AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains...more

McDermott Will & Emery

Key Takeaways | Lender Outlook on the Debt Financing of Renewables and Transactions

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During the latest webinar in our Energy Transition series, McDermott Partners Robert da Silva Ashley and John Bridge hosted Paul Pace, SVP and team leader at KeyBank, and Andrew Chen, managing director at CIT, to discuss the...more

Moore & Van Allen PLLC

The Future Dominant Reference Rate of the Loan Market: Will There Be One Rate to Rule Them All?

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On July 29, 2021, the Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve formally announced and recommended1 CME Group’s forwardlooking Term Secured Overnight Financing Rate (“Term SOFR”) rates.2 Important...more

McDermott Will & Emery

[Webinar] The Future of Energy Transition: Lender Outlook on the Debt Financing of Renewables and Transactions - November 3rd,...

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On November 3, McDermott partners Robert da Silva Ashley and John Bridge will host Paul Pace, SVP and Team Leader at KeyBank, to discuss the current outlook of leading lenders in the US renewables and transactions space. More...more

White & Case LLP

Direct lending in the US is in good shape post-COVID-19

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After a volatile and challenging year, US direct lenders moved into 2021 with reputations enhanced and teams strongly positioned to fund new deals. But we cannot discuss current direct lending in the US without casting a...more

Moore & Van Allen PLLC

UPDATED: Term SOFR vs BSBY vs Ameribor in the Loan Market

This is an update to a previous post. This update highlights the formal endorsement of Term SOFR by the ARRC, expands the discussion to include Ameribor and dives more deeply into the issues associated with Term SOFR swaps...more

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