News & Analysis as of

Refinancing Lenders

Sheppard Mullin Richter & Hampton LLP

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

White & Case LLP

Debt portability provides a lifeline for M&A

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Portability isn’t a typical feature of loan documents, but in a market where refinancing remains expensive and at times tricky, stakeholders are exploring how portability terms can help maintain M&A activity - Given that...more

White & Case LLP

Refinancing surge reenergizes US and European loan markets

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Leveraged loan activity in the US and Europe sprang back to life in H1 2024, with both markets enjoying near-triple-digit increases in issuance. In the US, overall issuance surged 95.7% from US$461 billion in H1 2023 to...more

Morrison & Foerster LLP

Tips for Reducing Lender Liability Risk When Dealing with Distressed Commercial Real Estate Loans (Part 1)

A number of factors have combined to cause an almost “perfect storm” for commercial real estate distress. The COVID-19 pandemic led to a rise in remote and hybrid work, increasing vacancy rates and decreasing property values....more

Strafford

[Webinar] Distressed Financing: Avoiding Pitfalls in Planning and Execution - Agency Resignation and Transfer, Rebalancing of...

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This CLE course will examine some of the more common pitfalls in loan restructurings that are frequently unidentified or ignored until they appear at or after closing. The panel discussion will include agency resignations,...more

White & Case LLP

Global leveraged loan markets spring to life

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After a challenging 2023, US and European leveraged loan issuance showed year-on-year gains in Q1 2024 as a more stable interest rate outlook encouraged borrowers and lenders to return to the market. After a challenging...more

White & Case LLP

US high yield markets spring to life

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High yield bond activity rallies in the US as borrowers pivot away from pricier leveraged loans, but European and Asian markets remain challenged US high yield bond activity sparked back to life in H1 2023 as improved...more

Latham & Watkins LLP

Kirschner v. JP Morgan: Second Circuit Affirms That Syndicated Loans Are Not Securities

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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

ArentFox Schiff

Non-Recourse Carve-Outs: Borrower and Guarantor Considerations

ArentFox Schiff on

The Federal Reserve's most recent Financial Stability Report addressed what many industry watchers had been convinced of for some time: the commercial real estate sector is in a precarious state. The Federal Reserve Bank...more

Alston & Bird

Disqualified Lender Provisions: Broader Borrower/Sponsor Powers Pose Problems for Secondary Loan Market Participants

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Our Distressed Debt & Claims Trading Team discusses trading issues related to DQ provisions in broadly syndicated credit facilities and trends providing borrower/sponsor friendly terms creating potential pitfalls for...more

Goulston & Storrs PC

What’s on the Horizon for Commercial Real Estate Loans?

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Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more

White & Case LLP

High yield bonds held firm in the first quarter against a tough backdrop

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High yield bond activity in key global markets showed signs of life in Q1 2023, with quarter-on-quarter issuance improving despite ongoing macroeconomic challenges. In the US, high yield bond issuance in Q1 2023 came in at...more

Proskauer Rose LLP

Private Credit Deep Dives – Call Protection

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“Call protection” (which you may also hear referred to variously as a “prepayment fee”, “prepayment premium”, “call premium”, “prepayment penalty”, “non‑call”, “hard call”, “soft call” or “make‑whole”) is a core economic term...more

White & Case LLP

Sector focus: European infrastructure financing flows

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In the face of rising interest rates and macro-economic uncertainty, infrastructure finance has proven relatively resilient when compared to the dislocation in other debt markets....more

White & Case LLP

Ready for restructuring

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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

White & Case LLP

Five factors that will influence leveraged finance in 2023

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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

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

Pillsbury Winthrop Shaw Pittman LLP

Planning for the Rescue Capital Wave of 2023

Parties engaging in rescue capital transactions should prepare to meet the recapitalization demands of real estate entities. Many real estate investment vehicles are suffering from an “equity gap” in their capital...more

Ballard Spahr LLP

The New York Department of Financial Services Requests Information Regarding Private Student Loan Refinancing

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On December 22, 2021, New York State Senate Bill 2767A was signed into law. The Bill establishes the Private Student Loan Refinancing Task Force (the “Task Force”), which was charged with “study[ing] and analyz[ing] ways...more

White & Case LLP

Loan activity drives US leveraged finance to new heights while high yield bond issuance maintains lofty pace

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Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022- The US leveraged finance market posted strong year-on-year gains in 2021 as...more

White & Case LLP

M&A financing keeps the leveraged finance market beating

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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

White & Case LLP

From survive to thrive: European leveraged finance looks to the future

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European leveraged finance markets roared back to life in 2021, sparked by a combination of attractive pricing in the first half of the year and buoyant M&A activity in the second half. The result? High volumes of refinancing...more

White & Case LLP

Active private equity firms buoy buyout issuance

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Issuance of leveraged loans and high yield bonds to fund buyouts surged to quarterly highs in 2021 as private equity sponsors raised their investment game - Buyouts are back in a big way. Private equity (PE) firms around...more

White & Case LLP

Widening variety of issuers sustains refinancing momentum

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Debt markets warm to issuers from a broader range of sectors, maintaining high levels of refinancing activity - The surge in refinancing activity across leveraged loan and high yield bond markets through H1 2021 looks set...more

White & Case LLP

Downgrades, defaults, distressed debt and refinancing

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Abundant liquidity, a red-hot refinancing market and improving credit ratings combined through the first half of 2021 to limit defaults and ease any near-term pressure on the balance sheets of US borrowers. Borrowers...more

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