In the decade since the global financial crisis, ship financing has undergone considerable change. Traditionally, debt financing with banks and equity financing were the most common methods used by shipping companies to raise...more
Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more
The $600 billion Main Street Loan program has been highly anticipated to provide financial support in the form of loans to small and medium-sized U.S. businesses affected by the COVID-19 pandemic. The Federal Reserve Bank of...more
As the Federal Reserve (the “Fed”) prepares to launch its Main Street Lending Program (the “Main Street Program”), it continues to refine program details and guidance, including based on feedback received from US banks and...more
On April 30, the Federal Reserve announced substantial changes to the initial terms of its Main Street Lending Program originally released on April 9, 2020: After receiving over 2,200 comment letters and consulting with...more
The U.S. Federal Reserve (Federal Reserve) announced revisions to the Main Street Lending Program (Program) to facilitate lending to small and medium-sized businesses by eligible lenders...more
The CARES Act provides for the Federal Reserve creating an SPV that will purchase participation interests in eligible term loans. On April 30, the Federal Reserve posted to its website term sheets that update the Main Street...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted into law on March 27, 2020, established an emergency lending program for state and local governments due to the COVID-19 pandemic....more
Additional corporate credit facilities under the CARES Act for corporate debt and corporate bonds issued by eligible issuers. Treasury will provide $75 billion in equity to the PMCCF and SMCCF. ...more
Further economic measures provide support for small and mid-sized businesses, as well as state and local economies facing pandemic hardships. The Federal Reserve, in its continuing efforts to safeguard financial markets,...more
On April 9, 2020, the Federal Reserve issued an updated term sheet for the Term Asset-Backed Securities Loan Facility (“TALF”). Under TALF, the Federal Reserve will make an equity investment of $10 billion in a special...more
On March 23, 2020, the Federal Reserve announced that it will use its powers under Section 13(3) of the Federal Reserve Act to launch new liquidity facilities to help provide financing to U.S. businesses, employers, and...more