The new breed of transfer restrictions in leveraged lending transactions: a new paradigm or just a sign of the times?

European leveraged lending practitioners will need no telling that documentary terms have been something of a one-way moveable feast for a number of years. Be it a function merely of investor demand for assets exceeding available opportunities or of an influx of a new breed of investor, a new normal of lower pricing, higher leverage and weaker covenant protection has become established across almost all levels of the market. The latest area of leveraged lending documentation to go through a process of revisionism is the extent of a lender’s right to transfer its participation in a loan facility to another institution.

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Filed Under: JIBFL

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