Acquisition finance

This Practice Note compares key terms of the Loan Market Association (LMA) intercreditor agreement for leveraged acquisition finance transactions (senior/mezzanine) (the...

On an acquisition finance transaction, the borrowing group, in addition to the debt (whether loans or bonds) required to fund the transaction, will typically need other...

This Practice Note provides an introductory guide to typical provisions found in a straight forward acquisition finance facilities agreement. It provides an overview of...

Any transaction that involves more than one class of creditor will typically need an intercreditor agreement to be put in place. The arrival of different kinds of...

This Practice Note is intended as an introductory guide to acquisition finance for those with no, or limited knowledge of the area. It explains: • what acquisition...

This Practice Note provides a basic introduction to the key parties and documents involved in an acquisition finance transaction together with links for more detailed...

Most facility agreements require the borrower(s) to prepay all or part of the facility on the occurrence of certain events, known as mandatory prepayment events. For a...

This Practice Note covers the typical characteristics of the mezzanine facility and explains the key changes needed to turn a senior facilities agreement into a mezzanine...

This Practice Note discusses: • the purpose of and typical representations in a leveraged senior facilities agreement (SFA) and how these differ from those in an...

What is second lien financing? Second lien financing is a form of financing that is principally secured by the same security package as senior or first ranking debt, but...

This Practice Note is intended as an introduction to facilities typically contained in a leveraged senior facilities agreement (SFA) and covers: • the main...

[To be printed on the headed paper of the agent/security agent] [insert date] To: [insert full name and address of [parent]] Dear [insert full name of parent] 1 We refer...

Reasons for amending security documents and key risks Reasons for amending a security document There are situations where parties may consider amending security...

What are high yield bonds? Bonds are capital markets instruments representing a form of debt security. For more information on capital markets and bond issues, see...

General duty of liquidators and administrators where there has been an unlawful transaction If, during the course of a liquidator's or administrator's investigations into...

[TO BE PRINTED ON THE HEADED PAPER OF THE BORROWER] [insert date] To: [insert full name and address of agent for service of process] Dear [insert full name of process...

[To be printed on the headed paper of the arranger[S]] [insert date] To: [insert full name and address of [parent]] Dear [insert full name of parent] We refer to the...

Bankruptcy searches at the Land Charges Department When a bankruptcy petition is presented by a creditor, the court shall as soon as reasonably practicable send to the...

COMPANY NUMBER: [insert company number] [insert company name] [LIMITED OR PLC] Minutes of a meeting of the board of directors (the Meeting) of [insert full name of...

What are they? A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing package, but which is...

The table below summarises the conditions precedent typically requested by senior lenders on an acquisition finance transaction, together with the party responsible for...

The process of satisfying conditions precedent on a acquisition finance transaction is much the same as on other types of lending transaction. An acquisition finance...

[To be printed on the headed paper of the lender] [insert date] To: [insert name and address of borrower] Dear [insert full name of borrower] 1 We refer to the facility...

[To be printed on the headed paper of the Guarantor] [insert date] To: [insert name and address of the lender] Dear [insert full name of lender] 1 We refer to the...

Overview Covenant 'loose' and covenant 'lite' facilities provoke much debate in the leveraged finance market since they are perceived to indicate that debt markets are...

In some circumstances, a transaction will involve satisfying certain conditions after completion. These are known as 'conditions subsequent'. This may be as a result of...