Acquisition finance

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Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
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9th Nov
Practice notes
There are four main types of security available under English law: •mortgage•charge•pledge, and•lienThis Practice Note explains:•the nature of a...
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9th Nov
Practice notes
Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...
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9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
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9th Nov
Practice notes
This Practice Note covers the typical structure of facility agreements and the key terms and provisions that will be included. It examines the process...
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9th Nov
Practice notes
This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...
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9th Nov
Practice notes
What is a 'capital call facility'?A capital call facility is a form of finance provided by a lender to a fund and typically secured against investors’...
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Produced in partnership with Peter Olds of Cleary, Gottlieb, Steen & Hamilton 9th Nov
Practice notes
The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of...
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9th Nov
Practice notes
This Practice Note considers the costs that a lender operating in the interbank market will incur when providing funding to a borrower and the steps...
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9th Nov
Practice notes
Sub-participation is a means by which a lender can transfer its risk in a loan to another lender. For an overview of the reasons why a lender might...
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9th Nov
Practice notes
Assignment is a means by which a lender can transfer its interest in a loan to another lender.For an overview of the reasons why a lender might...
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9th Nov
Practice notes
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...
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Produced in partnership with Cleary Gottlieb and Ian Chin of Morrison & Foerster 9th Nov
Practice notes
Summary of advantages and disadvantages of the floating chargeThis Practice Note discusses the advantages and disadvantages of taking a floating as...
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9th Nov
Practice notes
In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London...
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9th Nov
Practice notes
This Practice Note considers the main terms included in standard form shipbuilding contracts. In particular, it looks at:•standard forms of the...
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9th Nov
Practice notes
Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...
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9th Nov

Most recent Acquisition finance content

Practice notes
What is the Central Registry of Winding-up Petitions?The Central Registry of Winding-up Petitions (the Central Registry) is a computerised register of...
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Produced in partnership with Stephen Allinson 25th Nov
Practice notes
What is a 'capital call facility'?A capital call facility is a form of finance provided by a lender to a fund and typically secured against investors’...
Read More >
Produced in partnership with Peter Olds of Cleary, Gottlieb, Steen & Hamilton 25th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
Produced in partnership with Shruti Dusaj and Simone Bono of Freshfields LLP 25th Nov
Practice notes
Unitranche facilities have become one of the main financing options available to both financial sponsor-backed and non sponsor-backed borrowers in the...
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Produced in partnership with Lee Federman 25th Nov
Practice notes
What is a 'market flex' provision?A market flex provision is designed to give arrangers and underwriters some flexibility as to the terms of a...
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Produced in partnership with Lee Federman 25th Nov
Practice notes
This Practice Note provides information on European PIK loan facilities (PIK facilities). It discusses:•the key features of PIK facilities, including...
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Produced in partnership with Susan Whitehead, Consultant at Hogan Lovells and Penny Angell, Partner at Hogan Lovells 25th Nov
Practice notes
This Practice Note explains various aspects of a documentary ‘relaxation’ or ‘release’ clause, which is often included in leveraged buy-out (LBO)...
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Produced in partnership with Neil Grant 25th Nov
Practice notes
What are incremental facilities?An incremental facility is feature included in a credit agreement where, subject to meeting certain pre-agreed...
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Produced in partnership with Osborne Clarke 25th Nov
Practice notes
OverviewCovenant 'loose' and covenant 'lite' facilities provoke much debate in the leveraged finance market since they are perceived to indicate that...
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Produced in partnership with Neil Grant 25th Nov
Practice notes
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...
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Produced in partnership with Ian Chin of Morrison & Foerster 25th Nov
Practice notes
Once the finance documents have been signed and the conditions precedent have been satisfied (or waived in writing), there are a few final tasks that...
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25th Nov
Practice notes
The typical scenario in which local counsel will be appointed in an acquisition finance transaction is where companies that are to borrow or give...
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25th Nov
Practice notes
After completion, the lawyers acting for the lender(s) will be responsible for distributing the original documentation and supplying copies of the key...
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25th Nov
Practice notes
Purpose of an intercreditor agreementWhy have an intercreditor agreement?The key purpose of the intercreditor agreement is to ensure that each type of...
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25th Nov
Practice notes
Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company...
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25th Nov
Practice notes
The lender's lawyers will conduct due diligence on the borrower(s), any guarantors and any third party security providers (the obligors) at the start...
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25th Nov
Practice notes
Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus on execution of documents and company filing and...
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25th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
Produced in partnership with Neil Caddy and Nicholas Sullivan of Fried, Frank, Harris, Shriver & Jacobson (London) LLP 25th Nov
Practice notes
What is a debenture?In the context of secured lending, the term 'debenture' means a form of security agreement that grants security interests over a...
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25th Nov
Practice notes
A floating charge is most commonly contained in a debenture along with other forms of security such as fixed charges, assignments and legal mortgages....
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25th Nov

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