Financing the acquisition

Financing the acquisition guidance:

The concepts of material adverse change (MAC) and material adverse effect (MAE) are used in different but related ways in a typical facility agreement. • Material adverse...

Practice Note

Introduction This Practice Note: • explains why lenders include certain undertakings in leveraged loan agreements • provides an overview of each undertaking’s structure...

Practice Note

This Practice Note examines portability provisions in high yield bond documentation. It looks at what is meant by portability before discussing key points in high yield...

Practice Note

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 treated by the EU as a...

Practice Note

Most leveraged buy-outs will be funded using a mixture of equity and debt. How the funds are applied will vary from transaction to transaction but the finance will...

Practice Note

This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are...

Practice Note

Term sheets in acquisition finance transactions are generally extensively negotiated, and include a lot of the detail which will eventually be included in the full...

Practice Note

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 treated by the EU as a...

Practice Note

Unitranche facilities have become one of the main financing options in the European-leveraged loan market. They originated in the US in 2005 and since 2012 have increased...

Practice Note

Borrowers often hedge against the following risks in the context of a lending transaction: • interest rate risk by entering into an interest rate swap • exchange rate...

Practice Note

The most common reasons for entering into derivatives are for the purposes of: • speculation—where a party wishes to gain exposure to a particular variable, eg,...

Practice Note