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...
During the term of a facility, the borrower's financial position is likely to fluctuate. Sometimes, its circumstances change to such an extent that it wants the terms of...
Reasons for amending security documents and key risks Reasons for amending a security document There are situations where parties may consider amending security...
The derivative contracts regime represents a comprehensive, self-contained and exclusive regime for the taxation of a company's derivative transactions in the UK. It only...
The lender's lawyers usually co-ordinate the execution of the finance documents either through a physical signing meeting or a virtual signing. The borrower's lawyers...
This Practice Note considers the UK taxation treatment of securitisation companies that fall within the scope of the permanent securitisation regime. It explains: • what...
One of the features used to categorise loans is the number of lenders involved. A loan involving one lender is known as a 'bilateral loan'. A loan involving more than one...
This Practice Note focuses on the impact of Brexit on facilities agreements. It discusses (or links to detailed information on): • the position on the Loan Market...
This Practice Note summarises the main tax issues arising for the UK acquisition group in a private equity-backed buyout. In particular the note: • describes the tax...
This Practice Note explains certain common financial covenants used in commercial finance transactions including: • minimum net worth test • gearing ratio • leverage...
The UK and US secondary (private) debt trading markets are very similar when transacted on the suite of documents issued by the Loan Market Association (LMA) in the UK...
In financing transactions, conditions precedent are the conditions that need to be fulfilled for funding to occur. This Practice Note explains: • the nature of conditions...
Timing This phase often overlaps with the Finance documents phase in loan transactions. Once the lawyers have started to draft the finance documents, the list of...
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...
One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary blip in the company's...
This Practice Note considers the acts typically carried out by limited partnerships (LPs) in the context of finance transactions and covers the steps which can be taken...
