Diane Roberts

Diane Roberts is a partner in partner in Reed Smith's Commercial Restructuring and Bankruptcy group and a member of the structured finance practice. She advises stakeholders (including bondholders, claims holders and traders, commercial banks, creditor committees, distressed investors, hedge funds, insolvency practitioners, lenders, management, private equity houses and trustees) involved in financial restructurings and insolvencies. She has extensive experience advising agents and trustees in connection with defaults, restructurings and insolvencies and exercises of their powers and discretions. Her practice includes advising trustees, agents, servicers and other participants in securitisations, project finance transactions, loans and high-yield bonds. She also regularly advises on UK and cross-border asset portfolio transactions, debt financing and the trading of bank debt, trade claims, unregistered securities and other illiquid instruments, under both the Loan Syndication and Trading Association (LSTA) and Loan Market Association (LMA) debt trading regimes.

Contributed to

4

Comparing UK and US secondary debt trading markets, with particular reference to the LMA v LSTA recommended terms for secondary trading
Practice Note

This Practice Note considers the similarities and differences between secondary debt trading markets in the US and the UK. Where relevant, it compares the secondary trading documentation issued by the Loan Market Association (LMA) in the UK and the Loan Syndications and Trading Association (LSTA) in the US

Use of information in the secondary debt market for loan trading
Practice Note

This Practice Note considers how the possession of information (particularly confidential and material non-public information) impacts on the secondary loan market. In particular, it considers whether loan trading is a regulated activity, the use of information barriers and ‘Big Boy’ letters in the secondary loan market and the relevant market guidelines issued by the LMA and other trade associations in relation to the handling of sensitive information by participants in the secondary loan market

Other work

Pre-trade due diligence checklist for distressed trades (bank debt/claims) under Loan Market Association (LMA) documentation

This Checklist identifies the key factors that you should consider when advising a prospective party in relation to a trade using secondary debt trade documentation (distressed) published by the LMA. This list is not exhaustive. In particular commercial due diligence covering the financial condition of the obligors, industry and other matters would be conducted pre-trade but are beyond the scope of this checklist. Additionally, certain terms of trade are credit-specific, and can only be referenced generally. In this Checklist, we assume that the debt in question is non-performing and that the obligors may be in a form of restructuring or insolvency/bankruptcy.

Pre-trade due diligence checklist for par trades (bank debt/claims) under Loan Market Association (LMA) documentation

This Checklist identifies the key factors that you should consider when advising a prospective party in relation to a trade using secondary debt trade documentation (par) published by the LMA. This list is not exhaustive. In particular commercial due diligence covering the financial condition of the obligors, industry and other matters would be conducted pre-trade but are beyond the scope of this checklist. Additionally, certain terms of trade are credit-specific, and can only be referenced generally. In this Checklist, we assume that the debt in question is performing and that the obligors are not in any form of restructuring or insolvency/bankruptcy.

Practice areas

Membership

  • Loan Syndication and Trading Association (LSTA)
  • Loan Market Association (LMA)

Panel

  • Contributing Author

Education

  • Undergraduate Education - University of North Carolina at Chapel Hill, 1990, B.A.
  • University of North Carolina at Chapel Hill, 1990, J.D. (law review)
  • Legal Education ' Georgetown University Law Center, 1997, LLM (Securities Regulation) (with distin

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