This Practice Note examines portability provisions in high yield bond documentation; these provisions allow bonds to travel with the issuer following a change of control if certain conditions are met, rather than the issuer being required to make an offer to purchase the bonds
This Practice Note discusses Term Loan B (or TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors. It explores the structure of a typical TLB facility, how it differs from traditional leveraged loans in Europe, its key features and recent trends.
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