Pages from LSTA Market Advisory Liability ManagementTransactions_December 20 2023

The Advisory summarizes the key features of the two main types of LMTs that have been prevalent in our market — the drop-down financing and the uptiering transaction – as well as some recent structures commonly referred to by market participants generically as “double dip” financings. The blackline version, against the document dated July 24, 2023, is attached below as well (it will open as a zip file where both files are located).





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The Kirschner Case: This is the End

The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities,…