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Recent Developments in Bankruptcy Law Quarterly Webinar on August 6, 2019

A presentation of recent decisions of interest to the lending community, included decisions on the effect of contract rejection (Tempnology), discharge injunction (Lorenzen), third-party releases (Stanford Bank and Aegean), default interest (Altadena Crossing), postpetition effect of a security interest (Puerto Rico), and marijuana bankruptcy (Garvin v. Cook). EVENT DETAILS Tuesday, August 6, 20194PM to 5PM […]

The 2Q19 Secondary Trading & Settlement Presentation

The LSTA presented the results of our 2Q19 Secondary Trading & Settlement Study and discussed key trends in the market. The study provided insight across key functional areas of the secondary loan market including trading, performance, settlements and more. Topics included: Performance & Return Analysis, Fundamentals & Technicals Trade Price Levels, Distribution & Volatility Trends […]

The Use of Litigation Finance by Debt and Equity Investors to Enhance Value

Litigation funding is usually thought of as a resource to enable plaintiffs and law firms with limited financial resources to prosecute complex claims.  However, there are circumstances where well capitalized plaintiffs can benefit from its use.  After a brief overview of what litigation finance is and how it works, the discussion will focus on scenarios […]

Cannabis: Banking & Investing

The cannabis industry is growing quickly, with many opportunities for investors. Yet the patchwork of state laws and the fact that cannabis remains illegal at the federal level make it tricky to navigate this new landscape. Our expert discussed cannabis related laws and regulation, including: Key banking issues and an introduction to SAFE Banking Act […]

Energy Finance: Bi-Annual Update

Energy finance practitioners discussed current energy finance topics, including the latest trends in upstream oil and gas and renewables finance and monetization transactions and the latest trends in LNG markets. EVENT DETAIL Tuesday, June 18, 20194PM to 4:50PM|Webcast Only1.0 CLE Credit|Available for New York State Transitional and Non-Transitional – Areas of Professional Practice.  SPEAKERS Kraig […]

LSTA Credit Agreement Conference

Based on the 2nd edition of the “The LSTA’s Complete Credit Agreements Guide”, our experts explained the provisions of a typical credit agreement, including representations, covenants, and events of default. EVENT DETAILS Monday, June 17, 2019 9:30AM to 4:30PM|Conference Price|$350 (will include a copy of the Credit Agreement Book) 6.5 CLE Credit|Available for NYS Transitional […]

Revisting Impact of Tax Reform on the Loan Market

It has been 18 months since the Tax Cuts and Jobs Act was enacted which has ushered in sweeping tax reform. Our expert speakers detailed the key changes relevant to financings in their webcast last year, but much of the detail was going to be revealed in the implementing rules and regulations. Since then several relevant […]

Recent Developments in Bankruptcy Law Quarterly Webinar on May 20, 2019

Recent Developments in Bankruptcy Law Quarterly Webinar on May 20, 2019 A presentation of recent decisions of interest to the lending community, including decisions on treatment of municipal bonds, enforcement of guarantees, consignments to retailers, extraterritorial reach of the avoiding powers, treatment of common stock in a plan, and the reach of forward contract merchante […]

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LSTA Newsletter: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).

Primary Delayed Compensation: Drafts Released

Yesterday, the LSTA released drafts of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below, please find links to the clean drafts and blacklines marking the changes to the current versions of the Par/Near Par Trade Confirmation and Standard Terms and Conditions for Par/Near Par Trades.

Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]

FAQs: The LSTA Trading Documents’ New Terms of Use

As we previously noted, on May 17, 2019, the LSTA published a new suite of U.S. secondary market trading documents. In conjunction with the rollout of the new documents the LSTA changed the Terms of Use applicable to counterparties who use those documents. Since then, we’ve received many questions about the new Terms of Use and below we answer many of those questions.