Acquisition Finance in Latin America: Navigating Diverse Legal Complexities in the Region

Private equity and strategic investors continue to demand loans with “certain funds” or “SunGard” limited conditionality to finance their M&A activity in Latin America.  For any acquisition finance transaction in Latin America, the parties need to consider country-specific concerns, including guaranty limitations and security steps and timing, applicable withholding tax regimes and exchange control regulations, to determine the optimal structure and lender syndicate composition for such transaction.  This webinar discussed the following topics, with a survey of issues in Argentina, Brazil, Chile, Colombia, Mexico and Peru:

  • Loan commitment conditionality in the acquisition finance context
  • Security principles
  • Guaranty limitations
  • Security steps and timing
  • Withholding tax and exchange control regimes

EVENT DETAILS

Wednesday, April 10, 2019
4PM to 4:50PM (ET)
Registration|Open to LSTA Members
1.0 CLE Credit|Available for NYS Transitional and Non-Transitional  – Areas of Professional Practice

PRESENTERS

  • Jake R. Mincemoyer, Partner, White & Case
  • Sabrena Silver, Partner, White Case
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LSTA Newsletter – September 20, 2019

This week we explain the big SOFR jump, share Lee Shaiman’s and David Lerner’s Morning Consult op-ed, highlight some LIBOR coverage, and discuss the ESG lending panel at the Refinitiv LPC Loan Conference.

LSTA Meets With Rep. Andy Barr

This week LSTA members and staff met with Rep. Andy Barr (KY-06). Barr, a member of the House Financial Services Committee, has led bipartisan efforts to pass legislation that would have revised the Volcker Rule in a way that would have permitted banks to hold the debt securities of legacy CLOs and to revise the risk retention rule to allow managers to more easily comply. More recently, Barr was a key participant at a hearing of a subcommittee of the HFSC explaining that neither leveraged loans nor CLOs presented systemic risk.

What is ESG-Linked Lending and Why Do We Care?

That is the question answered by the sustainable finance panel at the 25th Annual Refinitiv LPC Loan Conference. Moderated by Maria Dikeos (Refinitiv LPC), the panel explored the recent growth of sustainability-linked loans (or ESG loans) in the U.S. Panelists included Sean Colvin (Louis Dreyfus), Gary Herzog (Credit Agricole), Carolyn Kee (Citiggroup), Claire O’Connor (Barclays Capital), Cara Younger (BBVA) and Tess Virmani (LSTA). The speakers outlined the benefits that these loans can have for the right borrower and also flagged some of the important considerations to be mindful of in structuring these loans.

LIBOR Trending Too…

While the daily SOFR spike grabbed the headlines this week, other LIBOR coverage should be noted as well. First, LIBOR’s end is trending. In an American Banker Bankshot podcast, the LSTA’s Meredith Coffey discussed exactly why LIBOR is going away, what the replacement rate likely would be, and why this is important to bankers and borrowers (and students and homeowners!).

SOFR Above Tuesday?

For those that missed it – which, based on our email traffic, was no one – the published overnight SOFR rate jumped from 243 bps on Tuesday to 525 bps on Wednesday and then back to 255 bps on Thursday. So what happened to SOFR on Wednesday? We discuss below (and the ARRC explains in this helpful missive as well).