May 6, 2020 - As we noted last week, the Federal Reserve Board announced the expansion of the Main Street Lending Program. Last Friday, the LSTA hosted a webinar attended by over 1200 participants in which our expert panelists, including Jason Kyrwood of Davis Polk, Matthew Schernecke of Morgan Lewis, and Bridget Marsh, Tess Virmani and Elliot Ganz of the LSTA, discussed some of the most important changes to the Fed’s lending facilities, focusing on the significant improvements, additional restrictions and remaining challenges. (A replay of the webinar and the accompanying presentation is available here). Given that the received well over 100 questions during the presentation and were able to respond to only a handful, we’ve decided to host a follow up Q&A webinar this Friday. May 8th, at 11AM. We will be answering questions on many topics, including, borrower eligibility, affiliation rules, restrictions on borrowers (including what constitutes significant operations and a majority of employees in the U.S.), leverage and EBITDA calculations, loan pricing, other terms of the facilities and their interplay with existing facilities, lender issues, and participation structure. You can register for the Q&A webinar by clicking here.
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.