August 24, 2023 - Today the Second Circuit Court of Appeals has affirmed the District Court’s decision in the Kirschner Case that the term loan in Millenium Labs is not a security. We are reviewing the opinion and will publish a summary in due course. Maintaining the characterization of Term Loan Bs as non-securities has been a central focus of the LSTA for years. We are gratified that the SEC declined to submit a brief and that the Court adopted the long-standing view that syndicated term loans are not securities. This is a great – and critical – result for the leveraged loan market.

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