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.

Become a Member

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.

View our Latest Member Spotlight

Our Partners

CUSIPDeal Catalyst transparent colourFitch Group logolseg_da_logo_hrz_rgb_posMorningstar