The Advisory summarizes the key features of the two main types of LMTs that have been prevalent in our market -- the drop-down financing and the uptiering transaction – as well as some recent structures commonly referred to by market participants generically as “double dip” financings. The Advisory now includes a discussion of the 2024...
The LSTA, the trade association for the corporate loan market, today released representative liability management transaction (“LMT”) protections for credit agreements in private corporate credit. LMTs have become more prevalent this year across the corporate loan market. LMTs – and the credit agreement provisions that enable them – have come into particular focus in private...
At last week’s LSTA Annual Loan Conference, one intrepid panel set forth to try to quantify the risk and return of liability management transactions (LMTs).
On May 9th, the LSTA hosted a webinar, “Liability Management Transactions: What is an Open Market Purchase Anyway?”, presented by Alston & Bird partners, Paul W. Hespel, Brett D. Jaffe, Ken Rothenberg, and J. Eric Wise. In recent years, the distressed loan market has trended away from in-court proceedings toward antagonistic transactions to effect balance...
In recent years, the distressed market has trended away from in court proceedings toward antagonistic transactions to effect balance sheet restructurings, commonly, and perhaps euphemistically, referred to as liability management transactions. Our expert panelists provided an overview of uptiering and dropdown transactions and provide a case study of notable cases/credits including Trimark, Boardriders and Revlon....
In recent years, the distressed market has trended away from in-court proceedings toward antagonistic transactions to effect balance sheet restructurings, commonly, and perhaps euphemistically, referred to as liability management transactions. Our expert panelists provided an overview of up tiering and dropdown transactions and provided a case study of notable cases/credits including Trimark, Boardriders and Revlon....
The topic of liability management transactions (LMTs) is once again at the forefront of discussions amongst loan market participants, given the oral ruling of Southern District of Texas Bankruptcy Judge David R. Jones on March 28th in the Serta case. On motions for summary judgment on the propriety of the LMT, Judge Jones ruled that...
On November 18th, the LSTA hosted a webinar, Recent Distressed Liability Management Transactions: Lessons for the Loan Market: Part II, presented by Meyer Dworkin, Jason Kyrwood, and Brian Resnick of Davis Polk. This webinar follows from the first webinar on the topic presented for LSTA members by the Davis Polk team on September 29th.
Following on from the first webinar in this series presented on September 29th, our panel of experts will do a deep dive into the liability management transactions which have been in the press lately, including Trimark, Boardriders, and Serta Simmons. Presented by Meyer Dworkin, Partner, Davis Polk & Wardwell LLP, Jason Kyrwood, Partner, Davis Polk...
Following on from the first webinar in this series presented on September 29th, our panel of experts will do a deep dive into the liability management transactions which have been in the press lately, including Trimark, Boardriders, and Serta Simmons. The replay done by Meyer Dworkin, Partner, Davis Polk & Wardwell LLP, Jason Kyrwood, Partner,...
On September 29th, the LSTA hosted a webinar, Recent Distressed Liability Management Transactions: Lessons for the Loan Market, presented by Meyer Dworkin, Jason Kyrwood, Brian Resnick, and Ken Steinberg of Davis Polk. Liability management transactions are relatively new to the loan market. In recent years and especially during the past six months, two forms of
