At the beginning of 2024, the White & Case leveraged finance team made a series of predictions on how the leveraged loan and high yield bond markets would perform in 2024.
After 12 months of softer markets in 2023, the...more
11/11/2024
/ Acquisitions ,
Borrowers ,
Capital Markets ,
EU ,
Financial Services Industry ,
Global Dealmaking ,
High Yield Bonds ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers
European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024.
-Rising interest...more
1/30/2024
/ Acquisitions ,
Banking Sector ,
Buyouts ,
Debt ,
Debt Market ,
EU ,
Financial Institutions ,
Interest Rates ,
Investment ,
Leveraged Finance ,
Loans ,
Mergers ,
Private Equity ,
Refinancing
European leveraged finance markets have been completely reconfigured in the past 12 months. Inflation, rising interest rates and geopolitical uncertainty have squeezed liquidity and seen high yield bond and leveraged loan...more
2/1/2023
/ Acquisitions ,
Borrowers ,
Capital Markets ,
EU ,
Financial Services Industry ,
Global Dealmaking ,
High Yield Bonds ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers ,
Refinancing ,
UK
European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on leveraged loan and high yield bond issuance. How will...more
1/31/2023
/ Acquisitions ,
Bank of England ,
EU ,
European Central Bank ,
Interest Rates ,
Investors ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Liquidity ,
Mergers ,
Price Inflation ,
Refinancing ,
Risk Assessment ,
UK ,
Ukraine
A public-to-private transaction ("P2P") is one in which a publicly listed company is acquired and taken into private ownership. Because they involve changes in ownership of public companies, P2Ps are subject to various...more
Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced...more
7/5/2022
/ Acquisitions ,
Bridge Loan ,
Buyers ,
Commitment Letter ,
EU ,
Fees ,
High Yield Bonds ,
Interest Rates ,
Marketing ,
Mergers ,
Private Equity ,
Term Sheets ,
UK
Leveraged loan and high yield bond markets in Western and Southern Europe saw a major resurgence in the past 12 months, driven initially by refinancing, followed by almost unprecedented M&A and buyout issuance, and setting...more
It was a year of rebounds in 2021, from the early hike in refinancing activity to the subsequent surge in M&A and buyout deals, as well as frenetic activity in the PE space, all of which contributed to a noteworthy uptick in...more
2/2/2022
/ Acquisitions ,
Borrowers ,
Buyouts ,
Debt Market ,
EBITDA ,
EU ,
Interest Rates ,
Lenders ,
Leveraged Finance ,
Leveraged Loans ,
Mergers ,
Private Equity ,
Risk Factors ,
Supply Chain
Pro forma financial statements may be required in a securities offering where an acquisition or disposition has occurred or is probable within a certain period of the offering. In a Rule 144A offering, market practice is...more
11/23/2021
/ Acquisitions ,
Asset Test ,
Auditors ,
Capital Markets ,
Disclosure Requirements ,
Dispositions ,
EU ,
Financial Services Industry ,
Financial Statements ,
Income Test ,
Investment ,
Investment Test ,
Investors ,
Offerings ,
Pro Forma Sessions ,
Required Documentation ,
Rule 144A ,
Securities and Exchange Commission (SEC)
Leveraged loan agreements form key aspects of capital structures, balancing lender protection against allowing the borrower to run its business according to its business plan. In recent times, the length of such loan...more
6/30/2020
/ Acquisitions ,
Borrowers ,
Capital Structures ,
Creditors ,
High Yield Bonds ,
Lenders ,
Leveraged Buyout ,
Leveraged Lending ,
Leveraged Loans ,
Loan Agreements ,
Loan Documentation
- The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent
- European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion
- High yield bond...more
2/19/2020
/ Acquisitions ,
Bifurcation ,
Borrowers ,
Covenant Lite Deals ,
EBITDA ,
EU ,
High Yield Bonds ,
Interest Rates ,
Investors ,
Leveraged Finance ,
Leveraged Lending ,
Mergers ,
UK Brexit
European Leveraged Finance Alert Series: Issue 3, 2019 -
Investors in high yield debt expect protections to be included in documentation in order to prevent bond issuers from taking certain actions that deteriorate credit...more
3/30/2019
/ Acquisitions ,
Bond Issuers ,
Condition Precedent ,
Contract Terms ,
EBITDA ,
EU ,
High Yield Bonds ,
High-Yield Markets ,
Investor Protection ,
Investors ,
Leveraged Debt ,
Leveraged Lending ,
Mergers ,
Restrictive Covenants ,
Stock Purchase Agreement