News & Analysis as of

Debt Leveraged Loans

White & Case LLP

Delayed-draw facilities: A key differentiator in a competitive market

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Competition between the private credit and broadly syndicated loan (BSL) markets is intensifying, with developments on both sides blurring the distinctions between the two products. One of these distinctive features is the...more

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Incremental debt holds steady in uneven loan market

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With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although...more

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Subdued macro conditions shelve major loan activity

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Loan issuance across all major jurisdictions saw year-on-year double-digit declines during the first half of 2023, as high inflation and rising interest rates continued to weigh on loan activity The first half of 2023 has...more

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Private debt players open for business, but only on the right terms

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Private debt managers seized the opportunity to win market share in 2022 as leveraged loan and high yield bond activity slowed—moving into 2023, private debt players remain open for business, but mainly on their terms - ...more

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Recurring revenue reset?

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After a year of red-hot moves in the tech sector, markets have cooled down in 2022, as inflation and rate hikes prompted many investors to prioritize investment in safe haven asset classes....more

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SOFR transition progresses despite volatile markets

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During 2021, after months of regulatory pressure to end reliance on the London Interbank Offered Rate (LIBOR), concerns were mounting that the US leveraged loan market was being too slow to adopt the Secured Overnight...more

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ESG: A sustainable approach in turbulent times

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Environmental, social and governance (ESG)-linked debt issuances have been negatively impacted in 2022 after reaching all-time global highs last year....more

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From rising costs to ESG ratchets: Five trends that will drive leveraged finance in 2022

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The first half of the year has marked an inflection point for US leveraged finance markets. After a buoyant but brief post-pandemic period in 2021, the combination of surging inflation, rising interest rates and events in...more

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Outlook for Africa brightens after challenging first half to the year

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African loan and bond issuance fell by just under 10% in the first half of 2021, year-on-year, with lenders still jittery after Zambia missed a bond repayment in November 2020 to become the first African sovereign to default...more

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Direct lending in the US is in good shape post-COVID-19

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After a volatile and challenging year, US direct lenders moved into 2021 with reputations enhanced and teams strongly positioned to fund new deals. But we cannot discuss current direct lending in the US without casting a...more

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After the storm: The US leveraged finance story so far

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By all accounts, leveraged finance markets in the United States were hot in the first quarter of 2021. This activity was driven primarily by refinancing and repricing. Borrowers jumped at the chance to take advantage of the...more

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Downgrades, defaults, distressed debt and refinancing

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Abundant liquidity, a red-hot refinancing market and improving credit ratings combined through the first half of 2021 to limit defaults and ease any near-term pressure on the balance sheets of US borrowers. Borrowers...more

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Distressed companies open the liability toolbox to avoid full-blown bankruptcies

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Management teams and private equity (PE) sponsors have successfully deployed a range of liability management tools to steer companies through the COVID-19 downturn and avoid both bankruptcies and full-blown restructurings. ...more

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Cracks show in retail as debt burden begins to bite

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Retailers faced a difficult financing market before COVID-19 appeared, but lockdowns have made the situation even tougher. High yield and leveraged loan values for retailers in North America and Western and Southern Europe...more

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A Closer Look at Asset Sales in Leveraged Finance: reinvest, repay, repeat

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European Leveraged Finance Client Alert Series: Issue 8 - The traditional approach to the treatment of disposal proceeds in leveraged loan agreements has evolved in recent years, as borrowers seek to retain greater...more

Robins Kaplan LLP

Financial Daily Dose 9.16.2019 | Top Story: Weekend Attack on Aramco Oil Fields Sends Energy Prices Soaring

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A drone attack on Saudi Aramco oilfields this weekend affected 5% of global production and sent “energy prices substantially higher” late Sunday and early today. Analysts don’t anticipate a “severe shock to energy markets and...more

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Calculating and Implementing Additional Debt Capacity

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European Leveraged Finance Alert Series: Issue 2, 2019 - This year European leveraged loan borrowers will test the terms of the additional debt provisions in their loan agreements and there is expected to be significant...more

Latham & Watkins LLP

The Growth of European Covenant Lite

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In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market and this...more

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