Mad Dogs and Panameños!
FATHER KNOWS BEST!
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
In a win for banks and private credit lenders, the U.S. Court of Appeals, Second Circuit recently ruled a $1.8 billion leveraged loan was not a security. The United States syndicated loan market had been anxiously...more
In its highly anticipated decision, the Second Circuit has answered the question of whether a syndicated term loan qualifies as a “security” with a definitive “no”. On August 24, the Court of Appeals for the Second Circuit...more
On August 24, the U.S. Court of Appeals for the Second Circuit affirmed a district court’s order dismissing plaintiff’s claim that a national bank’s nearly $1.8 billion syndicated loan for a drug testing company were...more
As the private credit industry has relentlessly expanded and the capital available for deployment by private credit asset managers has rapidly grown, those investing at the top end of the market have increasingly had to...more
Welcome to Goodwin's Debt Download, our monthly newsletter covering what you need to know in the leveraged finance market. We hope you’re staying warm during the winter doldrums....more
As of the date of publication of this inaugural Debt Download, the credit markets remain challenging. Nevertheless, we are seeing glimmers of optimism: a hope that with the approaching new year (with its attendant refreshed...more
High yield bond and syndicated loan lenders are eager to fund US buyout deals, but competition from private debt markets and high secondary buyout volumes have restricted supply - High yield bond and leveraged loan...more
The loan market breathed an immense sigh of relief this spring with the ruling in Kirschner v. JPMorgan Chase Bank, N.A. 1 (“Kirschner”) affirming the prevailing market view that notes representing syndicated loans are not...more
On May 22, 2020, Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York granted a motion to dismiss in Kirschner v. JPMorgan Chase Bank, N.A., finding, inter alia, that the syndicated loans at...more