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Best Practice Guide for Term Sheet Completeness—Explainer

Best Practice Guide for Term Sheet Completeness—Explainer The Loan Market Association and European Leveraged Finance Association published a guide in November 2020 (updated in 2021) entitled Best Practice Guide for Term Sheet Completeness, for use on leveraged finance transactions. The aim of the Best Practice Guide is to assist investors in the investment decision by ensuring that leveraged finance term sheets contain as much detail as possible as to key terms. To this end, the Best Practice Guide sets out a list of those provisions identified by investors as being of material importance to their investment decision. The Best Practice Guide presupposes a high level of understanding of leveraged finance terms and jargon. The Best Practice Guide lists the terms that should be included, and under each term sets out a bullet point list of the various points that the term sheet should cover in relation to that particular term. This Practice Note lists out the terms referred to in the Best Practice Guide and, under the heading Provision,...

Coronavirus (COVID-19)—implications for lending transactions [ARCHIVED]

Coronavirus (COVID-19)—implications for lending transactions [ARCHIVED] ARCHIVED: This Practice Note is archived and is no longer maintained. Coronavirus (COVID-19) Lawyers across the world have been grappling with many common areas of concern in connection with the coronavirus (COVID-19) pandemic. There are a number of areas that are particularly relevant to banking and finance lawyers. For more detail and analysis on these, see Practice Note: Coronavirus (COVID-19) implications for Banking & Finance lawyers, which is updated regularly with news, practical guidance and analysis covering the impact of COVID-19 developments. This Practice Note focuses on government and regulatory responses to the pandemic from a lending perspective, implications for facility agreements, both from a borrower and lender perspective, and various practical implications in relation to deal execution. We have put together a set of COVID-19 FAQs, which comprise a number of questions that might arise on a lending transaction during the crisis. We add to the list on a regular basis. To access the list, see Practice Note: Coronavirus (COVID-19)—Banking & Finance...

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LIBOR transition — what’s still outstanding?

LIBOR transition — what’s still outstanding? All currencies and tenors of LIBOR ceased or became unrepresentative at the end of December 2021 with the exception of overnight, 1, 3, 6 and 12 month USD LIBOR which continues to be published until end-June 2023. Fast forward four months and what progress has been made and what, if anything, is there still left to do?   Synthetic LIBOR and statutory replacement rates For the currencies and tenors that have now ceased or become unrepresentative, it is fair to say that, after a great deal of work from regulators, industry bodies and market participants themselves, the transition to risk-free rates has been fairly smooth. 1, 3 and 6 month GBP and JPY LIBOR continue to be published as ‘synthetic’ LIBOR for the time being, but, as noted by the Bank of England in its meeting on 26 January 2022, the number of legacy transactions relying on them is relatively small, assisted by widespread adherence to the ISDA Protocol and a...

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European leveraged loan restructuring—why the next downturn will be different

Restructuring & Insolvency analysis: We look at the issues facing lenders when evaluating leveraged loan terms and see how market forces have moved documentation terms to deliver far greater flexibility and autonomy for private equity sponsors and their portfolio businesses. Written by Francis Booth, partner, Susan Whitehead, senior consultant, Tom Astle, partner and James Maltby, partner of Hogan Lovells LLP.

Banking & Finance weekly highlights—1 March 2018

This week’s edition of the Banking & Finance weekly highlights includes news analysis on the Citibank, NA, London Branch v Oceanwood Opportunities Master Fund case dealing with the issue of competing jurisdiction clauses in related finance documentation, the LSTA new form of incremental facility amendment exposure draft and a publication by the ECB of feedback on euro interest rate benchmark reforms.