The programme will review the impact of the draft ECB guidance on leveraged transactions.
This course provides a full coverage of all of the important aspects of lending. It sets the scene by explaining the banks approach to lending, the roles of the key departments in the bank and the key documents in the process.
The programme then proceeds to discuss where to focus in analysing the loan and examines the key commercial terms in the loan and security documents from the perspective of both the lender and the borrower. Reference is made to established case law (Spectrum) and to recent cases, such as Stabilus and Urvasco and their relevance to key clauses and aspects.
Whilst Loan Market Association precedents are widely used as a point of departure for loans throughout Europe, there are a number of key clauses which are left “blank” for negotiation, in particular the various “permitted” baskets which need to be tailored on a case by case basis. Furthermore, syndicated (and club) loans raise additional issues which are not relevant in bilateral loans, such as voting thresholds and transfer restrictions.
In view of the standardised approach to lending across Europe, the course is presented so that it has a pan-European relevance.
The course will also discuss briefly the potential impact of Brexit on existing and new documentation. The longer term impact on loan documentation will depend upon what is agreed between the UK and the EU.
Case Study: Review key aspects of a sheet in the context of a relevant deal including the market flex
Case Study: Discuss specific terms in the Senior Facility Agreement specifically various formulations of the MAC clause, the maintenance covenant package (which ones should be used and why), the role of the “Permitted” baskets
Case Study: Discuss some of the key issues affecting security from both lender’s and borrower’s perspective
What Redcliffe’s clients are saying about the course;
“Excellent presentation and real life examples. Very knowledgeable presenter with a lot of varied experience”
“Very clear explanation of the more technical areas”
“The presenter clearly knows his stuff and this market allowing him to answer any questions thrown at him”
“Very thorough – Excellent anecdotal examples. Good cross section of participants from funds, Private Equity and Advisory”
Corporate Finance Course
Training Course Details
|Buying share stakes in target, Hostile takeover, target strategies and tactics|
|Business due diligence strategies, deferred tax assets, Initial public offering|
|Discounted cash flows, memorandum of understanding, Net Asset Value|
|Asset and net asset valuations, price earning to growth, Weighted average cost capital|
|Buying a Company||Earn-out / deferred consideration, Shareholder value, warranties and indemnities|