The trainer is a consultant, public speaker and author. He provides training programmes globally to a blue-chip client base on private equity, debt finance, loan documentation and restructuring. He is a senior consultant with Debt Xplained, with Grant Thornton UK (Debt Advisory) and is also a Senior Advisor to KPMG Finland.
He has spoken at conferences in the UK, Europe, Australasia & South Africa. He provides training to a wide range of clients on a bespoke in-house basis & publicly through Redcliffe Training Associates. Additionally, he is the Programme Director for the infrastructure/project finance module for the MBA programme at the Cass Business School in London.
Intercreditor agreements have assumed increasing importance over the past few years as debt market has witnessed the evolution of a raft of esoteric structures in conjunction with a wide range of funding instruments such as high yield bonds, unitranche and, more recently, asset based lending (“ABL”). The dramatic rise of unitranche and the myriad of structures that term covers, has introduced a new level on complexity and seen the introduction in Europe of Agreement Amongst Lenders which may carve out specific matters from the Intercreditor.
Historically, the 2009 LMA Intercreditor precedent was aimed at senior and mezzanine structures but could also be accommodate to accommodate second lien. The financial crisis flushed out the numerous issues in the prevailing arrangements in a raft of landmark cases e.g. European Directories, Stabilus and IMO Carwash. RBS Worldpay represented the first real effort by mezzanine lenders to redress the balance of power and may well have led to the publication of a revised LMA Intercreditor in 2012. This sought to address some of these issues, particularly valuation and the duties of the Agent vis-a-vis the mezzanine.
The increasing popularity of pari Loan / Bond structures after the crisis, which embraced a raft of variations, raised a new range of issues and compelled the LMA to publish a SSRCF Intercreditor in 2013 aimed at alleviating some of the problems posed by these structures. Real estate transactions also vary from the leverage cousins and induced the LMA to produce an Intercreditor for Real Estate transactions in 2014. Whist that document is broadly similar to the leverage Intercreditor it seeks to address a range of matters which are specific to those transactions.
Finally, regulatory pressure on bank lenders is driving a rise in ABL to fund working capital in place of the traditional RCF. Whilst ABL is widely used in the U.S. market (in conjunction with raft of other financial instruments) has taxed the imagination of market participants who have wrestled with ways of trying to shoe-horn these structures together.
Last, the rise of cross-border deals has added an additional layer of complexity and intercreditor arrangements have to be mindful of issues arising from deals which embrace other jurisdiction, particularly the US.
What Redcliffe’s clients are saying about the Intercreditor training course;
“A very energetic trainer who provided references to key deals & cases”
“The course was divided up well & had continuous themes that made it interesting throughout”
“Very well delivered; I never felt sleepy at all unlike other courses I have attended. A good use of live deals”
“Excellent examples used, particularly the case studies. Very well presented. Super engaging! ”
“Good discussion around recent case and commercial market positions”
“Really strong on current market practice and getting us to think about solutions to potential Issues (e.g. ABL)”
“Excellent overview of a number of ICA principles as applied to different types of finance. Very good use of real world examples”
Other courses which may be of interest,
Training Course Summary
|Advanced Negotiation Issues in Financial Covenants||This programme covers financial covenants in leveraged loans and real estate deals and includes specific reference and analysis of the covenants, terms and definitions in the LMA Senior Facilities Agreement for Leveraged transactions and LMA Real Estate precedents.|
|Loan Documents and Security Issues Course||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 SPA Course||This SPA course focuses on transactions involving the purchase of shares but also covers areas of specific relevance to asset purchases|