Our Legal Insights Blog

If you work with leveraged finance contracts, understanding how capital structures work and how different types of subordination affect lending relationships is crucial. In this blog, I break down these concepts and explore how they shape agreements in leveraged finance.

The recent announcement of the potential sale of McLaren Automotive business has sparked interest among investors and lenders alike. According to reports, the sale is expected to bring in new investment and could value the company at around £2.5 billion.

In what could be seen as a refreshing turn in the leveraged finance market, this week’s refinancing for Iliad has brought some welcome surprises. We grew increasingly optimistic about the direction of terms during our review of the document compared with the previous deal.

In today's leveraged finance market, understanding how covenants work is crucial for lenders. The Somacis €550 million senior secured floating rate notes deal provides an excellent case study on how modern covenant provisions can pose potential risks to lenders.

Welcome back to Fox Legal Training's Primary Market Education Series! In this instalment, we'll explore covenant analysis techniques using two deals in the primary market this week: ASK Chemicals and Omnia Technologies. By comparing these deals, we'll demonstrate how covenants can be structured to offer more flexibility for borrowers or more protection for lenders.

During last Friday’s FLT Office Hours, we discussed how to analyze covenants for priming capacity in typical high yield bond documents. This question has become increasingly prevalent, particularly given the increase in creditor-on-creditor violence in Europe and more frequent liability management transactions.

This week we release another instalment of our Primary Market Education Series focusing on the SIG offering. Our founder, Sabrina Fox, analyzed the changes in the refinancing deal compared to the notes it will take out. In our latest blog we provide a breakdown of the key points.

The builder basket in the Restricted Payments covenant over time becomes a company's most significant source of Restricted Payments capacity. In our latest in the Primary Market Education Series, Sabrina Fox, founder of Fox Legal Training, highlighted significant differents in how this provision can appear using as an example Stada's latest bond offering.