United States: Acquisition Finance/LBOs/MBOs

Unitranche facilities have become increasingly prevalent in modern financing, offering a blended senior-junior structure documented through a single loan agreement. As this credit product continues to evolve beyond its middle-market origins, questions arise about the enforceability of agreement-among-lenders provisions in bankruptcy proceedings and how courts will treat the unique single-lien structure when disputes emerge between first-out and last-out tranches.

Partner Kalish Mullen discusses the current LBO financing market landscape, highlighting how strong market liquidity is creating opportunities for quality borrowers to negotiate better terms. He provides strategic guidance on key considerations for management teams navigating financing agreements in an environment of elevated borrowing costs and economic uncertainty.

How do U.S. leveraged finance and project finance transactions differ in their treatment of hedging counterparties within senior secured credit structures? This analysis examines the documentation architecture, eligibility frameworks, governance mechanics, waterfall priorities, and enforcement coordination that distinguish these two markets' approaches to integrating hedges into collateral packages.

While deal count is down 5% on a YTD basis compared to 2024, dealmakers believe the market is improving and transaction activity has the potential to accelerate over the coming months.

With apologies to the pseudonymous children's book author Watty Piper, this is the story of a humble buy-sell provision in a family-owned LLC's operating agreement...

In the high-stakes world of bankruptcy asset acquisitions, Bankruptcy Code Section 363 provides a powerful mechanism for purchasing assets "free and clear" of most claims, liens, and encumbrances.

Recently, a U.S. District Court for the Southern District of New York issued a significant ruling in In re Nine West LBO Securities Litigation, Case No. 20-2941 (S.D.N.Y. Dec. 4, 2020) (Rakoff, J.)...

M&A activity in Latin America has grown significantly in recent decades, and deals are increasingly complex. As part of Latin Lawyer's The Guide to Mergers & Acquisitions

On February 5, 2020, the Court of Chancery, in Martin v. Harbor Diversified, Inc., 2020 WL 568971 (Del. Ch. Feb. 5, 2020), rejected a plaintiff's petition for attorneys' fees because the related lawsuit was motivated by ...