Commercial Lending and Equity Deal Terms for Middle Markets: Borrower and Lender Perspectives

Negotiating Financial Covenants, Leverage Ratios, Equity Cures, EBITDA, IC Agreements and More

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, April 28, 2015

Recorded event now available

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Program Materials

This CLE webinar will discuss commercial loan and equity lending deal terms for middle market businesses, negotiation points from both borrower and lender perspectives, and the outlook for lending and deal terms in 2015.

Description

Middle market borrowers with good credit and strong collateral are able to obtain senior loans at pre-2008 levels with respect to pricing, higher leverage ratios and relaxed financial covenants. Other key developments include more permissive add-backs to EBITDA and equity cures rights with some limitations. 

Middle market companies continue to strengthen operating performance along with low default levels across the market. As a result, many lenders and borrowers are indicating optimism through increased lending activity seen throughout all levels of the middle market.

Listen as our authoritative panel of finance attorneys, lenders and M&A advisors discusses commercial loan and equity lending deal terms for middle market businesses, negotiation points from both borrower and lender perspectives, and the outlook for lending and deal terms in 2015.

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Outline

  1. Market loan documentation trends
    1. Loan terms (leverage ratios, interest rates, advance rates, refinancing facilities, equity cures rights, EBITDA)
    2. Financial covenants
  2. Loan documentation outlook for 2015
    1. What is negotiable?
    2. Borrower vs. lender perspectives
  3. Alternative forms of financing
    1. Mezzanine financing
    2. Equipment financing
  4. M&A outlook for 2015

Benefits

The panel will review these and other key issues:

  • What are the latest developments in financial covenants and other loan terms?
  • What is the impact of the Leveraged Lending Guidance on the mid-market lending space?
  • What is the outlook for multi-tranche financings for middle market companies in 2015?

Faculty

Paul W. Hespel
Paul W. Hespel

Partner
Pepper Hamilton

Mr. Hespel specializes in finance and restructuring transactions, with a particular focus on transactional finance...  |  Read More

Price, Joseph W.
Joseph W. Price

Member
Mintz Levin Cohn Ferris Glovsky and Popeo

Mr. Price concentrates his practice on debt financing transactions with special emphasis on both the private...  |  Read More

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