Evaluating Key Intercreditor Arrangements: First Lien/Second Lien, Split Collateral, Senior/Mezzanine, Unitranche
Comparing and Contrasting Different Intercreditor Structures, Choosing the Type of Arrangement Best Suited for the Deal
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will provide counsel with context for negotiating intercreditor arrangements by comparing key aspects of the most common arrangements -- first lien/second lien, split collateral, senior/mezzanine and unitranche structures. The panel will also discuss important recent trends in intercreditor arrangements.
- Overview and comparison of four most prevalent intercreditor arrangements
- First lien/second lien
- Split collateral
- Prevalence of the different intercreditor arrangements
- Factors driving choice of intercreditor arrangement
- Risks involved in the intercreditor arrangements, including the pros and cons of the different intercreditor arrangements
- Recent trends in intercreditor arrangements
The panel will review these and other key issues:
- What are the key differences in structure and terms among the various types of intercreditor arrangements?
- What are the most significant risks associated with the different intercreditor arrangements?
- What factors are key determinants of the type of intercreditor arrangements best suited for a particular transaction?
- What are the trends practitioners are seeing in the different intercreditor arrangements?
Katherine E. Bell
Ms. Bell's practice focuses on commercial and corporate finance transactions. She regularly represents... | Read More
Ms. Bell's practice focuses on commercial and corporate finance transactions. She regularly represents commercial banks, investment banks, finance companies, other lenders, and borrowers in working capital facilities (cash flow and asset-based), acquisition financings, structured financings, and other leveraged finance transactions including leveraged buyouts, restructurings, and recapitalizations. She has significant experience negotiating intercreditor relationships, including 1st Lien/2nd Lien transactions, split collateral arrangements, and unitranche “A/B” transactions.Close
Jennifer B. Hildebrandt
Partner, Corporate Department
Ms. Hildebrandt represents banks, commercial finance companies, hedge funds, and other lenders in commercial and... | Read More
Ms. Hildebrandt represents banks, commercial finance companies, hedge funds, and other lenders in commercial and corporate finance matters, leveraged finance transactions, asset-based finance transactions, multi-tranche and multi-lien transactions, and restructurings. In particular, she has extensive experience representing lenders in two lien deals, unitranche transactions, and bank / bond deals.Close
Jennifer St. John Yount
Partner, Chair of Finance and Restructuring
Ms. Yount’s practice consists of representing banks, finance companies, and other lenders in working capital... | Read More
Ms. Yount’s practice consists of representing banks, finance companies, and other lenders in working capital financings, acquisition financings, bank/bond transactions, restructurings, and debtor in-possession and exit financings. Ms. Yount has negotiated numerous intercreditor and subordination agreements in 1st Lien/2nd Lien, split collateral, and mezzanine financings and agreements among lenders in unitranche and FILO financings.Close