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

A live 90-minute CLE webinar with interactive Q&A


Thursday, September 28, 2017 (in 6 days)
1:00pm-2:30pm EDT, 10:00am-11:30am PDT


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 and salient problems.

Description

Multifaceted intercreditor arrangements are increasingly common in commercial finance transactions. Counsel involved in commercial finance transactions must critically analyze the key legal issues involved in complex intercreditor arrangements.

The most prevalent intercreditor arrangements are first lien/second lien, split collateral, senior/mezzanine and unitranche. Counsel must understand the pros and cons of each intercreditor arrangement and factors that must be considered in advising clients regarding the intercreditor arrangements in a given deal.

Listen as our authoritative panel of finance attorneys compares key aspects of intercreditor structures—first lien/second lien, split collateral, senior/mezzanine and unitranche arrangements. The panel will also discuss recent trends in intercreditor arrangements and salient problems.

Outline

  1. Overview and comparison of four most prevalent intercreditor arrangements
    1. First lien/second lien
    2. Split collateral
    3. Senior/mezzanine
    4. Unitranche
  2. Prevalence of the different intercreditor arrangements
  3. Factors driving choice of intercreditor arrangement
  4. Risks involved in the intercreditor arrangements, including the pros and cons of the different intercreditor arrangements
  5. Recent trends in intercreditor arrangements

Benefits

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?

Faculty

‚ÄčJ. Eric Wise, Partner
Gibson, Dunn & Crutcher, New York

Mr. Wise is a member of the Firm's Global Finance and Business Restructuring and Reorganization Practice Groups. He is an expert in intercreditor relationships and complex debt structuring issues, and is frequently asked to advise in financial transactions involving complex intercreditor and debt structuring issues. He advises agent banks in complex leveraged financings. He has extensive experience in complex special situations transactions, involving financial institutions, debtors and corporate issuers in second lien and subordinated financings, mezzanine structures, debtor-in-possession financings, Chapter 11 exit financings, rights offerings, recapitalizations, restructurings, work-outs, Chapter 11 cases, pre-packaged Chapter 11 cases and distressed debt purchases and sales. 

Yair Y. Galil, Of Counsel
Gibson, Dunn & Crutcher, New York

Mr. Galil is a member of the Firm's Global Finance Practice Group. He represents a variety of clients, including sponsors, issuers, financial institutions and investment funds, in complex financing transactions. The business contexts for these transactions have ranged from ordinary-course credit increases and refinancings to pivotal credit such as acquisition financings and debtor-in-possession and bankruptcy exit financings, as well as special-circumstances transactions such as debt buybacks and covenant relief amendments.


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This webinar is eligible for at least 1.5 general CLE credits.

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Banking & Finance Law Advisory Board

Irving C. Apar

Partner

Thompson Hine

Mark N. Berman

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Northeastern University

Willa Cohen Bruckner

Partner

Alston & Bird

Lawrence Kaplan

Of Counsel

Paul Hastings

Kevin Petrasic

Partner

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Laura D. Richman

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Stradley Ronon Stevens & Young

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