Structuring Agreements Among Lenders in Unitranche Loan Facilities: New LSTA Form
Tranching, Payment Waterfalls, Interest and Fees, Voting, Buyouts, Standstill and Assignment Provisions, Enforcement in Bankruptcy
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will discuss structuring and negotiating key terms of the agreement among lenders (AAL) in a unitranche facility, focusing on tranching, payment waterfalls, interest and fees skims, voting, buyouts, remedies, standstill provisions, and assignments. The program will also discuss the enforceability of AALs in bankruptcy and the new AAL form recently published by the Loan Syndications and Trading Association (LSTA).
- Structuring key provisions of AALs
- Payment waterfalls
- Interest and fees skims
- Remedial standstill
- Enforceability of AALs in bankruptcy and bankruptcy-related risks
- Recent case law developments
- Post-petition interest
- Credit bid provisions
- Plan classification
- The LSTA form of AAL
The panel will review these and other key issues:
- What are the essential terms to address between lenders in an AAL?
- In what respects does the new LSTA form AAL reflect the "market," and in what respects does it deviate?
- What are the latest case law developments on the enforceability of AALs in bankruptcy?
- What are the critical considerations in negotiating "split lien" AALs?
Sarah R. Borders
King & Spalding
Ms. Borders is a nationally recognized restructuring and finance lawyer. Her practice focuses on developing,... | Read More
Ms. Borders is a nationally recognized restructuring and finance lawyer. Her practice focuses on developing, structuring, documenting and closing financing transactions, representing borrowers and lenders in debt restructurings, workouts and forbearance arrangements; and representing debtors, lenders purchasers and unsecured creditors in Chapter 11 reorganization cases. Her practice spans a number of industries including infrastructure, real estate, energy, healthcare, manufacturing, retail, restaurant, hospitality and transportation.Close
Jeffrey R. Dutson
King & Spalding
Mr. Dutson is a financial restructuring partner in King & Spalding’s Atlanta office, with a focus on... | Read More
Mr. Dutson is a financial restructuring partner in King & Spalding’s Atlanta office, with a focus on representing lenders and agents in connection with large commercial workouts and restructurings. He has also represented debtors and other investors in a variety of Chapter 11 bankruptcy cases and insolvency matters. Mr. Dutson frequently represents institutional senior-secured lenders in syndicated credit facilities, with particular experience in the restaurant, healthcare, energy, transportation, manufacturing, and media industries.Close
King & Spalding
Mr. Misher specializes in leveraged finance, securitization and specialty finance. As a partner in our Capital Markets... | Read More
Mr. Misher specializes in leveraged finance, securitization and specialty finance. As a partner in our Capital Markets and Finance practices, Jeff represents investors and lenders in a variety of financial transactions.Close