Structuring REIT Credit Facilities: Loan Terms, Financial Covenants, Commitment Letters, MAC Provisions and More

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


Thursday, October 19, 2017
1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, September 22, 2017


This CLE webinar will discuss terms and trends in REIT credit facilities, including how to structure the facility, negotiate financial covenants, treat taxable REIT subsidiaries, structure commitment letters, and draft MAC clauses and other key terms.

Description

While the syndicated loan market has experienced recent instability, REIT borrowers continue to be active in this loan market. Due to the growth of REITs and their need for debt financing, real estate lending to REITs continues to grow.

REIT borrowers often receive borrower-favorable terms in credit facilities, particularly with respect to financial maintenance covenants. REITS find it easier than other borrowers to achieve lower interest rates and increased extension options.

REIT entities and their business plans have unique characteristics not present in traditional corporate borrowers that counsel for both lenders and REIT borrowers must consider as the loan structure is documented.

Listen as our authoritative panel of real estate finance attorneys analyzes current trends in REIT credit facilities, issues to consider in structuring the facility, and market loan terms—including ever-evolving financial covenants, subsidiaries, terms sheets and MAC clauses.

Outline

  1. Structuring the credit facility
  2. Term sheets and commitment letters
  3. Loan terms

Benefits

The panel will review these and other key issues:

  • Legal considerations for structuring the credit facility
  • Use of commitment letters and key issues such as MAC provisions
  • Evolving financial maintenance covenants
  • Key loan document terms needed to satisfy operational and tax concerns of the REIT entity

Faculty

Ari B. Blaut, Partner
Sullivan & Cromwell, New York

Mr. Blaut maintains a broad corporate practice advising clients on a wide range of financing transactions, including bank financings, high yield bond issuances, “PIPE” transactions, debt restructurings, liability management, creditor representations and joint ventures. He has particular expertise in leveraged finance, acquisition finance and strategic credit transactions.

Benjamin R. Weber, Partner
Sullivan & Cromwell, New York

Mr. Weber has experience in a broad range of commercial real estate, corporate finance, and private and public securities transactions, including acquisitions and dispositions, corporate and partnership restructurings, securitizations, financings, private equity investments, and public and private offerings of debt and equity.


Live Webinar

Live Webinar $247.00

Includes Early Discount Savings of $50.00 (through 09/22/17)

Add a colleague on the same connection in the same room for only $97.00 in the shopping cart or by calling customer service.

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

CLE credits are not available for PR.

*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.


Recordings

CLE On-Demand - Streaming Video

Includes recorded streaming video of full program plus PDF handouts.

On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.

AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.

**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.

CLE On-Demand Video $247.00
Available 48 hours after the live event

Includes Early Discount Savings of $50.00 (through 09/22/17)

How does this work?


Recorded Event

Includes full event recording plus handouts (available after live webinar).

Strafford is an approved provider and self-study CLE credit is available in most states.

AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

Strafford will process CLE credit for one person on each recording.

Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email customerservice@straffordpub.com to place your order.

Recorded Webinar Download $247.00
Available 48 hours after the live event

Includes Early Discount Savings of $50.00 (through 09/22/17)

How does this work?

Recorded Audio Download (MP3) $247.00
Available 24 hours after the live event

Includes Early Discount Savings of $50.00 (through 09/22/17)

How does this work?

DVD (Slide Presentation with Audio) $247.00 plus $9.45 S&H
Available ten business days after the live event

Includes Early Discount Savings of $50.00 (through 09/22/17)

How does this work?


Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $344.00

Includes Special Savings of $250.00 (through 09/22/17)

Live Webinar & Audio Download $344.00

Includes Special Savings of $250.00 (through 09/22/17)

Live Webinar & DVD $344.00 plus $9.45 S&H

Includes Special Savings of $250.00 (through 09/22/17)


Webinar

Strafford webinars offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program).  Please note that our webinars do not feature videos of the presenters.

Early Registration
Discount Deadline
September 22, 2017
(about 9 hours)

or call 1-800-926-7926

Can't Attend the Live Program?

CLE Credits By State

See CLE State Map >

or call 1-800-926-7926

Customer Reviews

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I appreciated that the subject matter of the program was presented in an understandable, concise and organized manner.
 

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Dean Mead et al

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Butler Snow Firm

I appreciated that there was a great deal of current case law on the subject and the speakers were concise and informative.

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The speakers knew their topics and spoke in practical terms addressing real business risks.

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Sullivan Ward

or call 1-800-926-7926

Real Estate Law Advisory Board

David A. Barksdale

Partner

Ballard Spahr

Jacob Bart

Partner

Stroock & Stroock & Lavan

Brian W. Blaesser

Partner

Robinson & Cole

Ronald B. Grais

Counsel

Sugar Felsenthal Grais & Hammer

Ren R. Hayhurst

Partner

Bryan Cave

Thomas C. Homburger

Of Counsel

K&L Gates

Susan C. Tarnower

Counsel

Kilpatrick Townsend & Stockton

Clark T. Thiel

Partner

Pillsbury Winthrop Shaw Pittman

or call 1-800-926-7926

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