Structuring Umbrella Credit Facilities in Fund Finance
Drafting Reps and Warranties, Covenants, Events of Default for a Fund Groups With Multiple Borrowing Bases
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will discuss the structuring of credit facilities comprised of multiple funds having similar sponsorship but different borrowing bases. The panel will discuss how the fund group concept should be documented to provide a single credit facility with distinct covenants, reps and warranties, and events of default applicable to each borrowing base.
- Umbrella facilities: multiple borrower bases and the fund group concept
- Advantages and disadvantages of the umbrella structure
- Documenting umbrella facilities
- Types of fund groups
- Multiple borrowers with a shared borrower base
- Multiple funds with common investor(s) but each with a different borrower base
- Funds with capital commitments and assets segregated within the partnership agreement
- Luxemburg umbrella
The panel will review these and other key issues:
- When is an umbrella facility a desirable option for a borrower or a lender? What are the pitfalls?
- In structuring the facility, what kinds of amendments must be made to each fund's partnership documents?
- How should the loan documents address partial ownership of multiple assets by multiple funds?
- How do the different types of fund groups affect the deal structure?
Mr. Draper is Co-Chair of the firm’s Debt Finance Practice. As one of the leading finance lawyers in New England,... | Read More
Mr. Draper is Co-Chair of the firm’s Debt Finance Practice. As one of the leading finance lawyers in New England, he represents a number of companies and private equity sponsors in a range of acquisition financing transactions, including asset-based credits and large syndicated term loans. Mr. Draper has considerable experience representing borrowers in a variety of debt transactions, from acquisition finance to bank credit facilities to high yield bonds. He also represents fund lenders in senior, second-lien and mezzanine loans. In the fund borrower area, Mr. Draper is a national leader. He has spoken on several panels and has worked on dozens of capital call facilities, portfolio leverage and liquidity financings for private and registered funds.Close
Ramya S. Tiller
Debevoise & Plimpton
Ms. Tiller is in the firm’s Finance Group and has experience in a broad range of financing transactions,... | Read More
Ms. Tiller is in the firm’s Finance Group and has experience in a broad range of financing transactions, including complex acquisition and leveraged finance transactions, such as the $5.385 billion financings related to the separation by spinoff of the Herc Rentals equipment business from Hertz and the financing aspects of Discovery’s $14.6 billion acquisition of Scripps Networks Interactive, fund finance transactions and other alternative capital transactions. Ms. Tiller is a frequent speaker on finance-related topics.Close
Early Discount (through 05/07/21)
Cannot Attend June 3?
Early Discount (through 05/07/21)
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include program handouts.