On April 30, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a press release announcing substantially expanded terms for the two facilities that it had previously announced under the Main Street Lending Program (“MSLP”), as well as terms for an additional facility under the MSLP umbrella. For a description of the previous terms of the MSLP facilities, please see our prior client alerts The Federal Reserve Issues the Main Street New Loan Facility and the Main Street Expanded Loan Facility and A Review of the Municipal Liquidity Facility.
The new MSLP now consists of three separate lending programs: (i) the Main Street New Loan Facility (“MSNLF”), (ii) a newly announced Main Street Priority Loan Facility (“MSPLF”), and (iii) the Main Street Expanded Loan Facility (“MSELF”). The MSLP introduces significant changes to the prior term sheets for the MSNLF and MSELF.
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