Global Leveraged Finance partners Michael Bellucci, Benjamin Miles, Benjamin Sayagh and Charles Stern along with Jerome McCluskey and Marc Hanrahan and Financial Restructuring partner Michael Price co-authored chapters in the second edition of The Handbook of Loan Syndications and Trading, published by Loan Syndications and Trading Association (LSTA).
Mr. Miles, Mr. Sayagh, Mr. Stern, Mr. Hanrahan and Mr. Price co-authored the chapter “Loan Structures,” which covers second lien loans. As a fixture of the institutional loan market in the last 20 years, second lien loans provide certain companies with access to the syndicated loan market where they would otherwise not have access, including institutional investors such as CLOs/CDOs and hedge funds. The chapter discusses the types of syndicated loan facilities, asset-based lending, direct lending and debtor-in-possession financing as well as the current state of the second lien loan market, with some commentary on how these products have been treated in US bankruptcy cases.
Mr. Bellucci and Mr. McCluskey co-authored the chapter “Understanding the Credit Agreement,” which addresses some of the basic questions that a lender, borrower, or their respective counsel may confront in understanding a standard US credit agreement. The chapter covers the makings of a loan; making money off the loan; making the borrower repay the loan; conditioning the loan; monitoring the loan; securing and guaranteeing the loan; enforcing the loan; keeping peace among the lenders; selling the loan; and more.
The Handbook of Loan Syndications and Trading (Second Edition) is a comprehensive guide covering all aspects of the primary and secondary loan markets, ESG, direct lending, and more. The global financial crisis triggered a series of major changes to the lending landscape, and this heavily updated edition is the go-to guide for navigating the loan syndication market. The guide provides expert analysis and insights to key aspects of the markets as well as an update on the evolving landscape of the US corporate loan market.
