A Practitioner's Guide to European Leveraged Finance
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Banking / Finance

A Practitioner's Guide to European Leveraged Finance

By Christopher Hall
Sweet & Maxwell U.K. March 2009

Specifications

ISBN-13
9781905121359
Publisher
Sweet & Maxwell U.K.
Publication
March 2009
Format
Paperback
Jurisdiction
Europe ? Countri(es) for reference only

Details

Following hard on the heels of the credit crunch now may not be seen as the best time to publish a new book on Leveraged Finance. It is certainly true that, until mid-2007, the availability of cheap debt had fuelled a massive expansion in the volume of leveraged acquisition finance in Europe and elsewhere. It is also true that this allowed private equity sponsors and portfolio companies to tip the balance of the structures and the documents in their favour.

Notwithstanding the sudden contraction in the supply of credit, leveraged finance transactions - from the archetypal management buyout of a private company to public bids to complex recapitalisations - have not completely disappeared from the market. Indeed, a recent report by Standard & Poor’s suggested that, rather than disappearing, sponsors were now accepting lower returns and tailoring structures more conservatively to meet the risk appetite of banks.

A Practitioner’s Guide to European Leveraged Finance touches on some of the developments witnessed prior to the credit crunch, but will mainly focus on the traditional model for a European leveraged finance deal. Written by leading practitioners, the book examines the practical applications of different forms of leveraged finance and offers practical advice on the application of each model of raising debt, from the most senior to the most deeply subordinated, with some thoughtful comparisons with corresponding models in the U.S..

With banks’ appetite for risk severely curtailed, A Practitioner’s Guide to European Leveraged Finance offers readers a clear understanding of tried and tested models that are appropriate to the current economic climate as well as those that will form the basis for structuring an increased volume of transactions when the markets return to a healthier condition.

As the major European leveraged finance market is in London, the book focuses principally on the UK. Further chapters look at the special requirements of the regulatory regime in France, Germany, Italy and Spain.

Table of Contents

Chapter 1: Introduction to European Leveraged Finance
Clive Wells
 
Chapter 2: The Loan Agreement
Christopher Kandel
 
Chapter 3: Senior and Mezzanine Debt
Corinna Mitchell
 
Chapter 4: Second Lein Debt
Clifford Atkins and Peter Hayes
 
Chapter 5: High Yield Debt
Jacques McChesney
 
Chapter 6: The Statutory Framework
Mark Nicolaides
 
Chapter 7: Additional Debt Layers
George Stephanakis
 
Chapter 8: Recent Trends in Senior Loan Negotiation
Dominic Newcomb
 
Chapter 9: Leveraged Finance in France: Special Considerations
Mustapha Mourahib and Lee Vanderpool
 
Chapter 10: Leveraged Finance in Germany: Special Considerations
Andreas Diem and Christina Ungeheuer
 
Chapter 11: Leveraged Finance in Italy: Special Considerations
Giorgio Cappelli and Andrea Martina
 
Chapter 12: Leveraged Finance in Spain: Special Considerations
Ignacio Ruiz Camara and Jimena Urretavizcaya

About the Author

Christopher Hall, Latham & Watkins 

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