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By: Jason Amster , Practical Guidance This article describes how you should proceed when your client calls and asks what happens to their loan documents after the pending cessation of London Interbank Offered Rate (LIBOR) at the end of 2021. LENDER...

By: Michael Chernick , Tomasz Kulawik , Mohamed El-Sayed , and Lisseth A. Rincon Manzano , Shearman & Sterling LLP This article describes the terms of the facilities available under the Main Street Lending Program, in addition to providing practice...

By: Michael Chernick and Brittany Roger, Shearman & Sterling LLP This article provides an overview of certain key provisions of credit agreements that will need to be reviewed to determine how the novel coronavirus (COVID-19) crisis—and the...

By: Amara Gossin , Barclays and Bob Lewis Sidley , Austin LLP Sustainability-themed debt instruments represent one response of the financial community to the need to channel capital towards facilitating a carbon transition. Since green bonds debuted...

Before negotiating with counsel when drafting an intercreditor agreement, make sure you are up to speed on the respective rights, liabilities, and obligations of multiple creditors with respect to each other, the borrower, and the collateral. READ NOW...

This practice note provides an overview of reserve-based loans (RBLs) in the oil and gas (O&G) industry. RBLs are a type of asset-based loan that are commonly used in the upstream O&G industry, especially among non-investment grade companies....

Learn how to use confidentiality agreements in financing transactions. Confidentiality or non-disclosure agreements are used by borrowers and potential lenders contemplating a proposed financing transaction to ensure that information delivered during...

Learn how mezzanine finance occupies the space in middle (or in-between) debt and equity and why it’s considered a hybrid form of finance. This practice note provides an overview of the typical terms, primary documentation, and key issues attorneys...

Read this article discussing interest rate floors for SOFR rate loans. Interest rate floors are a common tool by lenders in commercial loans to ensure that they will always earn a certain minimum yield on their loan. This article discusses how the floor...

Most financings begin with a commitment. This practice note describes the commitment letter and term sheet and how they relate to financing transactions. It details the main provisions of these agreements, including those specific to acquisition financings...

We can help. Use this easy-to-follow checklist of items you should consider when implementing and documenting non-LIBOR interest rates in commercial loan transactions. This checklist serves as a general guideline for counsel representing a party in a...

By: The Practical Guidance Finance Team This article discusses trends in benchmark succession clauses in recent credit agreements using benchmark rates other than the London Interbank Offered Rate (LIBOR). Credit agreements typically provide for replacing...

By: The Practical Guidance Finance Team This article discusses credit spread adjustments related to the differential in rates between the London Interbank Offered Rate (LIBOR) and the Secured Overnight Financing Rate (SOFR). While LIBOR and SOFR historically...

Explore our sustainability-linked loans tracker that identifies new publicly filed sustainability-linked loans since September 1, 2021. Sustainability-linked loan provisions provide an incentive to borrowers (generally in the form of lower interest rates...

Anti-hoarding provisions limit a borrower’s ability to stockpile cash under its revolving line of credit to shore up liquidity in the event of an economic downturn in the oil and gas market. While the use of these provisions has declined in recent...

Lenders typically require an opinion from borrower’s counsel in connection with a financing transaction. Review this resource kit for an overview of the process of drafting and delivering legal opinions. It provides materials on opinion practice...

We’ve got you covered. Check out this practice note providing an overview of refinancing amendment provisions in publicly filed credit agreements from 2021. Refinancing amendment provisions allow a borrower to refinance all or a portion of its outstanding...

Read this article discussing trends in benchmark succession clauses in recent credit agreements using benchmark rates other than LIBOR. Despite the shift away from LIBOR and the critical importance of benchmark replacement setting clauses, benchmark succession...

Working on a cross-border or international project? Add this practice note to your global project finance toolbox. It provides an overview of political risk insurance, including its historical development, current providers in international markets, standard...

Are you overwhelmed at the idea of drafting a bilateral loan and security agreement? Don’t be! Refer to this template for an up-to-date loan and security agreement, which provides for both revolving and term loans. This template provides drafting...

It’s a New Year! You have new clients calling. You are working with new associates. Make sure everyone is aligned on the basics of financing transactions by reviewing this resource kit. It provides information on all aspects of the financing, from...

Don’t miss out reading this article discussing credit spread adjustments related to the differential in rates between LIBOR and SOFR. While LIBOR and SOFR historically trend together, LIBOR is generally higher than SOFR. Due to the difference in...

Know who your client is lending to! Review this practice note, which discusses third party credit rating agencies and the credit ratings issued by those credit rating agencies. Credit ratings are assessments by the credit rating agencies of an entity’s...

The year is coming to an end and LIBOR is retiring. As you work on new deals in 2022, make sure you are up to speed on replacing LIBOR as the benchmark interest rate in loan documents. Review this resource kit to make sure you understand the impact of...

Your lender client just called you and notified you that its borrower is on the verge of a default under its credit agreement. Review this resource kit to make sure you are up to speed on the types of defaults and standard grace periods to correct a default...