i Table of contents 551

Acquisition Finance 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		6
Contributed by Johannes Tieves and Nicholas A Dorsey, Hengeler Mueller and Cravath, Swaine & Moore LLP		6
AUSTRALIA		8
Law and Practice		8
Contributed by Gilbert + Tobin		8
Trends and Developments		33
Contributed by Jones Day		33
AUSTRIA		42
Law and Practice		42
Contributed by Weber & Co		42
BRAZIL		61
Law and Practice		61
Contributed by Pinheiro Neto Advogados		61
CANADA		86
Law and Practice		86
Contributed by Davies Ward Phillips & Vineberg LLP		86
CHINA		109
Law and Practice		109
Contributed by JunHe LLP		109
DENMARK		126
Law and Practice		126
Contributed by Moalem Weitemeyer		126
Trends and Developments		148
Contributed by Moalem Weitemeyer		148
DOMINICAN REPUBLIC		155
Law and Practice		155
Contributed by Pellerano Nadal Law & Consulting		155
FINLAND		171
Law and Practice		171
Contributed by Wist Attorneys		171
FRANCE		184
Law and Practice		184
Contributed by Bredin Prat		184
Trends and Developments		207
Contributed by Nabarro Béraud Avocats		207
GERMANY		214
Trends and Developments		214
Contributed by LARK		214
INDIA		222
Law and Practice		222
Contributed by JSA		222
Trends and Developments		244
Contributed by JSA		244
JAPAN		250
Law and Practice		250
Contributed by Nagashima Ohno & Tsunematsu		250
Trends and Developments		268
Contributed by Anderson Mori & Tomotsune		268
NETHERLANDS		276
Law and Practice		276
Contributed by Loyens & Loeff		276
Trends and Developments		297
Contributed by Loyens & Loeff		297
NEW ZEALAND		306
Law and Practice		306
Contributed by Russell McVeagh		306
NORWAY		324
Law and Practice		324
Contributed by BAHR		324
PORTUGAL		341
Law and Practice		341
Contributed by Uría Menéndez		341
SERBIA		360
Trends and Developments		360
Contributed by Gecić Law		360
SINGAPORE		367
Trends and Developments		367
Contributed by WongPartnership LLP		367
SLOVENIA		373
Law and Practice		373
Contributed by Wolf Theiss Attorneys-at-law		373
SOUTH AFRICA		394
Law and Practice		394
Contributed by Bowmans		394
SOUTH KOREA		415
Law and Practice		415
Contributed by Kim & Chang		415
Trends and Developments		430
Contributed by Shin & Kim		430
SPAIN		437
Law and Practice		437
Contributed by Uría Menéndez		437
SWEDEN		459
Law and Practice		459
Contributed by Linklaters		459
SWITZERLAND		473
Law and Practice		473
Contributed by Homburger		473
Trends and Developments		492
Contributed by Walder Wyss Ltd.		492
TAIWAN		499
Law and Practice		499
Contributed by Lee & Li Attorneys-at-Law		499
Trends and Developments		515
Contributed by Lee & Li Attorneys-at-Law		515
USA		520
Law and Practice		520
Contributed by Cravath, Swaine & Moore LLP		520
Trends and Developments		546
Contributed by Cravath, Swaine & Moore LLP		546
1. Market		11
1.1 Major Lender-Side Players		11
1.2 Corporates and LBOs		12
2. Documentation		13
2.1 Governing Law		13
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		13
2.3 Language		14
2.4 Opinions		14
3. Structures		15
3.1 Senior Loans		15
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		15
3.3 Bridge Loans		16
3.4 Bonds/High-Yield Bonds		16
3.5 Private Placements/Loan Notes		16
3.6 Asset-Based Financing		16
4. Intercreditor Agreements		17
4.1 Typical Elements		17
4.2 Bank/Bond Deals		18
4.3 Role of Hedge Counterparties		18
5. Security		19
5.1 Types of Security Commonly Used		19
5.2 Form Requirements		21
5.3 Registration Process		21
5.4 Restrictions on Upstream Security		23
5.5 Financial Assistance		23
5.6 Other Restrictions		23
5.7 General Principles of Enforcement		24
6. Guarantees		25
6.1 Types of Guarantees		25
6.2 Restrictions		26
6.3 Requirement for Guarantee Fees		26
7. Lender Liability		26
7.1 Equitable Subordination Rules		26
7.2 Claw-Back Risk		26
8. Tax Issues		27
8.1 Stamp Taxes		27
8.2 Withholding Tax/Qualifying Lender Concepts		28
8.3 Thin-Capitalisation Rules		29
9. Takeover Finance		30
9.1 Regulated Targets		30
9.2 Listed Targets		31
10. Jurisdiction-Specific Features		32
10.1 Other Acquisition Finance Issues		32
1. Market		45
1.1 Major Lender-Side Players		45
1.2 Corporates and LBOs		46
2. Documentation		46
2.1 Governing Law		46
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		46
2.3 Language		47
2.4 Opinions		47
3. Structures		47
3.1 Senior Loans		47
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		48
3.3 Bridge Loans		49
3.4 Bonds/High-Yield Bonds		49
3.5 Private Placements/Loan Notes		50
3.6 Asset-Based Financing		50
4. Intercreditor Agreements		51
4.1 Typical Elements		51
4.2 Bank/Bond Deals		52
4.3 Role of Hedge Counterparties		52
5. Security		52
5.1 Types of Security Commonly Used		52
5.2 Form Requirements		53
5.3 Registration Process		53
5.4 Restrictions on Upstream Security		54
5.5 Financial Assistance		55
5.6 Other Restrictions		55
5.7 General Principles of Enforcement		55
6. Guarantees		56
6.1 Types of Guarantees		56
6.2 Restrictions		56
6.3 Requirement for Guarantee Fees		56
7. Lender Liability		56
7.1 Equitable Subordination Rules		56
7.2 Claw-Back Risk		57
8. Tax Issues		58
8.1 Stamp Taxes		58
8.2 Withholding Tax/Qualifying Lender Concepts		59
8.3 Thin-Capitalisation Rules		59
9. Takeover Finance		59
9.1 Regulated Targets		59
9.2 Listed Targets		60
10. Jurisdiction-Specific Features		60
10.1 Other Acquisition Finance Issues		60
1. Market		65
1.1 Major Lender-Side Players		65
1.2 Corporates and LBOs		65
2. Documentation		66
2.1 Governing Law		66
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		68
2.3 Language		68
2.4 Opinions		68
3. Structures		69
3.1 Senior Loans		69
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		70
3.3 Bridge Loans		70
3.4 Bonds/High-Yield Bonds		70
3.5 Private Placements/Loan Notes		70
3.6 Asset-Based Financing		71
4. Intercreditor Agreements		72
4.1 Typical Elements		72
4.2 Bank/Bond Deals		72
4.3 Role of Hedge Counterparties		72
5. Security		73
5.1 Types of Security Commonly Used		73
5.2 Form Requirements		74
5.3 Registration Process		74
5.4 Restrictions on Upstream Security		75
5.5 Financial Assistance		75
5.6 Other Restrictions		75
5.7 General Principles of Enforcement		76
6. Guarantees		77
6.1 Types of Guarantees		77
6.2 Restrictions		78
6.3 Requirement for Guarantee Fees		78
7. Lender Liability		78
7.1 Equitable Subordination Rules		78
7.2 Claw-Back Risk		79
8. Tax Issues		80
8.1 Stamp Taxes		80
8.2 Withholding Tax/Qualifying Lender Concepts		81
8.3 Thin-Capitalisation Rules		82
9. Takeover Finance		83
9.1 Regulated Targets		83
9.2 Listed Targets		84
10. Jurisdiction-Specific Features		84
10.1 Other Acquisition Finance Issues		84
1. Market		90
1.1 Major Lender-Side Players		90
1.2 Corporates and LBOs		90
2. Documentation		90
2.1 Governing Law		90
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		94
2.3 Language		94
2.4 Opinions		95
3. Structures		95
3.1 Senior Loans		95
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		96
3.3 Bridge Loans		96
3.4 Bonds/High-Yield Bonds		96
3.5 Private Placements/Loan Notes		97
3.6 Asset-Based Financing		97
4. Intercreditor Agreements		97
4.1 Typical Elements		97
4.2 Bank/Bond Deals		98
4.3 Role of Hedge Counterparties		98
5. Security		99
5.1 Types of Security Commonly Used		99
5.2 Form Requirements		99
5.3 Registration Process		100
5.4 Restrictions on Upstream Security		101
5.5 Financial Assistance		101
5.6 Other Restrictions		102
5.7 General Principles of Enforcement		103
6. Guarantees		103
6.1 Types of Guarantees		103
6.2 Restrictions		104
6.3 Requirement for Guarantee Fees		104
7. Lender Liability		105
7.1 Equitable Subordination Rules		105
7.2 Claw-Back Risk		105
8. Tax Issues		105
8.1 Stamp Taxes		105
8.2 Withholding Tax/Qualifying Lender Concepts		105
8.3 Thin-Capitalisation Rules		105
9. Takeover Finance		107
9.1 Regulated Targets		107
9.2 Listed Targets		107
10. Jurisdiction-Specific Features		108
10.1 Other Acquisition Finance Issues		108
1. Market		113
1.1 Major Lender-Side Players		113
1.2 Corporates and LBOs		113
2. Documentation		115
2.1 Governing Law		115
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		115
2.3 Language		115
2.4 Opinions		115
3. Structures		115
3.1 Senior Loans		115
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		116
3.3 Bridge Loans		116
3.4 Bonds/High-Yield Bonds		117
3.5 Private Placements/Loan Notes		118
3.6 Asset-Based Financing		118
4. Intercreditor Agreements		118
4.1 Typical Elements		118
4.2 Bank/Bond Deals		119
4.3 Role of Hedge Counterparties		119
5. Security		120
5.1 Types of Security Commonly Used		120
5.2 Form Requirements		120
5.3 Registration Process		120
5.4 Restrictions on Upstream Security		120
5.5 Financial Assistance		121
5.6 Other Restrictions		121
5.7 General Principles of Enforcement		121
6. Guarantees		123
6.1 Types of Guarantees		123
6.2 Restrictions		123
6.3 Requirement for Guarantee Fees		123
7. Lender Liability		123
7.1 Equitable Subordination Rules		123
7.2 Claw-Back Risk		124
8. Tax Issues		124
8.1 Stamp Taxes		124
8.2 Withholding Tax/Qualifying Lender Concepts		124
8.3 Thin-Capitalisation Rules		124
9. Takeover Finance		124
9.1 Regulated Targets		124
9.2 Listed Targets		125
10. Jurisdiction-Specific Features		125
10.1 Other Acquisition Finance Issues		125
1. Market		129
1.1 Major Lender-Side Players		129
1.2 Corporates and LBOs		130
2. Documentation		130
2.1 Governing Law		130
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		131
2.3 Language		131
2.4 Opinions		131
3. Structures		132
3.1 Senior Loans		132
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		133
3.3 Bridge Loans		133
3.4 Bonds/High-Yield Bonds		134
3.5 Private Placements/Loan Notes		134
3.6 Asset-Based Financing		134
4. Intercreditor Agreements		135
4.1 Typical Elements		135
4.2 Bank/Bond Deals		136
4.3 Role of Hedge Counterparties		137
5. Security		137
5.1 Types of Security Commonly Used		137
5.2 Form Requirements		138
5.3 Registration Process		138
5.4 Restrictions on Upstream Security		139
5.5 Financial Assistance		139
5.6 Other Restrictions		140
5.7 General Principles of Enforcement		140
6. Guarantees		141
6.1 Types of Guarantees		141
6.2 Restrictions		142
6.3 Requirement for Guarantee Fees		142
7. Lender Liability		142
7.1 Equitable Subordination Rules		142
7.2 Claw-Back Risk		142
8. Tax Issues		143
8.1 Stamp Taxes		143
8.2 Withholding Tax/Qualifying Lender Concepts		143
8.3 Thin-Capitalisation Rules		144
9. Takeover Finance		145
9.1 Regulated Targets		145
9.2 Listed Targets		146
10. Jurisdiction-Specific Features		147
10.1 Other Acquisition Finance Issues		147
1. Market		159
1.1 Major Lender-Side Players		159
1.2 Corporates and LBOs		159
2. Documentation		159
2.1 Governing Law		159
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		160
2.3 Language		160
2.4 Opinions		160
3. Structures		161
3.1 Senior Loans		161
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		161
3.3 Bridge Loans		162
3.4 Bonds/High-Yield Bonds		162
3.5 Private Placements/Loan Notes		162
3.6 Asset-Based Financing		162
4. Intercreditor Agreements		162
4.1 Typical Elements		162
4.2 Bank/Bond Deals		163
4.3 Role of Hedge Counterparties		163
5. Security		163
5.1 Types of Security Commonly Used		163
5.2 Form Requirements		164
5.3 Registration Process		164
5.4 Restrictions on Upstream Security		165
5.5 Financial Assistance		165
5.6 Other Restrictions		165
5.7 General Principles of Enforcement		165
6. Guarantees		167
6.1 Types of Guarantees		167
6.2 Restrictions		168
6.3 Requirement for Guarantee Fees		168
7. Lender Liability		168
7.1 Equitable Subordination Rules		168
7.2 Claw-Back Risk		168
8. Tax Issues		169
8.1 Stamp Taxes		169
8.2 Withholding Tax/Qualifying Lender Concepts		169
8.3 Thin-Capitalisation Rules		169
9. Takeover Finance		169
9.1 Regulated Targets		169
9.2 Listed Targets		170
10. Jurisdiction-Specific Features		170
10.1 Other Acquisition Finance Issues		170
1. Market		174
1.1 Major Lender-Side Players		174
1.2 Corporates and LBOs		174
2. Documentation		174
2.1 Governing Law		174
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		174
2.3 Language		174
2.4 Opinions		175
3. Structures		175
3.1 Senior Loans		175
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		176
3.3 Bridge Loans		176
3.4 Bonds/High-Yield Bonds		176
3.5 Private Placements/Loan Notes		176
3.6 Asset-Based Financing		177
4. Intercreditor Agreements		177
4.1 Typical Elements		177
4.2 Bank/Bond Deals		177
4.3 Role of Hedge Counterparties		178
5. Security		178
5.1 Types of Security Commonly Used		178
5.2 Form Requirements		178
5.3 Registration Process		178
5.4 Restrictions on Upstream Security		179
5.5 Financial Assistance		179
5.6 Other Restrictions		180
5.7 General Principles of Enforcement		180
6. Guarantees		180
6.1 Types of Guarantees		180
6.2 Restrictions		181
6.3 Requirement for Guarantee Fees		181
7. Lender Liability		181
7.1 Equitable Subordination Rules		181
7.2 Claw-Back Risk		181
8. Tax Issues		182
8.1 Stamp Taxes		182
8.2 Withholding Tax/Qualifying Lender Concepts		182
8.3 Thin-Capitalisation Rules		182
9. Takeover Finance		182
9.1 Regulated Targets		182
9.2 Listed Targets		182
10. Jurisdiction-Specific Features		183
10.1 Other Acquisition Finance Issues		183
1. Market		187
1.1 Major Lender-Side Players		187
1.2 Corporates and LBOs		188
2. Documentation		189
2.1 Governing Law		189
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		189
2.3 Language		189
2.4 Opinions		190
3. Structures		190
3.1 Senior Loans		190
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		190
3.3 Bridge Loans		191
3.4 Bonds/High-Yield Bonds		191
3.5 Private Placements/Loan Notes		192
3.6 Asset-Based Financing		192
4. Intercreditor Agreements		192
4.1 Typical Elements		192
4.2 Bank/Bond Deals		193
4.3 Role of Hedge Counterparties		193
5. Security		193
5.1 Types of Security Commonly Used		193
5.2 Form Requirements		197
5.3 Registration Process		197
5.4 Restrictions on Upstream Security		197
5.5 Financial Assistance		198
5.6 Other Restrictions		198
5.7 General Principles of Enforcement		199
6. Guarantees		199
6.1 Types of Guarantees		199
6.2 Restrictions		200
6.3 Requirement for Guarantee Fees		200
7. Lender Liability		200
7.1 Equitable Subordination Rules		200
7.2 Claw-Back Risk		200
8. Tax Issues		200
8.1 Stamp Taxes		200
8.2 Withholding Tax/Qualifying Lender Concepts		201
8.3 Thin-Capitalisation Rules		201
9. Takeover Finance		204
9.1 Regulated Targets		204
9.2 Listed Targets		204
10. Jurisdiction-Specific Features		206
10.1 Other Acquisition Finance Issues		206
1. Market		226
1.1 Major Lender-Side Players		226
1.2 Corporates and LBOs		226
2. Documentation		227
2.1 Governing Law		227
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		227
2.3 Language		228
2.4 Opinions		228
3. Structures		228
3.1 Senior Loans		228
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		230
3.3 Bridge Loans		231
3.4 Bonds/High-Yield Bonds		231
3.5 Private Placements/Loan Notes		231
3.6 Asset-Based Financing		231
4. Intercreditor Agreements		231
4.1 Typical Elements		231
4.2 Bank/Bond Deals		232
4.3 Role of Hedge Counterparties		232
5. Security		232
5.1 Types of Security Commonly Used		232
5.2 Form Requirements		235
5.3 Registration Process		235
5.4 Restrictions on Upstream Security		235
5.5 Financial Assistance		235
5.6 Other Restrictions		236
5.7 General Principles of Enforcement		236
6. Guarantees		237
6.1 Types of Guarantees		237
6.2 Restrictions		238
6.3 Requirement for Guarantee Fees		239
7. Lender Liability		239
7.1 Equitable Subordination Rules		239
7.2 Claw-Back Risk		239
8. Tax Issues		241
8.1 Stamp Taxes		241
8.2 Withholding Tax/Qualifying Lender Concepts		241
8.3 Thin-Capitalisation Rules		241
9. Takeover Finance		242
9.1 Regulated Targets		242
9.2 Listed Targets		242
10. Jurisdiction-Specific Features		242
10.1 Other Acquisition Finance Issues		242
1. Market		254
1.1 Major Lender-Side Players		254
1.2 Corporates and LBOs		254
2. Documentation		254
2.1 Governing Law		254
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		254
2.3 Language		255
2.4 Opinions		255
3. Structures		255
3.1 Senior Loans		255
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		255
3.3 Bridge Loans		256
3.4 Bonds/High-Yield Bonds		256
3.5 Private Placements/Loan Notes		256
3.6 Asset-Based Financing		256
4. Intercreditor Agreements		256
4.1 Typical Elements		256
4.2 Bank/Bond Deals		258
4.3 Role of Hedge Counterparties		258
5. Security		258
5.1 Types of Security Commonly Used		258
5.2 Form Requirements		262
5.3 Registration Process		262
5.4 Restrictions on Upstream Security		262
5.5 Financial Assistance		262
5.6 Other Restrictions		262
5.7 General Principles of Enforcement		262
6. Guarantees		263
6.1 Types of Guarantees		263
6.2 Restrictions		263
6.3 Requirement for Guarantee Fees		263
7. Lender Liability		263
7.1 Equitable Subordination Rules		263
7.2 Claw-Back Risk		263
8. Tax Issues		263
8.1 Stamp Taxes		263
8.2 Withholding Tax/Qualifying Lender Concepts		264
8.3 Thin-Capitalisation Rules		264
9. Takeover Finance		264
9.1 Regulated Targets		264
9.2 Listed Targets		265
10. Jurisdiction-Specific Features		267
10.1 Other Acquisition Finance Issues		267
1. Market		279
1.1 Major Lender-Side Players		279
1.2 Corporates and LBOs		281
2. Documentation		281
2.1 Governing Law		281
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		281
2.3 Language		282
2.4 Opinions		282
3. Structures		282
3.1 Senior Loans		282
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		283
3.3 Bridge Loans		283
3.4 Bonds/High-Yield Bonds		283
3.5 Private Placements/Loan Notes		283
3.6 Asset-Based Financing		284
4. Intercreditor Agreements		284
4.1 Typical Elements		284
4.2 Bank/Bond Deals		286
4.3 Role of Hedge Counterparties		286
5. Security		286
5.1 Types of Security Commonly Used		286
5.2 Form Requirements		286
5.3 Registration Process		288
5.4 Restrictions on Upstream Security		288
5.5 Financial Assistance		288
5.6 Other Restrictions		288
5.7 General Principles of Enforcement		289
6. Guarantees		291
6.1 Types of Guarantees		291
6.2 Restrictions		291
6.3 Requirement for Guarantee Fees		291
7. Lender Liability		292
7.1 Equitable Subordination Rules		292
7.2 Claw-Back Risk		292
8. Tax Issues		292
8.1 Stamp Taxes		292
8.2 Withholding Tax/Qualifying Lender Concepts		292
8.3 Thin-Capitalisation Rules		293
9. Takeover Finance		293
9.1 Regulated Targets		293
9.2 Listed Targets		294
10. Jurisdiction-Specific Features		294
10.1 Other Acquisition Finance Issues		294
1. Market		309
1.1 Major Lender-Side Players		309
1.2 Corporates and LBOs		309
2. Documentation		310
2.1 Governing Law		310
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		310
2.3 Language		310
2.4 Opinions		310
3. Structures		311
3.1 Senior Loans		311
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		311
3.3 Bridge Loans		311
3.4 Bonds/High-Yield Bonds		311
3.5 Private Placements/Loan Notes		312
3.6 Asset-Based Financing		312
4. Intercreditor Agreements		312
4.1 Typical Elements		312
4.2 Bank/Bond Deals		313
4.3 Role of Hedge Counterparties		313
5. Security		313
5.1 Types of Security Commonly Used		313
5.2 Form Requirements		315
5.3 Registration Process		315
5.4 Restrictions on Upstream Security		316
5.5 Financial Assistance		316
5.6 Other Restrictions		317
5.7 General Principles of Enforcement		317
6. Guarantees		319
6.1 Types of Guarantees		319
6.2 Restrictions		319
6.3 Requirement for Guarantee Fees		319
7. Lender Liability		319
7.1 Equitable Subordination Rules		319
7.2 Claw-Back Risk		319
8. Tax Issues		320
8.1 Stamp Taxes		320
8.2 Withholding Tax/Qualifying Lender Concepts		321
8.3 Thin-Capitalisation Rules		321
9. Takeover Finance		322
9.1 Regulated Targets		322
9.2 Listed Targets		322
10. Jurisdiction-Specific Features		323
10.1 Other Acquisition Finance Issues		323
1. Market		327
1.1 Major Lender-Side Players		327
1.2 Corporates and LBOs		328
2. Documentation		328
2.1 Governing Law		328
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		328
2.3 Language		329
2.4 Opinions		329
3. Structures		329
3.1 Senior Loans		329
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		330
3.3 Bridge Loans		330
3.4 Bonds/High-Yield Bonds		330
3.5 Private Placements/Loan Notes		330
3.6 Asset-Based Financing		330
4. Intercreditor Agreements		331
4.1 Typical Elements		331
4.2 Bank/Bond Deals		332
4.3 Role of Hedge Counterparties		332
5. Security		332
5.1 Types of Security Commonly Used		332
5.2 Form Requirements		334
5.3 Registration Process		334
5.4 Restrictions on Upstream Security		334
5.5 Financial Assistance		334
5.6 Other Restrictions		335
5.7 General Principles of Enforcement		335
6. Guarantees		336
6.1 Types of Guarantees		336
6.2 Restrictions		336
6.3 Requirement for Guarantee Fees		336
7. Lender Liability		336
7.1 Equitable Subordination Rules		336
7.2 Claw-Back Risk		336
8. Tax Issues		337
8.1 Stamp Taxes		337
8.2 Withholding Tax/Qualifying Lender Concepts		337
8.3 Thin-Capitalisation Rules		337
9. Takeover Finance		338
9.1 Regulated Targets		338
9.2 Listed Targets		338
10. Jurisdiction-Specific Features		340
10.1 Other Acquisition Finance Issues		340
1. Market		344
1.1 Major Lender-Side Players		344
1.2 Corporates and LBOs		344
2. Documentation		345
2.1 Governing Law		345
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		345
2.3 Language		345
2.4 Opinions		345
3. Structures		345
3.1 Senior Loans		345
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		345
3.3 Bridge Loans		346
3.4 Bonds/High-Yield Bonds		346
3.5 Private Placements/Loan Notes		346
3.6 Asset-Based Financing		346
4. Intercreditor Agreements		346
4.1 Typical Elements		346
4.2 Bank/Bond Deals		347
4.3 Role of Hedge Counterparties		347
5. Security		347
5.1 Types of Security Commonly Used		347
5.2 Form Requirements		349
5.3 Registration Process		349
5.4 Restrictions on Upstream Security		350
5.5 Financial Assistance		350
5.6 Other Restrictions		351
5.7 General Principles of Enforcement		352
6. Guarantees		353
6.1 Types of Guarantees		353
6.2 Restrictions		353
6.3 Requirement for Guarantee Fees		353
7. Lender Liability		353
7.1 Equitable Subordination Rules		353
7.2 Claw-Back Risk		354
8. Tax Issues		354
8.1 Stamp Taxes		354
8.2 Withholding Tax/Qualifying Lender Concepts		355
8.3 Thin-Capitalisation Rules		357
9. Takeover Finance		357
9.1 Regulated Targets		357
9.2 Listed Targets		358
10. Jurisdiction-Specific Features		359
10.1 Other Acquisition Finance Issues		359
1. Market		377
1.1 Major Lender-Side Players		377
1.2 Corporates and LBOs		377
2. Documentation		377
2.1 Governing Law		377
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		377
2.3 Language		378
2.4 Opinions		378
3. Structures		378
3.1 Senior Loans		378
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		378
3.3 Bridge Loans		379
3.4 Bonds/High-Yield Bonds		379
3.5 Private Placements/Loan Notes		379
3.6 Asset-Based Financing		379
4. Intercreditor Agreements		379
4.1 Typical Elements		379
4.2 Bank/Bond Deals		380
4.3 Role of Hedge Counterparties		380
5. Security		381
5.1 Types of Security Commonly Used		381
5.2 Form Requirements		383
5.3 Registration Process		384
5.4 Restrictions on Upstream Security		385
5.5 Financial Assistance		386
5.6 Other Restrictions		386
5.7 General Principles of Enforcement		387
6. Guarantees		388
6.1 Types of Guarantees		388
6.2 Restrictions		388
6.3 Requirement for Guarantee Fees		388
7. Lender Liability		388
7.1 Equitable Subordination Rules		388
7.2 Claw-Back Risk		389
8. Tax Issues		390
8.1 Stamp Taxes		390
8.2 Withholding Tax/Qualifying Lender Concepts		390
8.3 Thin-Capitalisation Rules		390
9. Takeover Finance		390
9.1 Regulated Targets		390
9.2 Listed Targets		392
10. Jurisdiction-Specific Features		393
10.1 Other Acquisition Finance Issues		393
1. Market		398
1.1 Major Lender-Side Players		398
1.2 Corporates and LBOs		398
2. Documentation		398
2.1 Governing Law		398
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		399
2.3 Language		399
2.4 Opinions		399
3. Structures		400
3.1 Senior Loans		400
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		400
3.3 Bridge Loans		400
3.4 Bonds/High-Yield Bonds		400
3.5 Private Placements/Loan Notes		400
3.6 Asset-Based Financing		401
4. Intercreditor Agreements		401
4.1 Typical Elements		401
4.2 Bank/Bond Deals		402
4.3 Role of Hedge Counterparties		402
5. Security		402
5.1 Types of Security Commonly Used		402
5.2 Form Requirements		405
5.3 Registration Process		407
5.4 Restrictions on Upstream Security		407
5.5 Financial Assistance		407
5.6 Other Restrictions		408
5.7 General Principles of Enforcement		409
6. Guarantees		409
6.1 Types of Guarantees		409
6.2 Restrictions		409
6.3 Requirement for Guarantee Fees		410
7. Lender Liability		410
7.1 Equitable Subordination Rules		410
7.2 Claw-Back Risk		410
8. Tax Issues		411
8.1 Stamp Taxes		411
8.2 Withholding Tax/Qualifying Lender Concepts		411
8.3 Thin-Capitalisation Rules		411
9. Takeover Finance		413
9.1 Regulated Targets		413
9.2 Listed Targets		413
10. Jurisdiction-Specific Features		414
10.1 Other Acquisition Finance Issues		414
1. Market		418
1.1 Major Lender-Side Players		418
1.2 Corporates and LBOs		418
2. Documentation		419
2.1 Governing Law		419
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		419
2.3 Language		419
2.4 Opinions		419
3. Structures		419
3.1 Senior Loans		419
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		420
3.3 Bridge Loans		420
3.4 Bonds/High-Yield Bonds		420
3.5 Private Placements/Loan Notes		420
3.6 Asset-Based Financing		420
4. Intercreditor Agreements		421
4.1 Typical Elements		421
4.2 Bank/Bond Deals		421
4.3 Role of Hedge Counterparties		421
5. Security		421
5.1 Types of Security Commonly Used		421
5.2 Form Requirements		424
5.3 Registration Process		424
5.4 Restrictions on Upstream Security		424
5.5 Financial Assistance		425
5.6 Other Restrictions		425
5.7 General Principles of Enforcement		425
6. Guarantees		425
6.1 Types of Guarantees		425
6.2 Restrictions		426
6.3 Requirement for Guarantee Fees		426
7. Lender Liability		426
7.1 Equitable Subordination Rules		426
7.2 Claw-Back Risk		426
8. Tax Issues		426
8.1 Stamp Taxes		426
8.2 Withholding Tax/Qualifying Lender Concepts		427
8.3 Thin-Capitalisation Rules		427
9. Takeover Finance		427
9.1 Regulated Targets		427
9.2 Listed Targets		428
10. Jurisdiction-Specific Features		429
10.1 Other Acquisition Finance Issues		429
1. Market		441
1.1 Major Lender-Side Players		441
1.2 Corporates and LBOs		441
2. Documentation		441
2.1 Governing Law		441
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		441
2.3 Language		442
2.4 Opinions		442
3. Structures		442
3.1 Senior Loans		442
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		443
3.3 Bridge Loans		443
3.4 Bonds/High-Yield Bonds		443
3.5 Private Placements/Loan Notes		444
3.6 Asset-Based Financing		444
4. Intercreditor Agreements		444
4.1 Typical Elements		444
4.2 Bank/Bond Deals		445
4.3 Role of Hedge Counterparties		445
5. Security		446
5.1 Types of Security Commonly Used		446
5.2 Form Requirements		448
5.3 Registration Process		448
5.4 Restrictions on Upstream Security		448
5.5 Financial Assistance		449
5.6 Other Restrictions		449
5.7 General Principles of Enforcement		450
6. Guarantees		451
6.1 Types of Guarantees		451
6.2 Restrictions		452
6.3 Requirement for Guarantee Fees		452
7. Lender Liability		452
7.1 Equitable Subordination Rules		452
7.2 Claw-Back Risk		452
8. Tax Issues		454
8.1 Stamp Taxes		454
8.2 Withholding Tax/Qualifying Lender Concepts		454
8.3 Thin-Capitalisation Rules		455
9. Takeover Finance		456
9.1 Regulated Targets		456
9.2 Listed Targets		457
10. Jurisdiction-Specific Features		458
10.1 Other Acquisition Finance Issues		458
1. Market		462
1.1 Major Lender-Side Players		462
1.2 Corporates and LBOs		462
2. Documentation		463
2.1 Governing Law		463
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		463
2.3 Language		463
2.4 Opinions		463
3. Structures		464
3.1 Senior Loans		464
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		464
3.3 Bridge Loans		465
3.4 Bonds/High-Yield Bonds		465
3.5 Private Placements/Loan Notes		465
3.6 Asset-Based Financing		465
4. Intercreditor Agreements		466
4.1 Typical Elements		466
4.2 Bank/Bond Deals		466
4.3 Role of Hedge Counterparties		466
5. Security		467
5.1 Types of Security Commonly Used		467
5.2 Form Requirements		468
5.3 Registration Process		468
5.4 Restrictions on Upstream Security		468
5.5 Financial Assistance		469
5.6 Other Restrictions		469
5.7 General Principles of Enforcement		470
6. Guarantees		470
6.1 Types of Guarantees		470
6.2 Restrictions		470
6.3 Requirement for Guarantee Fees		470
7. Lender Liability		470
7.1 Equitable Subordination Rules		470
7.2 Claw-Back Risk		470
8. Tax Issues		471
8.1 Stamp Taxes		471
8.2 Withholding Tax/Qualifying Lender Concepts		471
8.3 Thin-Capitalisation Rules		471
9. Takeover Finance		472
9.1 Regulated Targets		472
9.2 Listed Targets		472
10. Jurisdiction-Specific Features		472
10.1 Other Acquisition Finance Issues		472
1. Market		476
1.1 Major Lender-Side Players		476
1.2 Corporates and LBOs		476
2. Documentation		476
2.1 Governing Law		476
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		477
2.3 Language		477
2.4 Opinions		477
3. Structures		477
3.1 Senior Loans		477
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		478
3.3 Bridge Loans		478
3.4 Bonds/High-Yield Bonds		478
3.5 Private Placements/Loan Notes		478
3.6 Asset-Based Financing		478
4. Intercreditor Agreements		479
4.1 Typical Elements		479
4.2 Bank/Bond Deals		479
4.3 Role of Hedge Counterparties		479
5. Security		479
5.1 Types of Security Commonly Used		479
5.2 Form Requirements		482
5.3 Registration Process		482
5.4 Restrictions on Upstream Security		483
5.5 Financial Assistance		484
5.6 Other Restrictions		484
5.7 General Principles of Enforcement		484
6. Guarantees		485
6.1 Types of Guarantees		485
6.2 Restrictions		485
6.3 Requirement for Guarantee Fees		485
7. Lender Liability		486
7.1 Equitable Subordination Rules		486
7.2 Claw-Back Risk		486
8. Tax Issues		487
8.1 Stamp Taxes		487
8.2 Withholding Tax/Qualifying Lender Concepts		487
8.3 Thin-Capitalisation Rules		487
9. Takeover Finance		488
9.1 Regulated Targets		488
9.2 Listed Targets		489
10. Jurisdiction-Specific Features		490
10.1 Other Acquisition Finance Issues		490
1. Market		502
1.1 Major Lender-Side Players		502
1.2 Corporates and LBOs		502
2. Documentation		503
2.1 Governing Law		503
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		503
2.3 Language		503
2.4 Opinions		503
3. Structures		503
3.1 Senior Loans		503
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		504
3.3 Bridge Loans		504
3.4 Bonds/High-Yield Bonds		504
3.5 Private Placements/Loan Notes		504
3.6 Asset-Based Financing		505
4. Intercreditor Agreements		505
4.1 Typical Elements		505
4.2 Bank/Bond Deals		505
4.3 Role of Hedge Counterparties		505
5. Security		505
5.1 Types of Security Commonly Used		505
5.2 Form Requirements		507
5.3 Registration Process		508
5.4 Restrictions on Upstream Security		508
5.5 Financial Assistance		508
5.6 Other Restrictions		508
5.7 General Principles of Enforcement		508
6. Guarantees		509
6.1 Types of Guarantees		509
6.2 Restrictions		509
6.3 Requirement for Guarantee Fees		510
7. Lender Liability		510
7.1 Equitable Subordination Rules		510
7.2 Claw-Back Risk		510
8. Tax Issues		510
8.1 Stamp Taxes		510
8.2 Withholding Tax/Qualifying Lender Concepts		510
8.3 Thin-Capitalisation Rules		511
9. Takeover Finance		511
9.1 Regulated Targets		511
9.2 Listed Targets		512
10. Jurisdiction-Specific Features		513
10.1 Other Acquisition Finance Issues		513
1. Market		524
1.1 Major Lender-Side Players		524
1.2 Corporates and LBOs		524
2. Documentation		524
2.1 Governing Law		524
2.2 Use of Loan Market Association (LMA) Agreements or Other Standard Loans		532
2.3 Language		532
2.4 Opinions		532
3. Structures		532
3.1 Senior Loans		532
3.2 Mezzanine/Payment-in-Kind (PIK) Loans		533
3.3 Bridge Loans		534
3.4 Bonds/High-Yield Bonds		534
3.5 Private Placements/Loan Notes		534
3.6 Asset-Based Financing		535
4. Intercreditor Agreements		535
4.1 Typical Elements		535
4.2 Bank/Bond Deals		536
4.3 Role of Hedge Counterparties		536
5. Security		536
5.1 Types of Security Commonly Used		536
5.2 Form Requirements		537
5.3 Registration Process		537
5.4 Restrictions on Upstream Security		539
5.5 Financial Assistance		539
5.6 Other Restrictions		539
5.7 General Principles of Enforcement		539
6. Guarantees		539
6.1 Types of Guarantees		539
6.2 Restrictions		540
6.3 Requirement for Guarantee Fees		540
7. Lender Liability		540
7.1 Equitable Subordination Rules		540
7.2 Claw-Back Risk		540
8. Tax Issues		541
8.1 Stamp Taxes		541
8.2 Withholding Tax/Qualifying Lender Concepts		541
8.3 Thin-Capitalisation Rules		542
9. Takeover Finance		543
9.1 Regulated Targets		543
9.2 Listed Targets		543
10. Jurisdiction-Specific Features		544
10.1 Other Acquisition Finance Issues		544

Powered by