As the private credit market continues to expand, it is becoming increasingly attractive to a range of companies – including those that would historically have sought funding from public markets. So how are funds evolving to tap these opportunities? And what is their role in a post-COVID environment?
As banks find themselves retrenching in the…
Travel restrictions and social distancing necessitated by the pandemic have accelerated technology adoption across private equity activity – and nowhere more so than in fundraising. But how much of the virtual shift seen over the past year will endure beyond COVID-19?
Dialogues is a private equity platform bringing together leading…
Originally published June 10, 2020. Last updated on November 3, 2020.
On October 22, 2020, the Federal Reserve Bank of New York (“New York Fed”) released an amended form of Master Loan and Security Agreement (the “MLSA”), which governs loans issued under its Term Asset-Backed Loan Facility (“TALF”). The amendments will be effective as of…
In response to the COVID-19 epidemic, the U.S. government has provided relief to companies through various grant programs. The receipt of these grant proceeds represents a meaningful lifeline to many companies and the revenue provided by these grants can have a significant impact on their accounting statements (including GAAP and non-GAAP financial calculations). Similarly, such…
Beyond its devastating human toll, the COVID-19 pandemic has had a historic impact on the U.S. economy, causing tens of millions of Americans to lose employment and numerous businesses to temporarily or permanently shutter.
This presents an environment ripe for distressed M&A activity. Will U.S. antitrust law stand in the way of the economic forces…
For many sponsor-backed and other highly leveraged private companies, the business impact of COVID-19 is just beginning to apply pressure to financial covenant compliance. As borrowers and private credit (or other) lenders think through options on how best to address pending or anticipated defaults, structured preferred equity should be considered as a versatile tool in…
Sandra Lee Montgomery, Bharat Moudgil and Szeman Lam authored an article discussing additional considerations related to COVID-19’s impact on credit agreements.
Sandra Lee Montgomery, Bharat Moudgil and Szeman Lam authored an article analyzing certain material provisions tested by COVID-19 and other COVID-19- specific provisions which are starting to appear in loan agreements, and how private credit lenders are likely to address them.
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, millions of businesses have applied for and received a Paycheck Protection Program (the “PPP”) loan from the U.S. Small Business Administration (the “SBA”) (for the current terms, laws and rules governing the PPP see our client…
On May 12, 2020, the Federal Reserve published an updated Term Sheet and a set of Frequently Asked Questions (“FAQs”) for the Term Asset-Backed Securities Loan Facility (“TALF”). The TALF program, which was first announced on March 23, 2020 and updated on April 9, 2020, will provide a funding backstop for eligible asset-backed securities (“ABS”).…
