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November 2017
In this edition of our newsletter, we focus on various topics in the financing area including those of particular importance to private equity firms and middle market companies.   The articles featured below discuss the multiple non-bank sources of loan capital now available to middle market companies and private equity firms and the ever-increasing use by private equity firms of subscription lines (AKA "capital call") and NAV loan facilities.  
 
The articles also address three regulatory developments:  the expected replacement of the LIBOR benchmark in the next several years in credit facilities and derivatives due to the fallout from the LIBOR-rigging scandal, the questionable ongoing viability of the restrictive Leveraged Lending Guidance issued by the United States banking agencies, and the new Federal Reserve Rule regarding certain termination provisions in swaps.   
Financing 
Finance2Will the Leveraged Lending Guidance GAO Away? 
The Loan Syndications and Trading Association 
Learn more on the GAO opinion and its possible  effect on the continued viability of the Leveraged Lending Guidance.
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federalreserveFederal Reserve Adopts New Rule Regarding Swap Termination Provisions
The Federal Reserve Board recently adopted a rule that will require "global systemically important banking organizations" to amend their hedging agreements to add limitations on the ability of the counter-parties to those agreements to exercise termination rights and cross-default rights.  This article explains the timing and expected means of the implementation of these changes. 

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Finance3Growth of Asset-backed Loans in the Funds Finance Market 
Financier Worldwide 
There has been substantial growth in the funds finance market over recent years with more and more funds seeking subscription line  (capital call) facilities and NAV Facilities from lenders. 

  Read more
Finance4LIBOR: Why You Should Care...But Don't Panic
ABL Advisor
LIBOR looks set to go away.  What is the expected timing, consequences for the loan and derivatives markets, and nature of the anticipated replacements ? 
Read more
Financing1The Next Credit Cycle: Extinction or Non-Event?
ABL Advisor 
The new paradigm in middle-market credit is one which involves a variety of lenders - banks, Business Development Companies (BDCs), and private lending funds.  As a result,  the exact  consequences of changes resulting from the ending of the current credit cycle are not possible to predict although  it is  likely  that we will see some level of restored balance in  favor of banks .
  Read more
 

MLLPNewsMartin LLP News
Martinnews1Martin LLP Expands Debt Finance Practice 
We are pleased to announce that we have expanded our Debt Financing practice to  provide increased expertise and array of services to our borrower and lender clients.  To learn more about our Debt Financing practice, experience and services,    CLICK HERE or contact Michael McKay. 
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