By Alan Avery, Christopher Kandel, Markus Krüger and Axel Schiemann On 23 November 2016, the European Central Bank (ECB) published its draft guidance to banks on leveraged lending, launching a public consultation period that runs until 27 January 2017. The draft guidance is very similar to leveraged lending guidance issued by the US federal banking agencies in … Continue Reading
By James Chesterman As predicted a year ago, the adoption of US-style covenant-lite terms in European leveraged deals continues apace. This is hardly surprising given that the existence of ultra-low interest rates are sparking intense competition for yield amongst financial investors. Sponsors and advisers are increasingly applying approaches from the US leveraged loan and global … Continue Reading
By Tom Evans and Linzi Mutter Earn-outs, where additional consideration is paid post-completion based on the performance of a target business, are becoming increasingly common in private M&A transactions. Our recent survey of European deals between July 2013 and June 2015 shows earn-outs were used twice as often as during previous periods surveyed, although overall, … Continue Reading
