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Head of Finance Charles Bischoff, Partner Danny Peel and Senior Counsel Laura Smith have contributed to the recently published International Comparative Legal Guide on Lending & Secured Finance.
In this In Practice article we will explore the benefits of obtaining a rating for a subscription facility. By reference to ratings criteria announced by the main agencies, we will explore how the limited partnership agreement, side letters and the related finance documentation are analysed to arrive at a rating.
On 2 May 2024, the Fund Finance Association hosted its 8th Annual European Fund Finance Symposium at the Queen Elizabeth II Conference Centre in London, bringing together participants from all corners of the fund finance community including GPs and fund managers, lenders, rating agencies, lawyers, and other advisers for a busy day of education and networking. Travers Smith was proud to once again be a Platinum sponsor, and our sincere thanks to the Fund Finance Association and all involved for their efforts in organising another fantastic Symposium.
Our regular round-up of recent and forthcoming developments in law and practice for in-house counsel.
On 12 January 2024, the UK government signed the Hague Convention of 2 July 2019 on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters (Hague 2019), a framework of rules facilitating the recognition and enforcement of civil and commercial judgments between contracting states. The contracting states to Hague 2019 are currently all EU member states except Denmark, plus Ukraine and Uruguay.
Our round-up of recent and forthcoming developments in UK law and practice for our international stakeholders.
In December 2022, the European Commission published its proposals for a regulation ("EMIR 3.0") amending the European Market Infrastructure Regulation ("EMIR"). On 13 February 2024, following negotiation and political agreement with the EU Parliament, the Council of the European Union released the final text of EMIR 3.0, which is expected to be published in the Official Journal pending Parliament's approval.
Travers Smith LLP has advised HSBC UK Leveraged Finance on the financing of LDC's significant investment into 15below, a specialist software developer in passenger communications for the travel industry.
Travers Smith LLP has announced the appointment of Charles Bischoff as Head of the Finance. Charles succeeds Danny Peel, who will continue to play a significant role in the practice as Head of Fund Finance.
Travers Smith LLP has advised the owner of Specialist Aviation Services Ltd (SAS), a UK-based supplier of critical air ambulance services, on the sale of its business and assets out of administration to AIM-listed Gama Aviation plc.
Travers Smith LLP has advised long-standing client Cinnamon Care Homes (Cinnamon Care) on the refinancing of two more luxury care homes in Exeter and Worcestershire with a £23 million facility from specialist lender Leumi UK, increasing their total facilities with Leumi UK to £42.5 million.
A regular briefing for the alternative asset management industry.
Travers Smith has advised Olsam Group, a leading European eCommerce platform, on its acquisition of Dwarfs, a well-established eCommerce aggregator in the Netherlands.
Head of Finance Danny Peel, Partner Charles Bischoff and Senior Counsel Laura Smith have authored a chapter on rated subscription lines in the latest edition of Global Legal Insights' annual fund finance publication. In this chapter they consider the elements of fund and finance documentation that are likely to be in focus when assigning credit ratings, and explore what their application may mean for the fund finance market in the medium to longer term.
The Court of Appeal has ruled that the previous decision of the High Court to sanction a restructuring plan ("Plan") that had been proposed by the Adler Group ("Adler") should be set aside. The decision marks the first appeal in relation to a restructuring plan under Part 26A of the Companies Act 2006 ("Companies Act") and the decision offers clarity on the approach to restructuring plans, particularly when considering issues of "fairness".
Travers Smith LLP has advised long-standing client Macquarie Capital Principal Finance (Macquarie Capital) on the refinancing of Matrix Networks Group (Matrix), a leading provider of specialist utility infrastructure in the UK.
Travers Smith LLP has advised PineBridge Benson Elliot, a pan-European real estate private equity specialist (PBBE), on the financing of Mitheridge Capital Management's (Mitheridge) acquisition of a co-living development site in Hackney Wick.
I try to learn from the past, but I plan for the future by focusing exclusively on the present. That's where the fun is.
Travers Smith LLP has advised Red Oak Taverns (Red Oak) on the refinancing of their current debt facilities with HayFin with new facilities from OakNorth Bank (OakNorth).
Travers Smith LLP has advised long-standing client Inflexion on the refinancing of CNX Therapeutics (CNX) with a new debt facility from credit funds managed by global alternative investment manager Ares Management (Ares).