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Heightened Antitrust Scrutiny and its Impact on Debt Financing Costs and Commitments

Andrew J. Colao — Mon, 18 Dec 2023 21:26:15 +0000

As we head into the winter months, one trend that has the potential to “chill” activity in the market is the broader and more aggressive approach to antitrust enforcement taken by the Federal Trade Commission and the Antitrust Division of the Department of Justice. This heightened regulatory scrutiny has resulted in lengthier deal timelines – […]

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Leveraged Finance Market Update

Andrew J. Colao — Mon, 17 Jul 2023 16:02:27 +0000

It has been a cruel summer, not just for Taylor Swift fans navigating Ticketmaster, but also for the leveraged finance market, as borrowers and lenders alike faced a challenging economic climate and tight credit conditions. However, cooling inflation and signs of a reopening of the syndicated loan market suggest we may soon be out of […]

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Leveraged Finance Market Update

Patrick Wildes — Wed, 15 Feb 2023 20:39:17 +0000

The proverbial “Dry January” was not entirely dry in the U.S. leveraged loan market where market participants remain thirsty for opportunities to deploy available capital. While lackluster, activity in the U.S. leveraged loan market in the fourth quarter of 2022 and January 2023 was bolstered by a strong private credit market and record-breaking amend-and-extend activity. […]

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Leveraged Finance Market Update

Andrew J. Colao — Thu, 01 Dec 2022 13:15:54 +0000

It’s not just the cost of Thanksgiving turkey that increased in 2022. The U.S. leveraged loan market for the majority of 2022 has been shaped by three increases: (A) increased volatility, (B) increased borrowing costs and (C) increased risk-aversion. In this alert, we’ll dive deeper into the impact each of these has had on the […]

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Leveraged Lending Market Update

Andrew J. Colao — Thu, 24 Feb 2022 15:49:00 +0000

Weil partners Andrew Colao and Jacqueline Oveissi and associates Justina Chen and Kaitlin Bond presented on “Leveraged Lending Market Update” as part of Weil’s 2022 Private Equity Webinar Series. View the webinar.

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Competing Benchmarks in the Transition from LIBOR

Andrew J. Colao — Mon, 07 Jun 2021 14:19:00 +0000

While significant momentum has built over the last few years around the Secured Overnight Funding Rate (“SOFR”), we have seen other alternative interest rates gain traction in recent months, especially as the initial December 31, 2021 deadline draws nearer. In this post, we provide an overview of SOFR and compare it to some of the […]

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Leveraged Loan Market Begins to Rebound

Andrew J. Colao — Mon, 11 Mar 2019 02:21:40 +0000

The U.S. leveraged loan market has started to rebound in February and March of 2019 due, in part, to light supply and improving technical conditions. The percentage of loans trading above par is at the highest level since the end of November 2018. In addition, interest rate spreads, while still higher than the spreads seen […]

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Leveraged Lending Market Update: 2018 Year in Review and 2019 Outlook

Andrew J. Colao — Fri, 01 Feb 2019 14:45:25 +0000

2018 was an interesting year for the U.S. leveraged loan market, with three quarters of high leverage levels, low pricing and borrower friendly terms dominating the market, but stalling in the fourth quarter. Although the market has started to rebound (albeit slowly) in January 2019, pricing and documentation terms remain less favorable to sponsors than […]

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The Transition From LIBOR and the Syndicated Loan Market’s Initial Reaction

Andrew J. Colao — Tue, 12 Sep 2017 16:30:10 +0000

As has been widely communicated, on July 27, 2017, Andrew Bailey, the Chief Executive Officer of the United Kingdom’s Financial Conduct Authority (“FCA”), made an announcement that sent a shock wave through the financial markets: the London Interbank Offered Rate (“LIBOR”), the primary reference rate that underpins at least $350 trillion in global financial transactions […]

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