Legal Trends in Broadly Syndicated Loans

Produced on: November 13, 2017

Course Format On Demand Audio

Taught by

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Course Description

Time 90 minutes
Difficulty Intermediate

In this program, Lewis Grimm, Co-Head of the Leveraged Finance Group at Jones Day, discusses the current market terms in the broadly syndicated loan market and the extent to which some of those terms are starting to infiltrate corporate and traditional middle market loans. Here, he will dissect the practical implications of some of these current market terms.  

Mr. Grimm will also address how the covenants and other current market terms in the broadly syndicated loan market have been used (and abused) in real world examples.


Learning Objectives:

  1. Recognize how the covenants and other terms have changed in recent years in the broadly syndicated loan market
  2. Identify how some of these terms are now seeping into other markets and what this means
  3. Review recent cases and public examples of how these provisions have operated in practice


Faculty

I. Lewis H. Grimm

Jones Day

Lewis Grimm has almost two decades of leveraged finance experience working on marquee deals in New York and Australia. He represents financial institutions, direct and institutional lenders, and corporate borrowers on cutting-edge leveraged and investment-grade lending and high yield transactions, both domestic and cross-border, as well as high-profile restructuring and bankruptcy matters.

His financial institution clients include Bank of Montreal, Citizens, Jefferies, KeyBank, M&T Bank, TD Securities, U.S. Bank, and Wells Fargo. Corporate borrowers include Century Aluminum, Cumulus Media, FTI Consulting, Kern River Holdings, Outfront Media, Texas Instruments, and TransDigm.

Lewis's recent high-profile deals include assisting the majority term loan lenders in the restructuring of the U.S. facility agreement of Atlas Iron through an Australian creditors' scheme of arrangement. This was a great example of how a company can successfully restructure when all parties work together. It was awarded Insolvency & Restructuring Deal of the Year at the 2016 Australasian Law Awards and Restructuring Deal of the Year at the 2016 Turnaround Management Association Awards.

He also represented the majority secured term loan lenders in the chapter 11 cases of Southcross Holdings and its affiliated debtors. This plan received approval within 15 days of filing, making it the fastest ever chapter 11 reorganization for a debtor having at least $500 million in liabilities.

Lewis was recognized by New York Metro Super Lawyers as a "Rising Star" for four consecutive years and was designated by M&A Advisor as one of 40 leading lawyers under the age of 40.

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