Presenters:
Anthony P. Canale, J.D., Global Head of Research, Covenant Review
Scott Josefsberg, J.D., Head of U.S. High Yield Research, Covenant Review
Ian Y. Feng, J.D., Senior Director, U.S. Leveraged Loans, Covenant Review
Dan Kamensky, Founder, Creditor Rights Coalition
Mark Lightner, Esq., Head of Special Situations Legal Research, ���׶���Ƶ

Our three-part series will provide a comprehensive examination of the major LMT strategies employed in the market today, analyzing recent litigation outcomes, emerging transaction structures, and practical market responses. Gain critical insights to better identify risks in credit documents, understand potential recovery implications, and position yourself advantageously in today’s complex liability management landscape.

Ep3. Double-Dips and Other LMT Strategies

• Double-Dip/Pari Plus Fundamentals: Key definitions, mechanics, and strategic use of Double Dip and Pari-Plus liability management transactions.
• Case Studies: Step-by-step breakdowns of market examples including At Home, Sabre, and STG Logistics, with focus on intercompany loans, guarantees, and collateral structures.
• Market Responses: Overview of market and contractual responses such as double dip blockers, unrestricted subsidiary limitations, and investment restrictions.
• Bankruptcy History and Implications: Discussion on historical double dip cases as well as potential legal challenges going forward.
• Where Do We Go From Here: Explore the cutting edge tools of the trade for consummating LMTs as well as the evolving legal landscape.

Presenters:
Anthony P. Canale, J.D., Global Head of Research, Covenant Review
Scott Josefsberg, J.D., Head of U.S. High Yield Research, Covenant Review
Ian Y. Feng, J.D., Senior Director, U.S. Leveraged Loans, Covenant Review

Our three-part series will provide a comprehensive examination of the major LMT strategies employed in the market today, analyzing recent litigation outcomes, emerging transaction structures, and practical market responses. Gain critical insights to better identify risks in credit documents, understand potential recovery implications, and position yourself advantageously in today’s complex liability management landscape.

Ep2. Drop-Downs

• Drop-Down Mechanics: Comprehensive breakdown of value transfer strategies to non-credit parties.
• Structural Vulnerabilities: Identification of enabling provisions in credit documents that facilitate drop-downs.
• Investment Capacity Analysis: Analysis of “J. Crew Trapdoor” baskets, free-flow-of-value provisions, and the “Black Hole” concept.
• Defensive Strategies: Discussion of “J. Crew blockers,” “Pluralsight blockers,” and other market responses.

Presenters:
Anthony P. Canale, J.D., Global Head of Research, Covenant Review
Scott Josefsberg, J.D., Head of U.S. High Yield Research, Covenant Review
Ian Y. Feng, J.D., Senior Director, U.S. Leveraged Loans, Covenant Review

Our three-part series will provide a comprehensive examination of the major LMT strategies employed in the market today, analyzing recent litigation outcomes, emerging transaction structures, and practical market responses. Gain critical insights to better identify risks in credit documents, understand potential recovery implications, and position yourself advantageously in today’s complex liability management landscape.

Ep1. Overview and Uptiering

• LMT Fundamentals: Essential definitions and the exponential growth of liability management transactions in recent years.
• Uptier Transaction Mechanics: Detailed exploration of the “Serta paradigm” and its evolution from LME 1.0 to LME 2.0.
• Legal Landscape: Analysis of recent landmark litigation including Serta, Mitel, and Incora cases and their implications.
• Market Responses: Evaluation of “Serta” blockers, buyback limitations, and other protective provisions.