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- The Role of English Law in Current Financing Transactions
- The Strategy and Tactics of Pricing
- Transforming Strategy into Business Results
- Vision Management Program
IE Business School
Executive Education
Opleiding: The Role of English Law in Current Financing Transactions
Learning purpose
This Seminar will offer participants an opportunity to explore financing transactions from an English law perspective, with a particular emphasis on syndicated lending and debt capital markets.
Presented by experts from the leading law firms, Clifford Chance and Slaughter and May, the Seminar will focus on transaction structures for financings under English law, interwoven with
discussion of developments in the current markets. There will also be an examination of the
English legal concept of a trust, and its relevance for financings in the bond and loan markets. The speakers will also present case studies for participants to apply the information gained during the Seminar in a practical and highly topical context.
Target audience
This Seminar will be of particular interest to lawyers working in-house or in private practice who have a degree of familiarity with international financing transactions.
Programme
First Day
9:30h - 10:00h Program welcome
10:00h - 12:00h General overview of syndicated lending: background (types of loans, parties, several rights and obligations, English v Spanish law); term sheets (purpose, scope); mandate letters (contents, legal effect); loan agreement (mechanical clauses, representations, covenants, events of default, boilerplate); transfers (novation, assignment, sub-participation); security (assets, security documents, costs); subordination arrangements (legal, structural, contractual); LMA; role of security trustee
12:00h - 12:30h Break
12:30h - 13:30h Comment on principal differences between English law Loan Market Association templates and Spanish market practice
14:00h - 16:00h Lunch break
16:00h - 18:00h Introduction to restructuring; what is it (preservation of value, formal/informal); phases (pre-contractual, contractual); key players (shareholders, management, lenders, insurers, trade creditors, lawyers, accountants); standstill agreement/restructuring agreement
18:00h - 20:00h Restructuring case study
Second Day
9:00h - 10:00h General overview of capital markets; equity (shares, hybrid capital, GDRs) v debt securities (bonds, commercial paper) reason for financing with equity vs debt securities; types of bonds (plain vanilla, structured, high yield); forms and legal characteristics of bonds (bearer vs. registered); issuing a eurobond (parties, process and documentation): terms and conditions, prospectus, MTNs vs. stand-alone, Trustee vs. Fiscal Agent, Selling restrictions; new developments (Basle III)
10:00h - 11:00h Liability Management; purpose; regulatory consent; bondholder consent; offer restrictions
11:00h - 11:30h Break
11:30h - 13:30h Case study: Lehman Brothers securities
13:30h - 14:00h Summary and Conclusions
Opleiding kerngegevens
