1. What is the current legal landscape for your practice area in your jurisdiction?

Private debt continues to gain market share in our jurisdiction, with an increasing number of actors establishing a local presence and strengthening their “feet on the ground”. Both traditional banks and private debt funds report significant amounts of capital available for deployment, and there is a clear sense that many lenders are actively searching for attractive transactions.

At the same time, overall transaction volumes have not yet returned to the levels seen a few years ago. This imbalance between available capital and deal flow has, for well-structured and high-quality cases, contributed to a somewhat more borrower-friendly market, with increased competition among lenders and greater flexibility in terms and structures.

In parallel, the number of problem cases appears to have declined. This is likely due to the fact that the weakest credits have already been addressed earlier in the cycle, either through restructurings, renegotiations or insolvency proceedings. As a result, current activity is increasingly focused on new originations and refinancings of fundamentally sound businesses, rather than reactive distress-driven work.

2. What three essential pieces of advice would you give to clients involved in your practice area matters?

Firstly, initiate the refinancing process well in advance. Documentation workstreams, the lenders internal credit processes, and third-party deliverables (financials, due diligence, valuations, security perfection, regulatory/KYC and tax input) often take longer than expected. If the process is initiated too late, time pressure can quickly translate into reduced negotiating leverage and force compromises.

Secondly, the initial structuring phase is often where legal counsel can add the greatest value. The borrower’s in-house finance team typically has deep insight into the business – its cash flows, operational needs and risk profile – but may not run refinancings frequently. Lenders, by contrast, are highly familiar with refinancing processes and market-standard documentation and will usually arrive with clear positions on structure, covenant package, security and control terms. That asymmetry can shape negotiations from day one.

Bringing lawyers in early helps level the playing field. Lawyers can translate the company’s commercial objectives into a workable financing structure, anticipate lender asks, benchmark proposed terms against the Swedish market, and identify issues that are difficult to unwind later – such as covenant headroom, security scope, intercreditor mechanics and consent thresholds. Getting the structure right upfront reduces execution risk, improves negotiating leverage, and prevents avoidable compromises later in the process.

Thirdly, a senior facilities agreement is complex and takes time to properly absorb. Investing the effort upfront to understand the key undertakings – particularly financial covenants, information and reporting obligations, restrictions on debt and security, disposals, acquisitions and distributions, and the consent mechanics – can materially reduce risk over the life of the facility. If these provisions are not well understood and embedded into internal processes, inadvertent breaches can occur and lead to waiver requests, increased cost, tighter terms and reputational friction with lenders. A focused “operationalisation” of the agreement at signing – clear ownership internally, compliance routines and early-warning triggers – often pays for itself many times over.

3. What are the greatest threats and opportunities in your practice area law in the next 12 months?

Opportunities:

• Increased transaction activity, driven by refinancing needs, M&A, and sponsors returning to the market as pricing and valuation expectations converge.
• Greater lender competition, which can translate into more creative structures, faster processes and improved terms for strong borrowers.

Threats:

• Volatility in rates and macro conditions that can quickly affect leverage tolerance, covenant compliance and refinancing windows.

4. How do you ensure high client satisfaction levels are maintained by your practice?

We focus on being practical, pragmatic, accessible and genuinely integrated into the client’s deal team. Matters are staffed “hands on” with a blend of senior oversight and responsive day-to-day execution, so clients get both strategic judgment and efficient delivery.

We also prioritize predictability: clear workplans, early identification of issues, and transparent communication on timing, risk and cost. Above all, we tailor our advice to the client’s commercial objectives – delivering solutions that work in practice, not just on paper.

5. What technological advancements are reshaping your practice area law and how can clients benefit from them?

AI-enabled document management and drafting support tools are becoming a significant shift for firms advising on financing transactions. Used correctly, AI can speed up key parts of the process: locating relevant precedent language, comparing versions, identifying deviations from house positions, and helping teams navigate large document sets more efficiently. This can shorten timelines and reduce cost, particularly in documentation-heavy transactions.

However, AI is not a replacement for experienced review. Financing documentation is highly sensitive to nuance: small drafting differences can materially affect allocation of risk, enforceability and commercial outcomes. Human judgment remains essential for context, negotiation strategy and quality control.

The best outcomes come from a hybrid approach – leveraging AI for speed and scale, while relying on practitioners for analysis, judgment and deal leadership. That combination supports faster, more cost-effective execution without compromising the strategic oversight that protects clients’ interests. As AI improve, it will become more and more useful.