Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 08 JULY 2009

“Amend And Extends” Emerge As New Trend In U.S. Loan Markets

Osler, Hoskin & Harcourt LLP
Explore more from Osler, Hoskin & Harcourt LLP

A current and anticipated future lack of refinancing sources for maturing loans, coupled with the recent surge in secondary loan market prices, have lead to a new trend in U.S. loan markets: the so-called “amend and extend” transaction or “A&E.”

CanadaFinance and Banking
Author LinkedIn connections

Article by Andrew G. Herr , Joyce M. Bernasek and William Corcoran

A current and anticipated future lack of refinancing sources for maturing loans, coupled with the recent surge in secondary loan market prices, have lead to a new trend in U.S. loan markets: the so-called "amend and extend" transaction or "A&E." At least 15 A&Es of U.S. credit facilities have been executed since March 2009, when this nascent trend began.

A&Es are non-pro rata extensions of the maturity of revolving credits, term loans, or both. A "non-pro rata maturity extension" means that the maturity of the loans of certain lenders under a credit agreement is extended, while that of other lenders under the agreement is left unchanged. This is often accomplished by amending the credit agreement to bifurcate an existing facility into two tranches – one whose maturity is extended normally by at least one year (and at increased, current-market pricing), and the other whose maturity (and

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

A New Structure Enters The Ring: CIRO’s Incorporated Approved Person Compensation Proposal

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.
CanadaFinance and Banking
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada’s Revised AML Framework: Sweeping Penalties And Compliance Requirements

Bill C-12 has fundamentally transformed Canada's anti-money laundering framework by introducing penalties up to forty times higher than previous levels and expanding compliance obligations across the financial sector. The legislation now requires all reporting entities to enroll with FINTRAC and maintain "reasonably designed, risk-based and effective" compliance programs, while imposing cumulative maximum penalties that can reach 3% of global revenue.
CanadaFinance and Banking
Miller Thomson
Miller Thomson
Article

The Q3 2026 PE Briefing

The Canadian private equity landscape navigates a transition period marked by prolonged market volatility and stalled exit activity, yet demonstrates resilience through strategic investments in high-growth sectors. Q3 2026 analysis reveals how larger commitments, power and utilities investments, evergreen fund expansion, and healthcare sector dynamics are shaping the market amid escalating trade tensions and evolving investor strategies.
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Open Banking Milestone: Draft Supervisory Guidelines For Consumer-Driven Banking Released

The Bank of Canada (the “Bank”) has published two proposed guidelines relating to the accreditation process for prospective participants under the Consumer-Driven Banking Framework: the Participating entity accreditation application requirements under the Consumer-Driven Banking Act (the “Participating Entity Guideline”) and the Third-party service provider accreditation application requirements under the Consumer-Driven Banking Act (the “TPSP Guideline”).
CanadaFinance and Banking
Fasken
Fasken
Article

The Trade War Tit-for-tat Continues: United States Responds To Canada’s Retaliatory Surtaxes With New Tariffs And Import Prohibitions

Canada and the United States have escalated their trade war with new retaliatory tariffs and import prohibitions taking effect in September 2026. What specific goods are now subject to these measures, and how do the complex layers of tariffs interact to impact cross-border commerce? This comprehensive analysis breaks down the latest developments in the deteriorating Canada-U.S. economic relationship.
CanadaInternational Law
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Canadian Prime Minister Announces ‘Productivity Mega Deduction’

Canada's new Productivity Mega Deduction permanently provides immediate expensing for a wide range of depreciable property and Canadian development expenses, dramatically expanding the scope beyond the previously announced Productivity Super Deduction. The measure aims to reduce Canada's marginal effective tax rate on new business investment to 6.4%, positioning it as the lowest among major economies and less than half the U.S. rate.
CanadaTax
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Elbows Back Up: U.S. Section 338 Tariffs, Canada’s Retaliatory Surtaxes And The Current Tariff Landscape

As Canada and the United States escalate their trade dispute with new retaliatory tariffs, businesses face mounting compliance challenges across multiple sectors. This analysis examines the comprehensive tariff landscape affecting bilateral trade, including Canada's September 8, 2026 surtaxes on U.S. imports and the corresponding American section 338 tariffs, detailing rates, exemptions, and the legal frameworks governing these measures.
CanadaInternational Law
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP