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ARTICLE · 05 MARCH 2021

Developments Of Creditor Rights In Private Debt

Morrison Foerster
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Despite the COVID-19 pandemic, 2020 proved that the European private debt market remains strong. A 2021 Preqin Private Debt Report revealed that there were 504 active European private debt managers...

United KingdomFinance and Banking
Benoit Lavigne
Benoit Lavigne
John Burge
John Burge
Struan Clark
Struan Clark
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Despite the COVID-19 pandemic, 2020 proved that the European private debt market remains strong. A 2021 Preqin Private Debt Report revealed that there were 504 active European private debt managers in 2020, up from 443 in 2019, with $86 billion (equivalent) in dry powder as at June 2020.  Further, according to the GCA Altium Midcap Monitor, private debt deal volumes nearly doubled between Q3 and Q4 2020. This alert looks at certain developments of creditor rights in private debt financings including First Out/Last Out arrangements as part of a syndication of term loans on a super senior. These continue to form part of the private debt market despite many private debt managers having raised funds with lower return hurdles.

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Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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