10 · Transactions & finance · Acquisition · fund finance
Finance
What assistance changes in this practice, what it does not change, and the time reduction actually observed.
Where the gain is real
Review of credit documentation against market standard, extraction of financial covenants, monitoring of events of default.
Where it is slight or nil
Negotiating the cost of credit, syndication, the banking relationship.
Observed time
−49% at constant case scope, on cases closed over the last three financial years. This measure says nothing about the quality of the outcome.
What the practice covers
- Acquisition financings, add-ons, recapitalisations and special situations
- Senior and junior credit facilities, secured or unsecured
- Fund finance: subscription lines, NAV, hybrid and GP/ManCo facilities
- Asset-backed financings and secondary transactions
- Mapping of security interests and of intercreditor agreements