This section of the Coronavirus Recovery Playbook covers the Term Asset-Backed Securities Loan Facility (TALF) and how companies can access capital through TALF.
As the COVID-19 pandemic continues to impact the economy, many borrowers are facing liquidity needs and are seeking to manage their liabilities.
This section of the Coronavirus Recovery Playbook covers rescue capital raises from third parties, including shareholder approval and waiver of such approval; use of contingent instruments; and applicable tax considerations.
This section of the Coronavirus Recovery Playbook covers issuing equity, including the advantages and possible structure and terms of a rights offering
A challenging economy can stress the financial position of a borrower in a CMBS securitization. A commercial mortgage loan may become subject to handling by a special servicer in a number of circumstances, including a failure by the borrower to make interest payments or the occurrence of an event of default.
In recent years, commercial mortgage loans have routinely been divided into a senior and junior component, the "A Position" and the "B Position." The relationship between these positions is typically governed by a participation agreement or co-lender agreement that contains provisions that may be triggered following a period of financial distress.
This section of the Coronavirus Recovery Playbook covers key concepts of the NSA IPO and how aspects of the NSA structure could be incorporated into other transactions.
In the wake of the COVID-19 pandemic and its continuing impact on global financial markets, executing M&A transactions at the right price has become more challenging than ever.
The sudden and wide-ranging impact of COVID-19 has resulted in companies and boards of directors facing unprecedented situations and challenges. Directors should continue to rely on the key legal principles which have governed their conduct in the past.
Distress creates opportunity for savvy investors to buy assets or shares at favorable prices. Stock and debt of distressed companies often trade at prices reflecting their difficulties, and they may be under pressure to sell assets or securities quickly to raise capital or pay down debt.
This section of the Coronavirus Recovery Playbook covers tax insurance options for distressed situations.
When a company faces the need to refinance or extend maturities on debt or seeks to avoid potential covenant defaults, possible proactive debt management strategies include open market bond repurchases, tender offers, exchange offers and consent solicitations.