The Acquisition and Leveraged Finance Review - Edition 3

Christopher Kandel
  • Editor:
  • Christopher Kandel
  • Latham & Watkins LLP

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Acquisition and leveraged finance is a fascinating area for lawyers, both inherently and because of its potential for complexity arising out of the requirements of the acquisition process, cross-border issues, regulation and the like. It can also cut across legal disciplines, at times requiring the specialised expertise of merger and acquisition lawyers, bank finance lawyers, securities lawyers, tax lawyers, property lawyers, pension lawyers, intellectual property lawyers and environmental lawyers, among others. An additional area of complexity and interest at the moment comes out of market forces that are driving convergence in the large cap leveraged financings between loan and high-yield bond products generally, as well as between different markets (particularly pressure on markets outside the United States to conform to terms available in the US market but sometimes also vice versa), and in some cases the market is still debating whether to adjust for differences in bankruptcy, guarantee or security regimes.

The Acquisition and Leveraged Finance Review is intended to serve as a starting point in considering structuring and other issues in acquisition and leveraged finance, both generally but also particularly in cases where more than just an understanding of the reader’s own jurisdiction is necessary. The philosophy behind the sub-topics it covers has been to try to answer those questions that come up most commonly at the start of a finance transaction.

About the Editor

Christopher Kandel is co-chair of Latham & Watkin’s global banking practice group and specialises in complex international acquisition and leveraged finance transactions. He is distinguished in the London market as one of the few lawyers with partner-level experience and expertise in handling leveraged finance and restructuring matters under both English and US law, and is recognised as a leading lawyer in legal directories including Chambers UK (2016 edition tier 1 individual ranking), The Legal 500 (2016 edition ‘Leading Individual’ ranking) and IFLR 1000 (2016 edition ‘Leading Lawyer’ ranking), and by inclusion in Euromoney’s Guide to the World’s Leading Banking Lawyers, Who’s Who in the World (Marquis) and Who’s Who in America (Marquis).

During Mr Kandel’s career, he has advised on many landmarks, including numerous European acquisition financings including the largest European LBO financings of the past year (Pirelli), the first super senior revolving facility agreement in Europe, the first pari passu senior secured bank facility/senior secured notes issue in Europe, the largest LBO financing in Asia, the largest high yield in Asia and the first western-sponsor style leveraged buyout financing in Russia.

Acknowledgements

The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:

Introduction

  • Melissa Alwang and Christopher Kandel
  • Latham & Watkins LLP

Australia

  • John Schembri and David Kirkland
  • Gilbert + Tobin

Austria

  • Jasna Zwitter-Tehovnik
  • DLA Piper Weiss-Tessbach Rechtsanwälte GmbH

Belgium

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Canada

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Cayman Islands

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England and Wales

  • Christopher Kandel and Karl Mah
  • Latham & Watkins LLP

Finland

  • Timo Lehtimäki and Maria Pajuniemi
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Portugal

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Russia

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Spain

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Sweden

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USA

  • Melissa Alwang, Alan Avery, Mark Broude, Jiyeon Lee-Lim and Lawrence Safran
  • Latham & Watkins LLP

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