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In recent months, we have seen several requests to include a swingline facility in the capital call loan documentation for syndicated facilities. Swingline loans are normally made available as a component of a revolving credit facility by one of the lenders designated as the “swingline lender.” Swingline loans are designed to give the borrower more rapid access to funds than would otherwise be permitted by the notice periods prescribed in the credit agreement, which typically require at least three business days notice for eurocurrency loans and one business day notice for base rate loans. In addition to affording same-day funding, swingline facilities also grant a borrower greater flexibility by permitting swingline loans to be requested at a later time on the date of funding. Swingline loans can be funded with shorter notice because they are being advanced by only one lender, which is often the lender serving as the administrative agent.
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Amending Fund Finance facilities to replace LIBOR as the primary benchmark interest rate has all the makings of a potential client experience disaster for your Fund sponsor clients. This is not just theoretical – we are starting to see real relationship strain develop in practice as a result of the amendment process. Here are our suggestions to best manage the client experience toward a favorable outcome for your Fund sponsors.
This week, I speak with the Walkers team who are launching a new podcast series – We Talk Banking and Finance. Their first episode looks at fund finance and features guest Mohith Sondhi, Senior Director – Debt Finance at OakNorth Bank, with co-hosts Walkers Group Partner Zoë Hallam and Senior Counsel Julia Keppe.
Mondaq Webinars will host the session, "Hot Topics in Fund Finance," next Wednesday, September 22 at 11 a.m. New York time. Cadwalader's Mike Mascia and Leah Edelboim are presenting. For more information or to register, click here.
Today is the last chance to register for this year's Fund Finance Association University, the intensive full-day training session scheduled for next Tuesday, September 21.
The Fund Finance Association will host an in-person cocktail event at the Ascent Lounge in New York on Thursday, October 21. An official invitation for the event will be shared within the next month. For information on COVID-19 protocols and to register your interest in attending the event, click here.
Ogier's cross-jurisdictional fund finance team offers their thoughts and insights on what they are seeing in each of the firm’s regions heading into the last few months of 2021. The article is available here.
Brickfield Recruitment’s Fund Finance Voices series features an interview with Russell Evans, Head of Financial Institutions, Europe at National Australia Bank (NAB). Evans gives his views on ESG-linked facilities and why they are a great step forward.
Cadwalader Fund Finance partner Samantha Hutchinson has been shortlisted by the Financial Times in the “Innovative Practitioner” category as part of the publication’s prestigious FT Innovative Lawyers Europe 2021 awards and report.
Konstyantyn Shcherbakov has rejoined The Bank of New York Mellon as the Head of the Alternative Funds Lending team, which will consolidate fund finance product offering across subscription finance, NAV lending and other debt products extended to Private Equity and Hedge Funds.
ING’s Fund Finance business is experiencing significant growth and, as a result, the London-based team is now seeking to recruit an Analyst.
Pacific Western Bank is looking to hire at least two new analysts to support its fund finance team.