Cadwalader’s Fund Finance team has continued its recent expansion with the hire of Susan Bumgardner as an associate in the New York office.
We are pleased to announce that partner Smridhi Gulati has joined our Leveraged Finance & Private Credit team in London.
As we finish the last season of LIBOR replacement, the fund finance market is busy amending our loan documents to include SOFR as the interest rate benchmark for U.S. dollar loans. While the cessation date for USD LIBOR is June 30, 2023, the deadlines for the continuing IBOR benchmarks for other currencies are more of a mixed bag. In this piece we analyze the current state of play of the alternative currency benchmark rates to equip you with the information you need to assess their use in your facility documentation.
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We have been following Fund Finance Friday’s journey through different U.S. jurisdictions and the interesting range of approaches taken by various states to sovereign immunity. With the Cayman Islands being the largest offshore fund domicile for U.S. fund managers, we thought it was worth extending the series offshore.
Subline demand vastly outstrips credit availability, according to a Wall Street Journal article this week titled “Bank Pullback Leaves Buyout Firms Starving for Bridge Loans.” The article highlights lenders that have retreated from the market. It’s also the first time we can recall seeing subscription facility margins explicitly quoted in a mainstream news article. Facility margins of around 300 bps affects the way funds use credit facilities, according to the article.
Women in Fund Finance (WFF) hosted its inaugural Wit and Wisdom Event in Charlotte earlier this week.
Olawale Ajayi has recently joined CA-CIB in London as the Vice President in Private Equity Funds Solutions, and Anthony Episcopio has joined Apple Bank in New York as a Vice President in Subscription Finance.
Our new partner expands the firm’s capabilities in structured and asset-backed financings.
For our eighth installment in the FFF Sovereign Immunity Series, we consider the doctrine of sovereign immunity in England & Wales.
Recently, as has been long signaled, the UK's Financial Conduct Authority announced that it would indeed require the International Exchange Benchmark Administration to publish an unrepresentative synthetic USD LIBOR for 1-, 3- and 6-month tenors for an additional year, which is expected to be further extended through September 30, 2024. It has come at a time when we continue to be in the thick of LIBOR transition amendments in our fund finance deals, as June 30, 2023 − the last date of publication of representative USD LIBOR − is quickly approaching. Given this dynamic, the FCA announcement has created some confusion in the fund finance market – and in the broader loan markets. Here we explain the dynamics at work and what it means for fund finance deals.