News & Events

Corporate Partner Mary Touchstone was quoted in a Private Funds CFO article titled, “Part 5: Banks (trying) to sell down pre-covid SCF exposures.” The article, which is the most recent installment in a series titled, “Subscription Credit: A Shifting Landscape,” focused on recent conservatism in new lending and the impact on the market for syndicating deals. The article noted it has gotten harder to find a syndicate for new, large transactions, and that banks are trying to sell down existing pre-COVID exposures, in some cases to make room for new loans at higher prices.  

When discussing how GPs typically have consent rights before new assignees can be made to their loan, Mary said that these rights can be stripped away in certain circumstances such as an event of default. Mary additionally explained that it is crucial to ensure assignations cannot be made to competitors, such as credit funds run by rival private equity firms.

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