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Strategic Debt Options for European Issuers/Borrowers in a Time of Adverse Market Conditions

Client memorandum | January 18, 2023

Authors: Ashar Qureshi, John Satory, Neil Caddy , Jons F. Lehmann , Ashley Katz , Mandip Englund, James Renahan, Rachel Wolfenden, Aseet Dalvi, and Brett T. Masters

Faced with high inflation, rising interest rates and broader market uncertainty, many issuers have forestalled refinancings and new issuances of leveraged debt in 2022, and face uncertainty as market conditions continue to evolve going into 2023. Such an environment can, however, present opportunities for issuers to proactively engage in strategic debt management exercises that can reduce leverage, extend the maturity of existing indebtedness or reduce the covenant burdens of existing debt.  In this presentation, we outline several strategic options that corporates may wish to consider in light of market conditions and their own requirements, including debt purchases through a variety of means, exchange offers, consent solicitations, equitization, schemes of arrangement, amend and extend transactions and restructuring options.

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