November 14, 2022

Partners Edward Downer and Daniel Gendron were interviewed on Reorg’s Expert Views podcast about amend and extend (A&E) transactions and the considerations for borrowers and lenders when pursuing them.

The in-depth discussion focused on the reasons owners and borrowers might undertake A&E transactions as part of the “liability management toolkit,” the creditor-side rationale for pushing out repayment or maturity, current dynamics and the scenarios where “a complex A&E and a light-touch restructuring cross over.”

Edward and Daniel also highlighted recent, novel A&E transactions in the market and the potential of more to come, if borrowers face looming maturities and credit investors maintain a positive longer-term outlook.

“[I]f the margin and coupon uplift discussions can make the A&E credit-positive, then an A&E is going to be a popular liability management exercise, whether done consensually or using implementation tools like English schemes of arrangement or restructuring plans,” Daniel Gendron said.

Edward Downer is a partner in Willkie’s Business Reorganization & Restructuring Department in London.

Daniel Gendron is a partner in Willkie’s Finance Practice in London.

Reorg is a global provider of credit intelligence, data and analytics. The Expert Views series features interviews with leading financial and legal professionals on recent developments and emerging issues in the market.

Listen to the podcast here.

The transcribed article is available on Reorg here. (Subscription required)