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Reorg Radio
Conversations with Reorg: Willkie Farr & Gallagher Disuss A&E Transactions
Nov 14, 2022
13:52
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Ed Downer and Daniel Gendron from Willkie Farr & Gallagher discuss A&E transactions in the latest episode. They explore the reasons for pursuing A&E transactions, alternative solutions and consensual agreements in the market, the right and wrong of asset exchanges and restructurings, and the use of A&E transactions in the next few quarters.
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Quick takeaways
- Amended extend (A&E) transactions provide a bridge to refinancing or restructuring and help businesses with medium-term maturity challenges or capital structure issues to maintain relationships with creditors and avoid giving up control or equity.
- Sponsors and borrowers opt for A&E transactions to lock in favorable pricing, manage maturities, maintain relationships with creditors, and gain certainty without relinquishing control, even injecting new capital to bolster lenders' confidence.
Deep dives
Overview of A&Es and their purpose
An amended extend (A&E) is a consensual agreement that modifies and extends a credit or financing agreement, commonly used in private debt, syndicated loans, and corporate bonds. A&Es fill a gap in liability management when a full-scale refinancing is not feasible or when the debt markets are unfavorable. They serve as a bridge to refinancing or restructuring, often used with senior debt that is not expected to be impaired. A&Es can be a solution for businesses with medium-term maturity challenges or capital structure issues, providing a pathway to maintain relationships with creditors and avoid giving up control or equity.
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