Syndicated loans are regularly used to raise large amounts of capital to finance business ventures. Depending upon how the syndication is structured, there is risk that the facility could be viewed as a security offering thereby injecting a significantly greater level of regulatory oversight into the transaction.
Second Circuit: Notes Issued from Syndicated Loan Transaction Are Not Securities Under 'Reves' Test
In an important recent decision, the U.S. Court of Appeals for the Second Circuit reviewed a $1.7 billion syndicated loan and provided a helpful analytical framework for determining whether applicable securities laws were called into play.
By
Francis J. Lawall and 
Marcy J. McLaughlin Smith
Marcy J. McLaughlin Smith
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