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Liability Management Exercises: Read the Fine Print
Liability management exercises (LMEs) have gained considerable attention during the past few years. Prior to the financial crisis a borrower was prohibited under the terms of its loan agreement from purchasing its loan. However, that changed as interest rates fell, capital became plentiful and competition among lenders increased leading to loan agreements being modified to allow a borrower to use an LME to restructure its loan.
LMEs also presented lenders with an opportunity to restructure their borrower’s debt in ways that preserved senior priority and entitled them to be paid additional transaction fees. Thus, as a concept, LMEs have appeal for both borrowers and lenders.
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