Documentation for High Yield Debt

Erscheinungsjahr 2001
ISBN: 978-1-85564-697-1
Verlag: Euromoney

Buch, Englisch, 329 Seiten

This book is the definitive guide to documentation for high yield debt issues in US and UK jurisdictions. Written by one of the field's leading US lawyers and uses annotations of standard documentation to give you a detailed and comprehensive understanding of Descriptions of Notes and Indentures for high yield debt issues.

Working through each document clause by clause, the book identifies the key features and interrelationships of these highly complex documents and includes detailed examinations of:

the high yield bond market including ratings, ranking and subordination, solutions to structuring high yield debt issues, descriptions of the key covenants and practical tips for issuers in the negotiation of high yield debt terms;
sample annotated Description of Notes for a US LBO, including an explanation of the structuring of the LBO debt;
sample annotated Description of Notes for a UK issue for an LBO, highlighting the important differences between the US and UK jurisdictions;
the Securities Act and its implications for high yield debt issues, including a sample annotated Registration Rights Agreement; and
sample annotated Indenture for high yield bonds, together with an overview of the Trust Indenture Act.

This practical guide will ensure that you understand the implications of individual documentary terms and can avoid common pitfalls in drafting and reading high yield debt documentation. It is an invaluable guide for anyone involved in high yield debt issues.

Autoren/Hrsg.

Webb, David E

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft
• Rechtswissenschaften Ausländisches Recht Common Law (UK, USA, Australien u.a.)

Inhaltsverzeichnis

Documentation for High Yield Debt
Table of Contents

Part I: Introduction to High Yield Bonds
A. Brief History of the High Yield Market
B. Rating High Yield Bonds
C. Structure in High Yield Offerings
D. Overview of High Yield Covenants
E. Negotiating High Yield Debt Terms

Part II: Sample Annotated Description of Notes for U.S. Issuer
A. Structuring the Acquisition of Bullard Color Printers
B. Structuring the Debt for the LBO of Bullard Color Printers
C. Sample Annotated Description of Notes for U.S. Issuer

Part III: Sample Annotated Description of Notes for U.K. Issuer
A. Overview of Transaction
B. Sample Annotated Description of Notes for U.K. Issuer

Part IV: High Yield Bonds and the Securities Act
A. Private Placements
B. A/B Exchange Offers
C. Sample Annotated Description of Registration Rights Agreement for A/B Exchange Offer

Part V: Sample Annotated Indenture for High Yield Bonds
A. Drafting Indentures
B. The Trust Indenture Act of 1939 (TIA)
C. Sample Annotated Indenture for High Yield Bonds