Distressed and Par/Near-Par Loan Trading

The centerpiece of our firm’s practice is representing buyside institutional investors in the purchase and sale of distressed and par/near-par loans and other institutional debt in the secondary market.

On a particular trade, our role may include helping our client to address a due diligence concern, formulating and drafting additional trade terms and conditions, analyzing closing documentation issues or enabling our client to fine-tune their restructuring strategy before they even commit to the trade. We remain proactive throughout the confirmation and formal documentation process, working to highlight potential issues for our clients before they turn into problems, and making sure the closing process progresses consistently with our clients’ underlying strategic goals.

Trades in which we have been involved range from large-scale purchases to acquire a controlling position in a single credit to new-fund ramp-ups requiring hundreds of individual purchases across a variety of credits required to close within a narrow time frame.

As members of both the New York-based Loan Syndication and Trading Association and the London-based Loan Market Association, we regularly work on trades in both the domestic and overseas secondary loan markets, periodically teaming with qualified local co-counsel to assure that the relevant U.S. bankruptcy and restructuring concerns–such as the avoidability of transfers, and the enforceability of the subject claims–are being adequately addressed in the foreign jurisdiction.

We also have extensive experience in negotiating one-off documentation for transfers of less frequently traded instruments including privately placed notes, restricted stock, units in litigation trusts, and similar non-standard transactions.