Skip to main content

  • AddRemove
  • Build a Report 
Legal Update

What Does “Silent” Really Mean? An Overview of “Silent Second Lien” Loans in the US and Europe

16 May 2017
Mayer Brown Legal Update
Many capital structures include one or more debt facilities that are junior to senior debt secured by the same assets or property. One such type of junior debt that doesn’t fit neatly in traditional structures, but is commonly discussed, is debt with a “silent second lien.” This Legal Update briefly describes the silent second lien debt product (including how this terminology is often vaguely used or overused in the market), highlights some differences between the US and European markets and discusses considerations in connection with the use of the product in each market and in cross-border transactions.

Authors

  • Frederick C. Fisher
    T +1 312 701 8545
  • Thomas S. Kiriakos
    T +1 312 701 7275
  • Anastasia N. Kaup
    T +1 312 701 8055
  • Andrew Crotty
    T +44 20 3130 3352
  • Alex Dell
    Partner
    T +44 20 3130 3121
  • François-Régis Gonon
    T +33 1 53 53 43 43
  • Dr. Martin Heuber, LLM
    T +49 69 7941 1128
The Build a Report feature requires the use of cookies to function properly. Cookies are small text files that are placed on your computer by websites that you visit. They are widely used in order to make websites work, or work more efficiently. If you do not accept cookies, this function will not work. For more information please see our Privacy Policy

You have no pages selected. Please select pages to email then resubmit.