January 2024

The Dizzying Impact of Liability Management Transactions: Where We Are Now


In recent years, the U.S. leveraged-loan market has received a crash course in liability-management transactions (LMTs).

This article, first published in the American Bankruptcy Institute Journal, looks at the evolving mechanics of LMTs (including drop-down, uptiering and double-dip transactions), the opportunities for borrowers, the potential risks to lenders and the market’s response to the growing use of LMTs. By becoming familiar with the shared tools by which LMTs are executed, borrowers and lenders can understand how the transactions can be utilized and how to mitigate any potential associated risk.

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