A Comparative Overview of Transatlantic Intercreditor Agreements

Milbank Leveraged Finance partners Lauren Hanrahan and Suhrud Mehta co-authored a chapter in The International Comparative Legal Guide (ICLG) to: Lending & Secured Finance 2018, 6th Edition.

The chapter provides an overview of transatlantic intercreditor agreements. The intercreditor frameworks applicable to a given financing structure in a particular market are often fairly settled, but in crossborder financings for European borrowers or other financings involving practitioners and business people in different parts of the world, deal parties may have different expectations as to the key intercreditor terms that ought to apply. The chapter includes a compare and contrast of the key terms in US second lien and European second lien intercreditors and discusses the blended approach taken in some recent intercreditor agreements for financings of European companies in the US syndicated bank loan markets.

Click to read the full chapter “A Completive Overview of Transatlantic Intercreditor Agreements.”