United States: Debt Capital Markets

In a world where access to credit is a cornerstone of financial stability, the need for fair and accurate credit reporting is of paramount importance.

On June 30, 2026, the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (“SEC”) issued an exemptive order granting an exemption from Rules 14e-1(a) and (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for certain qualifying tender or exchange offers for non-convertible debt securities (“Five Business Day Tender Offers”). The SEC exemptive order supersedes the Staff’s 2015 no-action letter (the “2015 Letter”)[1] relating to Five Business Day Tender Offers and is effective immediately.

Six years after Serta Simmons Bedding (“SSB”) executed its famous, non-ratable uptier liability management transaction, Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas...

Debt Finance partner Raquel Smith joins hosts Laura Cicirelli and Eric Weiner to discuss venture debt facilities, unpacking key terms founders should understand including common red flags, covenants, and events of default. The conversation explores building strong relationships within the venture debt ecosystem and examines the broader risks, strategic considerations, and potential pitfalls associated with venture debt financings.

Harold Israel and Jack O'Connor, partners at Levenfield-Pearlstein, discuss the evolution of bankruptcy law into restructuring practice, exploring when distressed companies should file for bankruptcy versus pursuing out-of-court alternatives.

Federal and state authorities clash over prediction market regulation as the CFTC asserts exclusive jurisdiction while states pursue criminal prohibitions.

This digest curates key developments in commercial real estate finance, covering ABL and factoring performance, CMBS issuance trends, multifamily investment rankings, and market volatility impacts. Industry professionals will find analysis of prepayment mechanics, appraisal reductions, and how CRE fundamentals are holding steady despite macro headwinds and higher-for-longer interest rates.

A Michigan federal court has granted final approval of a class action settlement against a creditor law firm and affiliated debt buyers over allegedly excessive post-judgment interest charges in debt collection proceedings. The case centered on whether a 13% interest rate—Michigan's maximum for judgments on written instruments—was improperly applied to judgments that did not involve written instruments. Eligible class members whose judgment balances were reduced to zero will receive $150 monetar

A California class action challenges the state's debt collector licensing fee structure, alleging that annual assessments imposed by the DFPI exceed reasonable regulatory costs, lack transparent calculation formulas, and violate Proposition 26. The lawsuit seeks relief on behalf of approximately 1,243 licensed debt collectors statewide and could reshape how California structures licensing fees for financial services companies.