United States on Debt Capital Markets

Earlier this week, the U.S. Securities and Exchange Commission (SEC) announced that it is expanding the accommodations available for issuers that submit draft registration statements for nonpublic review.

This Alert is not another Serta gripe. Rather, this Alert is about the exception to the developing Serta credit agreement language that excludes debtor-in-possession financing as one type of senior financing that does not require an opportunity to participate pro rata.

On 13 February 2025 the European Securities and Markets Authority ("ESMA") published a consultation paper (the "Consultation Paper") containing proposals for the revision...