Worldwide: Debt Capital Markets

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Finance law and banking law thought leadership, articles, podcasts, videos and webinars from expert sources across the legal world. Explore insights covering topics such as capital adequacy, BASEL, acquisition finance, debt capital markets, fund finance, islamic finance, securitization and structured finance.
Article
SEC Expands Exemptive Relief For Tender Offers And Exchange Offers For Non-Convertible Debt Securities
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.
United States Finance
ST
Simpson Thacher & Bartlett
Article
SEC’s Office Of Mergers And Acquisitions Issues Exemptive Order Easing Certain Requirements For Non-Convertible Debt Tender Offers
The SEC's Office of Mergers and Acquisitions has issued a new exemptive order allowing tender and exchange offers for non-convertible debt securities to remain open for just five business days instead of the standard 20-day period. This order liberalizes the previous framework by permitting partial offers with proration, narrowing consent solicitation prohibitions, and expanding eligible participants. What are the key conditions that must be met for issuers to take advantage of this abbreviated timeline, an
United States Finance
GP
Goodwin Procter LLP
Article
SEC Expands Five-Business-Day Tender Offers For Non-Convertible Debt Securities
The SEC's Division of Corporation Finance has issued a new exemptive order allowing qualifying tender and exchange offers for non-convertible debt securities to remain open for just five business days instead of the standard 20. This modernized framework expands relief beyond the 2015 no-action letter, introducing significant changes including the elimination of guaranteed delivery requirements, removal of financing restrictions, and permission for partial offers and certain consent solicitations.
United States Finance
LS
Lowenstein Sandler
Podcast
Debt Sales 101 Mini-Series — Episode 5: Closing The Deal: Key Contracting And Transaction Issues (Podcast)
Episode 5 of the Debt Sales 101 mini-series examines the critical intersection of legal structure, regulatory compliance, and commercial terms in debt purchase and sale agreements. The discussion explores how key contractual provisions allocate risk between buyers and sellers while addressing regulatory expectations. Listeners will learn how well-drafted agreements enable scalable debt sale programs by aligning regulatory requirements with commercial objectives.
United States Finance
BS
Ballard Spahr LLP
Article
California DFPI Faces Class Action On Debt Collection Licensing Regime
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.
United States Finance
SM
Sheppard, Mullin, Richter & Hampton LLP
Article
Michigan Court Grants Final Approval To Debt Collection Interest-Rate Settlement
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
United States Finance
SM
Sheppard, Mullin, Richter & Hampton LLP
Article
Goodwin Advises Ares On $2.5 Billion Arcmont Credit Continuation Vehicle, The Largest European Credit Continuation Fund To Date
Goodwin's Private Investment Funds team advised Ares Credit Secondaries funds in leading a $2.5 billion credit continuation vehicle sponsored by Arcmont Asset Management, marking the largest European credit continuation fund to date. The transaction involved acquiring a diversified portfolio of primarily first-lien senior secured loans from Arcmont's 2019 vintage Direct Lending Fund III, providing liquidity to existing limited partners while enabling continued exposure to the portfolio.
United States Finance
GP
Goodwin Procter LLP
Article
FTC Moves To Halt Alleged Student Loan Debt Relief Operation
The FTC has obtained a temporary restraining order against a debt relief operation accused of targeting consumers seeking student loan relief through deceptive marketing practices. The enforcement action alleges the company misrepresented its ability to secure loan forgiveness, falsely implied government affiliation, and charged prohibited upfront fees while instructing consumers to stop making loan payments.
United States Consumer
SM
Sheppard, Mullin, Richter & Hampton LLP
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