Acquisition finance lawyers are braced for intense scrutiny of their work from key clients as banks pore over deal terms with a view to re-negotiating debt terms on a string of major buy-outs.Thanks to the impact of the August turmoil in global credit markets, leveraged buy-out (LBO) lawyers concede that banking clients are taking a critical look at deals terms after a string of ‘pro-sponsor’ deals that saw banks give favourable terms to private equity borrowers.
With banks now increasingly unable to sell on the debt, lawyers report “tense” conversations with banking clients over their options.
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