All indicators point to continuing growth in deal flow through 2024, a welcome occurrence after years of uncertainty and lower-than-normal workloads. Last week saw one of the largest deals of the year, guided by a bevy of Big Law firms and strong showings in deal count of over $1 billion (eight) and debt offerings over $500 million (15). 

Along with that deal flow, many private equity firms are looking for ways to maximize their returns in an environment with still high interest rates. One way to do that is to pit below-investment-grade bond and loan providers against one another when reshaping existing debt for the companies they own. They call this a liability management exercise, and it is designed to get the best possible terms from lenders when these companies restructure. The legality of some of these structures has been questioned, leading to litigation that some believe will only continue to get more and more testy as time goes on.