- Category
- Client Alerts
- Date
- Aug. 11, 2016
- Title
-
SDNY Rules That an Exchange Offer Is Not a “Financing” for Purpose of Indenture Debt Covenant
Recently, the S.D.N.Y. ruled in Citibank, N.A. v. Norske Skogindustrier ASA that to be a “financing,” new funds had to be raised and concluded that an exchange offer, while a “refinancing” is not a “financing.” This alert examines the decision and what leveraged finance professionals need to know.
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