Aseet Dalvi
Mr. Dalvi's practice focuses on international capital markets transactions, particularly high yield debt, and English and U.S. securities law matters.
Mr. Dalvi joined Cleary Gottlieb Steen & Hamilton LLP in 2011. Prior to joining Cleary Gottlieb, Mr. Dalvi worked in the Toronto offices of Osler, Hoskin & Harcourt LLP, where his practice focused on tax, and in the New York and London offices of Sullivan & Cromwell LLP, where his practice focused on project finance and capital markets transactions.
Mr. Dalvi received LL.B. and B.C.L. degrees from McGill University in 2006 and was awarded the Elizabeth Torrance Gold Medal for the highest class standing at graduation.
Mr. Dalvi is a member of the Bar in New York, a solicitor of the Senior Courts of England and Wales and is admitted to the practice of law in Ontario, Canada.
Practice Area
Panel
- Contributing Author
1 Contributions by Aseet Dalvi
PRACTICE NOTES
Portability in High Yield Bonds and Leveraged Loans: Change of Control Exceptions, Leverage and Ratings Tests, Disguised Portability and Market Trends
This Practice Note explores portability provisions in high yield bond documentation. It explains what portability signifies before moving to the principal points in high yield documentation and how portability features in loan documentation. It proceeds on the basis that readers possess some knowledge of market terminology. For introductory material on acquisition finance, with links to more detailed resources, see Practice Note: Introductory guide to acquisition finance. For a glossary of acquisition finance terms, see: Glossary of acquisition finance terms and jargon.
What is portability?
High yield bond covenant packages commonly include provisions granting bondholders a put option—typically at 101% of par (plus accrued and unpaid interest)—triggered by a change of control (CoC). This mechanism allows bondholders to reassess their investment and, in specified circumstances where the issuer’s management and ownership are likely to have altered fundamentally, to exit without suffering a loss...
Banking & Finance
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