Carlo de Vito Piscicelli
Carlo de Vito Piscicelli is a London and Milan based partner of Cleary Gottlieb. His practice focuses on leveraged finance and restructuring matters and he advises clients globally on a wide variety of loan facilities, high-yield notes and related derivatives transactions.
Carlo joined the firm in 2004, became counsel in 2010, and a partner in 2014. From 2004 to 2010, he was resident in the Milan and London offices, and from 2010 to 2012, he was resident in the New York office. Carlo previously worked for Simpson Thacher & Bartlett LLP in New York and Studio Legale Pedersoli in Milan.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2001
Membership
- New York Bar
- Milan Bar
Education
- Universit degli Studi di Milano, LL.B., 1996
- Harvard Law School, LL.M., 2000
1 Contributions by Carlo de Vito Piscicelli
PRACTICE NOTES
Term Loan B facilities: structure, key documentation points, European differences from traditional senior loans, evolving covenants, transfer restrictions, and the implications of Kirschner v JP Morgan Chase
This Practice Note looks at Term Loan B (TLB) facilities, which often feature as a senior tranche within syndicated loans in leveraged financings. TLBs are long-established in the US market and are increasingly seen in the European lending market for institutional investors. It examines the structure of a typical TLB and how it diverges from traditional European leveraged loans, before setting out the key features. This Practice Note assumes some understanding of leveraged finance. For introductory information, see: Introductory guide to acquisition finance. For explanations of common terms, see Practice Note: Glossary of acquisition finance terms and jargon.
What is a Term Loan B?
In lending markets, ‘Term Loan B’ or ‘TLB’ (short for Term Loan Bullet) describes a tranche of senior secured credit facilities made available to a borrower and intended to be syndicated in the institutional loan market. They are usually floating-rate term facilities with an actual or implied non-investment grade rating, a five to seven year maturity and either nominal amortisation of 1% per annum or none, with the outstanding principal repaid in a bullet at maturity...
Banking & Finance
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