Neil Grant
Neil is a consultant solicitor with over twelve years' experience representing lenders on the origination and distribution of a wide range of event-driven finance transactions, including debt facilities backing private equity sponsored acquisitions, corporate acquisitions, IPOs, high yield bond bridges and real estate investments. Neil is an alumnus of Allen & Overy and has held in-house roles at Credit Suisse, Mizuho Bank and Barclays Capital.
Practice Area
Panels
- Contributing Author
- Specialist Panel
Qualified Year
- 2004
Qualification
- LLB (Hons) European Legal Studies
Education
- University of Bristol
2 Contributions by Neil Grant
PRACTICE NOTES
European leveraged finance intercreditor rights: comparative table—mezzanine, second lien and senior subordinated notes
This table
provides a concise overview of typical negotiated outcomes across a range of intercreditor topics, flagging the principal areas where junior creditors’ rights converge or diverge depending on the junior debt instrument;
is drawn from documentation in the upper mid‑market and large capitalisation segments of the European leveraged finance market;
assumes a second lien facility is documented separately from the senior debt and votes as an independent creditor class.
Intercreditor rights may differ because of (among other factors):
transaction‑specific structural features;
whether the debt is distributed in Europe or the US;
documentary requirements of particular investors (especially where junior debt is pre‑placed); and
whether a junior creditor has actively negotiated its rights, or they appear in an evergreen intercreditor agreed solely between the sponsor and senior creditors.
For further detail on the topics covered in this table, see Practice Notes:
Introductory guide to Intercreditor Agreements
Intercreditor agreements—effective releases
Mezzanine facility
Second lien facility
Senior subordinated notes
Structure and ranking
Which entity(ies) in the transaction structure borrow the junior debt? Typically, only the Company (assumed to be the main borrower of the...
Banking & Finance
PRACTICE NOTES
Intercreditor comparison: super senior revolving credit facilities and senior secured notes—ranking, shared security, payment stops, enforcement controls, distressed sale conditions and noteholder purchase option
This table provides a high-level overview of typical negotiated outcomes on intercreditor matters that shape the relationship between lenders under a super senior revolving credit facility and senior secured noteholders. For deeper analysis of the topics referenced, see Practice Note: Introductory guide to Intercreditor Agreements. For a comparison of common intercreditor positions for mezzanine lenders, second lien lenders and subordinated noteholders, see Practice Note: Intercreditor rights comparison table—junior debt instruments. For definitions of frequently used acquisition finance terminology, see Practice Note: Glossary of acquisition finance terms and jargon.
Structure and ranking
Which entity(ies) in the transaction structure may incur the debt?
Super senior revolving credit facility: typically available to the company and any target group member that meets borrower eligibility requirements and has acceded to the facility agreement as a borrower.
Senior secured notes: generally issued by the company or a special purpose finance vehicle that is a direct subsidiary of the company. Target group members provide guarantees of the notes but do not become additional issuers.
Does debt of one class rank ahead of the other? No...
Banking & Finance
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