Jurisdiction(s):
United Kingdom

Key definition

Loans definition

What does Loans mean? Loans are agreements to advance money on terms of repayment, usually with interest. In pensions practice, this covers any arrangement where occupational pension scheme assets are lent. In Great Britain, legislation defines “employer-related investments” and strictly restricts them: section 40 of the Pensions Act 1995 (mirrored in Northern Ireland legislation) and the Occupational Pension Schemes (Investment) Regulations 2005 prohibit loans to the sponsoring employer or to persons connected with, or associated with, the employer, and ban giving guarantees or security for the employer’s obligations. Other employer-related investments (such as employer shares or securities) are subject to a...

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

Published by a LexisNexis Banking & Finance expert

Practice notes

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...

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Carlo de Vito Piscicelli

Cleary Gottlieb Steen & Hamilton

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. ...

Joe Zeidner

Cadwalader, Wickersham & Taft LLP

Joe Zeidner is a partner in Cadwalader’s Fund Finance group. Joe’s practice focuses on a broad range of fund finance transactions at all levels of the capital structure and every phase of a fund’s existence. Joe is one of the preeminent experts representing major U.S. and foreign banks and other financial institutions as agents, lead arrangers and lenders in structuring, negotiating and documenting subscription credit facilities, as well as hybrid and other non-traditional facilities and lending arrangements. Joe has been involved in many of the largest, most complex syndicated credit facilities to funds managed by some of the world’s most distinguished fund sponsors, including representing more than 25 different lead lenders on over $100 billion worth of aggregate commitments. Joe was included in the 2023, 2024 and 2025 editions of the Best Lawyers: Ones to Watch in America for Banking and Finance Law....

Web page updated on 22/05/2026

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