Asset Finance & Secured Lending
Syndicated finance and secured loans are frequent sources of new capital for corporations in North America. To reduce risk and improve profits, borrowers and lenders alike require expert advice from financial services lawyers who understand what degree of risk lenders and borrowers are willing to accept, in any given market environment. McMillan’s Financial Services Group has this type of expert insight into the dynamics of today’s financial markets. We represent both lenders and borrowers in a variety of secured lending transactions, including bi-lateral lending, syndicated lending, asset-based lending, subordinated debt financings, acquisition financings and debtor-in-possession financings.
McMillan’s diverse experience in domestic, cross-border and multi-jurisdictional financing transactions gives us deep domain expertise across the syndicated lending sector. We advise clients on structuring, documenting and implementing sophisticated financing arrangements tailored to reflect the unique objectives of each transaction. On the lender side, we work with major Canadian and international commercial banks, institutional investors and other financial institutions. And on the borrower side, we assist corporations, private equity groups, sponsors and funds.
For all secured lending transactions that we help facilitate, our focus is on understanding your objectives and delivering creative, practical solutions throughout the process. Our experience in asset finance and secured lending is complemented by expertise in workouts, bankruptcy, asset liquidation and, if necessary, litigation.
McMillan secured lending professionals helps clients by:
- Structuring investment grade syndicated and bilateral lending facilities
- Structuring second lien facilities and mezzanine facilities
- Structuring asset-based lending facilities
- Drafting terms sheets, and loan and security documentation
- Negotiating terms between arrangers and borrowers
- Performing due diligence and perfecting liens
- Advising on private placement financings
- Advising on relevant regulatory and compliance issues
- Designing and implementing bridge facilities, both to bridge equity issuances and bond issuances
- Advising on restructurings and workouts
Deals and Cases
Insights (18 Posts)
CDOR to cease being published after June 28, 2024; Term CORRA to be potentially created; market participants need to prepare for end of CDOR now.
Not Yet Cleared for Takeoff: Draft Canadian Luxury Tax Legislation Raises Concerns for the Aviation Industry
On March 11, 2022, the federal Department of Finance released draft legislative proposals to implement the proposed Luxury Tax.
Legal tools Canadian companies should seek advice on if they are no longer able perform contractual agreements because of the war in Ukraine
SCC Rules No Absolute Bar on Pre-post Compensation (setoff), Overrules kitco and Provides Roadmap for Possible Pre-post Setoff in CCAA Cases
The Supreme Court's decision in Montréal v. Deloitte establishes a test for pre-post compensation (set-off)
A labour arbitrator upheld an employer’s mandatory vaccination policy, finding the policy to be reasonable and enforceable.
A BAA is useful for lenders relying on cash collateral in secured lending transactions. We discuss the nature and function of BAAs in the common law provinces.
SOFR is the preferred USD alternative RFR to LIBOR. We discuss what SOFR is, the types of SOFR, conventions for SOFR, and using SOFR in loan agreements.
How reverse vesting orders (RVOs) offer another tool for realizing value for stakeholders in Companies' Creditors Arrangement Act (CCAA) proceedings.
Ontario has also passed legislation to protect commercial tenants.
Canadian Regulators Remove Key Barrier to Distribution of Alternative Mutual Funds – New Courses Will Permit Mutual Fund Dealers/Registered Firms to Trade in Securities of Alternative Mutual Funds
Canadian securities regulators provide additional proficiency options for distributing alternative mutual funds
Guide for borrowers to discussing loan defaults and additional credit support with lenders.
Supreme Court of Canada Grants Leave to Appeal in “Canada North” CCAA Priming Charges vs. Payroll Deductions Case
Canada North, CCAA, payroll deductions, deemed trust, priority, Companies' Creditors Arrangement Act, Supreme
Court of Canada
Your Halloween Edition: The Ghost of the Terminated GST/HST Deemed Trust
Does the Mac Have Your Back? The Use of Material Adverse Change Clauses in Canadian Loan Agreements
CSA Proposes New Disclosure Requirement for Exchange Traded Funds
The Federal Budget: What Financial Institutions Need to Know
Voluntary Delisting and Deference: TSX Proposes Changes to the Company Manual
IIROC Issues Final Guidance on Underwriting Due Diligence
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