Search Results

Your search found 155 results.
Displaying 1 - 10 matches.

  • 11 May 2015

    Restructuring Bonds

    Redcliffe Training Associates Ltd

    London

    Restructuring Bonds Course Overview:

    Although high yield bonds have been part of the funding landscape in Europe for the last 10 years, the global crisis and resulting contraction in traditional bank lending has catalysed the market which has seen a dramatic rise in high yield bond issueance. Initially high yield bonds were used as a junior, mezzanine alternative, however from around 2004 high yield bonds came to be used as both as junior and senior secured bonds, notably in TIM Hellas, Damovo and later NXP all of which were later restructured.

    Since 2007 high yield bonds have increasingly been used across the capital structure, from senior secured through to PIK. Historically, high yield bonds were available only to larger companies as the liquidity meant investors were unwilling to support issues below c €250- 300 million. This changed in 2013 which saw the capital markets open to mid-market firms with a number of issues in the €200m range and one, Soho House, as small as £115m a trend which has continued in 2014 and 2015 (q.v Wagamam’s £150m issue)

    For European investors, restructuring bonds will prove something of a shock as they need to navigate not only domestic but frequently US Securities legislation. Additionally whilst some bonds have been restructured using more familiar European methods (e.g. Schemes of Arrangement in Wind Hellas and the proposed Towerbrook deal) many of the techniques and tools used to restructure bonds differ materially adopt a radically different approach (NXPs exchange offer being a good example) the approach taken in Europe.

     This restructuring bonds training course is aimed at those involved in professionals investing or involved in the issuance and/or restructuring of deals which include bonds and covers topics from the perspective of both bondholders and other players in the capital structure (typically providers of senior debt e.g. RCFs).

    It considers the key aspects, methods and techniques of restructuring both senior bonds (NXP) and junior bonds (Truvo, Wind). The topics are illuminated with reference to a range of issues which were considered recent high profile bond restructurings, specifically, Truvo, Ideal Standard’s and NXP’s Exchange offer and Wind Hellas CoMi shift and Scheme.

    View event details

  • 12 May 2015

    Advanced Negotiation Issues in Restructuring

    Redcliffe Training Associates Ltd

    London

    Course Overview :

    The wave of restructurings which have occurred, and continue to occur, in Europe since the crisis have had a dramatic impact on the restructuring landscape and led to the evolution of a raft of new techniques and approaches in what was, hitherto, a largely anachronistic part of the law.

    The global nature of many firms and financing techniques has generated a more eclectic approach to restructuring techniques and the evolution of various trends. First, the rise in popularity of UK Schemes of Arrangement; second, the introduction, by various jurisdictions, of more flexible restructuring techniques e.g. ”Pre-packs”; third, the desire to seek a CoMi shift to access a more flexible pathway and finally, the willingness to use US courts e.g. Chapter 11 (particularly in the larger deals)

    Pre-packs are available not only in the UK but in numerous jurisdiction on the Continent in one shape or another (e.g. France, Spain, Holland). Pre-packs are often more a term of art and the approach and issues are broadly similar since the issues tend to transcend jurisdictions. This programme covers Prepacks from a European perspective but draws on the experiences in the UK market.

    Similarly, the flexibility offered by UK Schemes of Arrangement coupled with its availability to in many jurisdictions outside the UK has seen them used globally but particularly in Germany, Spain, the Netherlands, France, Russia and even Vietnam. Some jurisdictions have responded by introducing more flexible restructuring pathways which provide greater flexibility e.g. Spain, Germany and France.  This programme covers the process but also examines some of the more controversial areas in Schemes which have arisen in practice. Various landmark restructurings are discussed to illustrate some of these issues.

    The UK offers one of the most flexible, cost-effective pathways for restructurings. UK Administrations provide a “wrapper” with a moratorium giving firms breathing space to implement the most effective method of restructuring. These methods may be available to non-UK companies via a CoMi shift and have been used where the local regime is too inflexible. The programme reviews the key issues and cases in Administration and CVAs particularly where they have been used by non-UK firms (e.g. Schefenacker).

    Valuation lies at the heart of any restructuring and the programme looks briefly at the current approaches to valuation and analyses the approaches used.  Conventional wisdom suggests that and theoretically, parties who are “out-of-the-money” play no part in proceedings since restructurings follow the priority of claims ensconced in law (e.g. employee claims) or a contractual framework via the payment waterfall. In practice this is not always the case and, particularly in more complex deals, the key issue is to get a seat at the restructuring table to influence the process.

    This course explores the negotiating levers which various parties can use to obtain a seat at the negotiating table together with the restructuring methods, solutions, techniques and tactics for managing all the players as well as the practical issues which will face parties in leveraged and unleveraged deals and, drawing on the trainer’s experience, offers a practical template on how to respond to the issues they are likely to face.

    The course is aimed at lenders, sponsors, lawyers, accountants and other advisers involved in this sector, management and other professions (investment advisers) operating in the European environment who require a greater insight into the key issues which arise in financial restructurings.

    View event details

  • 12 May 2015

    Derivatives and ISDA Documentation: Introduction to Legal Aspects

    Redcliffe Training Associates Ltd

    London

    Course overview

    Derivatives have become a vital tool in risk management, asset management and structured financings. The global market is huge, and not only banks and financial institutions but also commercial companies are regular participants.

    Derivatives are legally and economically complex instruments. The recent financial crises and insolvencies of major players have caused shock waves, and there has already been much litigation. To protect all parties, transactions must be properly documented.

    Lawyers and documentation staff need to understand the products, the legal issues, and effective documentation techniques.

    The first part of this course gives an introduction to derivatives – what they are, how they work and why people use them. It also considers some of the things that have gone wrong and caused litigation.

    In the second part there will be a review of the key provisions of the standard OTC market documents produced by ISDA.

    View event details

  • 18 May 2015

    Anti Money Laundering

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This half day course provides an understanding of the current rules relating to the management of money laundering risk in the financial services sector.

    It will be of benefit to anyone new to the financial services industry, those new to the UK regime or those needing to up-date their knowledge following the implementation of the Money Laundering Regulations 2007.

    View event details

  • 18 May 2015

    Know Your Customer

    Redcliffe Training Associates Ltd

    London

    Course Overview

    For almost the last decade, banks and financial institutions have been required to focus increasingly on anti money laundering and anti terrorism measures Adequate due diligence on new and existing customers is a key part of these controls.

    Without this due diligence, banks and other client facing institutions will be in breach of the law and will also become subject to reputational, operational, legal and concentration risks.

    All client facing institutions which handle money are required to comply with internationally established “Know Your Customer” guidelines.

    This course will provide delegates with an insight into what is required under current regulatory and good business practice requirements

    View event details

  • 18 May 2015

    The IPO Training Course

    Redcliffe Training Associates Ltd

    London

    Course Overview

    Listing a company on a stock exchange via an Initial Public Offer – IPO (or “flotation”) is a complex, time consuming and strategically important corporate activity.
    While not being the only option available to achieve an exit from their investment by shareholders, it remains a popular and desirable objective for many.

    However, the choice to gain admission for the trading of a company’s shares on a stock exchange involves extensive work on accounting, legal, and governance issues. Anticipation of the ongoing obligations of companies, post IPO, is also an important element of preparation.

    The possible changes to its board of directors and to its accounts by the applicant company are also discussed, together with the need to fulfil “ongoing obligations” post IPO.

    View event details

  • 21 May 2015

    Stress & Time Management

    Management Forum

    London

    TOPICS TO BE COVERED INCLUDE:

     

    • What is Stress

    • Physical and Psychological Stress

    • The BREAD Method of Managing Stress

    • Time Management – What are the Issues

    • Urgent vs Important

    • Progress vs Importance

    • Timebusters and Time Drivers

    View event details

  • 21 May 2015 - 22 May 2015

    The Project Finance Course

    Redcliffe Training Associates Ltd

    London

    Course Overview

    A text book definition of Project Finance reads:

    “The raising of finance on a Limited Recourse basis, for the purposes of developing a large capital- intensive infrastructure project, where the borrower is a special purpose vehicle and repayment of the financing by the borrower will be dependent on the internally generated cashflows of the project”

    What does this mean in practice and just how limited is “limited recourse”?

    As well as dealing with these questions, this course examines the role and availability of project finance in the current market place? At this moment, apart from a few huge corporate and/or sovereign borrowers, it remains very difficult to obtain significant funding and many medium sized borrowers are still finding it easier to tap into the capital markets.

    This is not a mathematical course per se although we must consider projections, cash-flows and balance sheet analysis to an appropriate level. Instead, we will concentrate on the main principles including a thorough review of the roles of the different parties in the transaction, an examination of the four different phases of the project, the risks in all their various guises, the methodology behind the construction of the cashflows and the techniques deployed in their evaluation.

    We also examine the structure of the transaction, the legal and documentation aspects, the essential due diligence procedures and most importantly the source of repayment.

    This workshop style course contains several case studies.

    View event details

  • 27 May 2015

    The Real Estate Finance Loan and Security Documentation Training Course

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    The commercial property market has of course flourished over the last few decades and even after the recent credit crunch continues to be attractive to investors.  As in many markets, the availability of debt finance is key to enabling investors to maximise returns. Yet lenders need to be more careful than ever to ensure that all risks are properly covered, and well-drafted legal documents are vital.

    This course focuses on the loan and security documents for real estate finance.  It starts with an examination of the main property-related provisions of the Loan Market Association (LMA) model forms of property investment facility agreement and facility agreement for property development projects.  That will be followed by a review of key provisions of the security documents.  Finally it will explain the restrictions imposed to subordinate the equity funding and other intercreditor terms.

    View event details

  • 1 June 2015 - 3 June 2015

    Modelling for Mergers & Acquisitions

    Redcliffe Training Associates Ltd

    London

    Course Overview:

    This course covers the key elements of an acquisition or merger, from the initial stand-alone valuation of the target to the more complex accounting and modelling issues to be considered and finally analysing and assessing the value created by synergy benefits and leverage.

    This course is run in an interactive, participative format, where participants learn by doing. The key concepts covered in the main teaching sessions are punctuated and illustrated by detailed case and modelling work.

    The approach has been designed to equip participants to put key concepts into practical use immediately.

    Participants will be led through a comprehensive review of analysis practices, from initial principles through to more advanced techniques that are used in transaction analysis.

    As part of their work on this course participants model transactions based on real-life companies and scenarios.

    Participants should bring a laptop to the course.

    By the end of this course participants will understand:

    • Drivers on M&A
    • How to model integrated financial statements
    • How to use financial statements to value a business
    • How to model the balance sheet impact of transactions
    • How to incorporate synergies into modelling work
    • How to differentiate between financing and operating synergies
    • How acquisitions can be structured

    Much of the course work involves Excel modelling and analysis, equipping participants with the tools to analyse leveraged acquisitions:

    • Building up from partially-complete models
    • Working with integrated financial statements
    • Developing the acquisition structure and modelling instruments
    • Running scenarios, iterating and optimising

    Each participant should bring a lap top with USB port to the course to facilitate modelling work

    View event details

View results 10 per page | 25 per page | 50 per page

salary+survey+300+new

New Search

date picker
date picker