Location: Fruit & Wool Exchange, 1 Duval Square, London E1 6PW
Join us in-person on 5 July as we bring together market participants to discuss:
- How market conditions are affecting the appetite to provide or use back-leverage
- What should lenders who are interested in using back leverage be thinking about at the point of origination
- What drives the choice between loan on loan and repo, and other formats for debt on debt
- Typical financial covenants and other risk mitigants (variation margin, fund guarantees, haircuts and advance rates
- The level of control required in relation to consents, waivers and amendments at the underlying loan level
- Consequences of defaults
This session will be moderated by Lewis Gaut, DLA Piper & Ruth Harris, Ashurst. Joining the panel will be:
- Andrea Bora, Goldman Sachs
- Andrew Gordon, Invesco
- AJ Storton, JP Morgan
- James York, NWM
- Dean Harris, Trimont
Leading up to the event, you will receive a series of concise know-how videos intended to give you a rudimentary understanding of the topic and that may spur some questions for the panel session, which we envisage will be an insightful and engaging discussion. The videos will cover back leverage structures and the jargon used, loan due diligence, covenants, and consequences of events of default at both underlying loan and debt on debt level
About our moderators
Ruth Harris, Ashurst
Ruth is head of Ashurst's real estate finance practice having recently retired from her role as managing partner of the London office, where she guided the office through Covid and the transition back to the office. Chambers' commentary notes Ruth as one of the leading authorities in her field, possessing extensive experience acting across a broad range of sophisticated real estate finance transactions, including restructuring and development matters. Recognised for her problem solving approach, Ruth has been involved in a number of working groups at CREFCE, including the Autumn conference planning committee, intercreditor workshops and alternative syndication workstreams.
Lewis Gaut, DLA Piper
Lewis is a Partner in the Real Estate Finance Team at DLA Piper in London. He regularly advises sponsors and funders on multi-jurisdictional structured real estate finance transactions. He has a particular focus on complex, cross-border financings, and has advised on several stadium development transactions, often utilising novel funding structures.
In addition to loan originations, Lewis also advises real estate debt funds on the establishment of back leverage structures and subscription-line financings. He has also advised special servicers on the restructuring and work-out of legacy CMBS transactions.
Lewis is a member of CREFC’s intercreditor working group and he recently joined the CityUK‘s Next Generation Leadership Council which brings together a diverse group of people from across the financial and related professional services industry who have been identified as high-potential future leaders.