Market Trends 2019/20: Commitment Letters

Summary

This practice note discusses current market trends in publicly filed financing commitment letters from the second half of 2019 and first half of 2020 and examines some of the key provisions in commitment letters for various types of credit facilities, including syndication terms, call protection, terms regarding unrestricted subsidiaries, SunGard provisions, financial covenants, loan documentation principles, expense reimbursement, carve-outs from indemnity provisions, confidentiality provisions, and bifurcated governing law provisions. This practice note also includes links to the relevant transaction documents using Transactions Search powered by Intelligize®, along with links to additional resources in Practical Guidance.