Term Loan B Facilities
Summary
This practice note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings in Europe. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors. This practice note explores the structure of a typical TLB facility and how it differs from that of traditional leveraged loans in Europe before looking at its key features.