{"Name":"Victoria R. Grace-Hunt","Level":"Managing Associate","ExceptionLanguage":"","PracticesPreviewOverride":"","ExtensionceAttorneyExperience":"","ExtensionceAttorneyProBono":"","MembershipsAndAffiliations":"","CredentialsOverride":"","AdmissionsOverride":"","MobileExperienceHeader":null,"MobileExperienceNext":null,"PublicationLabel":"著書","EventLabel":"イベント","NewsLabel":"ニュース","NewsletterLabel":"Newsletters","StoryLabel":"ストーリー","RichTextAreasModule":{"RichTextAreas":[{"Title":"","Overview":"","OverviewExpanded":"VICTORIA GRACE-HUNT is a managing associate in the Global Finance group in the firm’s Chicago office.
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\nVictoria received her JD from Tulane University, where she also received her MBA. Victoria earned her B.A. in art history from Smith College.","OverviewReadMoreLabel":"More","OverviewViewLessLabel":"Less"}],"CssClass":null,"FolderTemplateID":null,"SiteImproveReadMoreDataAttributes":""},"RelatedArticles":{"ResultCount":2,"HasMoreResults":false,"GridData":[{"ID":"d472509b-37e6-404e-8222-7158c9e3bf8a","ContentType":"著書","DisplayDate":"October 2024","Title":"Fund Finance","ShortTitle":"","Summary":"

Different Roles for Independent Directors and Other Restructuring Considerations for Asset-Based Fund Financings Utilizing Bankruptcy Remote Structures

The use of independent directors and other securitization-like features to mitigate risk and attract investors at a better cost of funds is becoming common in net asset value financings and other asset-based fund financings. This article examines the key features and tools adopted from securitization and other more mature structured financing products for asset-based fund financings and the high-level considerations for distressed investments using such structures and assets in terms of time, effort, and costs involved, including the role of the different types of independent directors and unique considerations in these financings.

View the article here.

","Source":"Practical Law The 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Finance","Target":"_self","CssClass":"","Language":"","IsActive":false,"IsExternal":false,"Children":null},"TemplateID":"9cbfe518-3bc0-4632-ae13-6ac9cee8eb31"},{"ID":"77f4f287-233f-47fc-bdac-1d3f063ca96f","ContentType":"著書","DisplayDate":"October 18, 2023","Title":"Equity-Like Sweeteners Go Mainstream","ShortTitle":"","Summary":"Make-whole provisions in most debt instruments traditionally are structured either as a make-whole based on simple interest or a straight percentage premium that ratchets down over time. In the current market, in which many private equity sponsors and other investors are leveraging debt as a means to avoid repricing their investments, we are noticing a convergence of the characteristics of debt and equity return hurdles: debt financing parties are now more likely than ever to dip into the private equity toolkit by utilizing equity-like economic sweeteners for lenders. These provisions can appeal to both borrowers and lenders because they enable borrowers to conserve near-term cash and incentivize debt investments while hardwiring lenders’ returns on their debt investments in anticipation of a nearterm exit or other realization event. While equity-like sweeteners can be useful tools under the right circumstances, they may pose heightened risks for lenders in a downside scenario, and these risks, as well as the tax implications of such equity-like sweeteners, should be taken into account when negotiating debt financing transactions.
\n
\nThis article will examine some of these equity-like sweeteners, why they have become popular, and the risks and structuring considerations for investors considering including such provisions in their financing terms.","Source":"Practical Law Institute","Location":null,"Tags":null,"NavigateLink":{"ViewUrls":[{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"itlang","CurrentViewID":null,"Name":null,"Url":"/it/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"kolang","CurrentViewID":null,"Name":null,"Url":"/ko/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"pllang","CurrentViewID":null,"Name":null,"Url":"/pl/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"hilang","CurrentViewID":null,"Name":null,"Url":"/hi/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"jalang","CurrentViewID":null,"Name":null,"Url":"/ja/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"bglang","CurrentViewID":null,"Name":null,"Url":"/bg/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"ptlang","CurrentViewID":null,"Name":null,"Url":"/pt/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"idlang","CurrentViewID":null,"Name":null,"Url":"/id/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"zhlang","CurrentViewID":null,"Name":null,"Url":"/zh-hans/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"delang","CurrentViewID":null,"Name":null,"Url":"/de/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"nllang","CurrentViewID":null,"Name":null,"Url":"/nl-nl/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"frlang","CurrentViewID":null,"Name":null,"Url":"/fr/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"rulang","CurrentViewID":null,"Name":null,"Url":"/ru/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"eslang","CurrentViewID":null,"Name":null,"Url":"/es/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"},{"ID":"83e3dcaa-1264-4226-8ee6-380c20e95bea","Language":"enlang","CurrentViewID":null,"Name":null,"Url":"/en/insights/publications/2023/10/equity-like-sweeteners-go-mainstream"}],"Url":"/en/insights/publications/2023/10/equity-like-sweeteners-go-mainstream","Title":"Equity-Like Sweeteners Go Mainstream","Target":"_self","CssClass":"","Language":"","IsActive":false,"IsExternal":false,"Children":null},"TemplateID":"9cbfe518-3bc0-4632-ae13-6ac9cee8eb31"}],"UpcomingEvents":[],"SearchFilters":{"CurrentViewID":"957999b3-455b-43de-a2cb-f8856c9b68cf","Skip":0,"Take":4,"InitialPageSize":4,"ReloadFilters":false,"SeparateUpcomingEvents":false,"CurrentDayEventsOnly":false,"UpcomingEventsOnly":false,"IsBioOnly":true,"DateFrom":null,"DateTo":null,"KeywordFilter":"","PinnedItems":"","ExcludedPinnedItems":"","UsePinnedItems":true,"SortField":0,"PracticeFilters":[],"IndustryFilters":[],"TypeFilters":[],"MediaFilters":null,"EventTypeFilters":[],"ArticleTypeFilters":[{"RichTextContent":"

Co-author, “Equity-Like Sweeteners Go Mainstream,” Practical Law Institute, October 18, 2023.

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