Latest in European Leveraged Finance – Portability: Here Today, Gone Tomorrow

Deals with portability features have proliferated in the European high yield market in recent years, although not without controversy.

In this wrap, we focus on the key points to be mindful of in the principal leverage-based and ratings-based formulations as well as the “disguised” portability that increasingly exists in change of control and related definitions even in the absence of express portability provisions.