January 2026 CLE Event – Private Placements vs. Direct Lending: Understanding the Basic Differences between Note Purchase Agreements and Credit Agreements

The ACIC Education Committee invites you to a panel discussion on Private Placements vs. Direct Lending: Understanding the Basic Differences between Note Purchase Agreements and Credit Agreements on January 15th at 2 p.m. EST.

In today’s capital markets, we are seeing an increasing convergence between the traditional private placement and direct lending markets. These markets are being subsumed under a more general heading of “private credit”.  However, the documentation, market practices, terms, and players involved can often be quite different. Join us in revealing the basic differences between a note purchase agreement and a credit agreement.

• What is a note?
• What is a loan?
• What are the differences between these two markets, and what sorts of protections can an investor or lender expect in each market?
• What are the implications for legal review and management of the asset?
• Do these differences matter, and how does it affect an institution’s investment decision?

Make a commitment to lend us your ears on January 15^th at 2 pm ET as we discuss these and other pertinent distinctions between two of the more common financing documentation structures and the increasing overlap in these markets.

We hope you can join us!