At the end of The Canterbury Tales, Chaucer revokes a number of his books and asks for mercy and forgiveness for his wrongdoings. Similarly, issuers ask for clemency for covenant breaches from time to time. This panel addresses the issues and questions arising from amendment requests coupled with new deal launches, antitrust and confidentiality issues around noteholder communications, and amendment best practices for both issuers and noteholders.
As private placement issuances by REITs have grown substantially over the past several years, this panel will provide a description of the different legal structures employed by U.S. REITs. They will compare and contrast the covenant packages found in private placements, bank loans and public debt issuances by REITs, and conclude with an analysis of how the structure of a REIT and the loans to it will impact and be impacted by a bankruptcy, insolvency or restructuring.