Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Uptiering Transactions – Overview Lenders enhance the priority of their claims under an existing collateral and guarantee package, typically in consideration for providing more borrower-favorable terms and/or new money debt. 26 Amendments to existing debt documentation • Amendment Agreement • Consent solicitation and Exchange Offer Debt repurchase or exchange • Via Dutch auctions or open market purchases (may involve custom "Open Market Purchase Agreements") • Exchange of Notes Incur super-priority debt (roll-up or new money) • Intercreditor Agreement • New Superpriority Credit Agreement • Indenture for New Notes 01 02 03 Liability Management and Refinancing Solutions in Europe