Finance

Timetable – Switching Between an Offer and a Scheme 60 Public to Private Transactions – What You Need To Know Requires consent of Takeover Panel 01 Takeover Panel determines offer timetable that will apply following any switch to which it consents 02 Generally, has to improve deal execution • If switching from scheme to offer, Takeover Panel only consents to acceptance condition at up to 90% of shares in certain circumstances 03

• 7th Annual Leveraged Finance Academy
• Agenda
• Slide Number 3
• What are Liability Management Transactions?
• Liability Management – What are the Options?
• Liability Management – What are the Options? (cont.)
• Liability Management – What are the Options? (cont.)
• Priming Transactions – Initial Considerations
• Drop-Down Transactions
• Drop-Down Transactions – Overview
• Drop-Down Transactions – Typical Transactions Overview
• Drop-Down Transactions – Step 1: Formation/Designation
• Drop-Down Transactions – Step 1: Formation/Designation (cont.)
• Drop-Down Transactions – Step 2 Sale/Transfer of Asset
• Drop-Down Transactions – Step 3: Incur Priority Debt
• Drop-Down Transactions – Case Studies
• J. Crew – Background
• J. Crew – J. Crew Blockers
• Intralot – Key Mechanics
• Intralot – Key Mechanics (cont.)
• Intralot – Implications and Responses
• Drop Down Transactions –Preventative Measures
• Drop-Down Transactions – Issue Spotting and Solutions
• Uptiering Transactions – Overview
• Uptiering Transactions – Overview
• Uptiering Transactions – Step 1: Amendments
• Uptiering Transactions – Step 2: Debt Exchange
• Uptiering Transactions – Step 3: Superpriority Debt
• Uptiering Transactions –Case Studies
• TriMark – Uptiering Structure
• Slide Number 32
• Boardriders – Uptiering Structure
• Boardriders – Mechanics
• Serta Simmons – Uptiering Structure
• A New Frontier? – Diebold's A&E Proposal
• A European Perspective – Keter's A&E Proposal
• Creditor Consents: Key English Law Considerations
• Lien Subordination – Conducting a Super-Priority Uptier Exchange (the credit agreement scenario)*
• Uptiering Transactions – Review and Drafting Recommendations
• Leveraged Finance Trends
• Challenging Market Conditions
• Document Terms: Current Themes
• Investor Pushback
• Debt Incurrence
• Debt Incurrence (cont.)
• EBITDA Adjustment
• RPs / Investments
• Change of Control
• All Lender Matters
• Scope of Security
• Public to Private Transactions – What You Need To Know
• Overview
• Mechanics – Offer Vs. Scheme
• Mechanics – Thresholds
• Offer Timetable Changes to the Takeover Code
• Contractual Offer Timetable: Old vs New Timetable
• Illustrative Timetable
• Illustrative Timetable (cont.)
• Timetable – Switching Between an Offer and a Scheme
• Timetable – Interlopers / Competitive Bids
• Timetable – Auction Process
• Rule Of Six
• Conditions to Offer
• Certain Funds – Cash Confirmation Overview
• Certain Funds – Cash Confirmation Letter
• Certain Funds – Certain Funds Period
• Certain Funds – Drawstops
• Certain Funds – Practical Considerations
• Disclosure of Financing Terms
• Syndication
• P2P - Key Market Trends from 2022 & What lies ahead in 2023?
• Direct Lending: Focal Points and Key Battlegrounds
• What will be covered today?
• Structuring and Operational Considerations
• CAR Facilities
• Certain Funds
• ROFO/ROFR
• Call Protection and Exits
• Transfers
• Our Team
• Our Team (1)
• Slide Number 83