15
May
Fireside chat: CLO documentation – snooze, drag, inconsistencies and nuances
This session will bring together experts intimately familiar with CLO documentation to shed light on critical strategies, potential inconsistencies and nuanced adjustments that occur to both pre and post investment periods. From snooze and drag provisions to addressing documentation discrepancies, panellists will provide insights on CLO documentation and structuring. Speakers will discuss:
- Are snooze and drag provisions providing flexibility for CLO managers, or breaching the trust of note-holders?
- How is par flush language implemented in documentation? What are the impacts of this?
- What are the key considerations in structuring CLO documentation to protect against restructurings?
- How can managers and investors alike successfully adapt CLO documentation to changing market conditions and investment landscapes?
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SpeakersKos Vavelidis Partner DLA PIPER
Alexander Collins Partner CADWALADER
Shant Fabricatorian European CLO Reporter CREDITFLUX
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Kos Vavelidis advises originators, issuers, arrangers, investment managers and investors on a broad range of structured finance, derivatives, securitisation and asset-backed lending matters, with a particular focus on Collateralised Loan Obligations (CLOs).
He has experience representing the majority of arrangers, warehouse providers and a range of collateral managers and investors on European CLO transactions and warehouse facilities. He has recently represented clients such as Barclays, Bank of America Merrill Lynch, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, J.P. Morgan, Morgan Stanley, Neuberger Berman, ICG, Oak Hill Advisors, Ares and CVC.
His experience includes structuring CLOs and public and private securitisations to comply with a variety of regulatory requirements, including the Dodd-Frank Act and the EU and UK Securitisation Regulations. He advises on the EU and UK regulatory framework, including the risk retention and transparency requirements regimes, as they apply to European and U.S. transactions.
He has been at the forefront of developments in the European CLO space and has been involved in the development of new concepts, including uptier priming debt language, new ESG language, rating agency criteria, sanctions language and commercial concepts. Kos has spoken at industry conferences and been quoted in the press on legal developments in the industry.
Kos also has extensive experience in derivatives. He has acted for banks, hedge funds, private equity sponsors, and corporate borrowers, sovereigns, and sovereign wealth funds on a wide spectrum of cross-jurisdictional matters, with a particular emphasis on OTC and structured derivatives transactions in respect of currencies, rates, commodities and credit.
Before joining DLA Piper, Kos worked at a major a US law firm for four years and a Magic Circle firm for six years. He has previously been seconded to the structured finance legal team of a leading global investment bank and the International Swaps and Derivatives Association, where he acted as the Determinations Committee Secretary for all regions and worked on the publication of key derivatives documentation.
Kos graduated with a Law degree from King's College London in 2011 and worked as a summer analyst at Goldman Sachs and a diplomatic advisor with the Greek mission to the United Nations in New York before qualifying as a solicitor.
Alex Collins is a partner in the Capital Markets Group in Cadwalader's London office.
Alex focuses on structured finance, with an emphasis on CLOs. He has acted on a wide range of cross-border structured finance transactions and in respect of CLOs, has represented arrangers, asset managers and warehouse finance providers in connection with a variety of European CLO 2.0 transactions and warehouse facilities.
Alex has been working on CLO transactions since the resurgence of the European CLO market a number of years ago and has advised on numerous public CLO transactions, warehouses and related transactions such as the establishment of originator retention structures and retention financings.
Before joining Cadwalader, Alex was with a Magic Circle firm for seven years. He was also seconded to the legal structured finance teams of two leading investment banks.
Alex has been recognised as a Rising Star in the seventh and eighth editions of Legal Media Group’s ‘Rising Stars’ as part of its Expert Guides series in Structured Finance and Securitisation as well as in the International Financial Law Review (IFLR) 2021 and 2022 European Awards. Chambers UK and Legal 500 UK also recognise Alex as being “a rising star who understands the commercial aspects of a transaction and can explain them succinctly, and is pragmatic and focuses on finding solutions that work”. Alex is also recognised by Best Lawyers in the United Kingdom for Capital Markets Law and Securitisation Law.
Alex is admitted to practice in England and Wales.
Shant Fabricatorian has been with Creditflux since 2023 as their European CLO reporter. Initially from Sydney, he has also worked in east Africa and New York before moving to London. His background is in political economy and communications.