Author(s):
Joyce M. Bernasek, Lisa Mantello, Ryan Hayes
Apr 13, 2021
While 2020 may be over, the pandemic isn’t – COVID-19 continues to have an impact on the Canadian debt market. In addition, the ongoing phasing-out of LIBOR and CDOR provisions is affecting financing transactions. As a result, corporations and lenders must focus on developing secure and flexible strategies that will enable them to effectively navigate the anticipated economic restart and recovery through the rest of 2021.
In this webinar, lawyers Joyce Bernasek, Lisa Mantello and Ryan Hayes from Osler’s Banking and Financial Services Group in Toronto offer their expert insight into the effect that COVID-19 has had on credit agreements in Canada and provide an overview of the developments we can expect to see in the Canadian financing landscape through 2021.
Their discussion covers a number of key topics that are particularly relevant right now:
- The impact of COVID-19 on credit agreements, including the issues raised and creative solutions used to address financial reporting and covenants, material adverse effect (MAE) clauses, and material contracts and contractual obligations in financing transactions
- Lessons learned in lending in the current market
- An update on the status of LIBOR and CDOR fallback planning provisions, including an explanation of the hardwired and amendment approaches (current to the March 5, 2021 announcements from the United Kingdom’s Financial Conduct Authority and ICE Benchmark Administration, discussed here)
- An overview of the financial assistance available to businesses under Canada’s COVID-19 Economic Response Plan
With so many elements in a state of flux, it’s more critical than ever to understand your obligations and requirements, as well as the options available to you when negotiating financing transactions.
Watch the Webinar on Demand