Investors tighten loan documents with J Crew blocker [Reuters]
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Source: Reuters
Investors tighten loan documents with J Crew blocker | Reuters 4 Min Read NEW YORK, May 3 (LPC) - Lenders are tightening up US leveraged loan documents to stop issuers from removing security by transferring intellectual property into new subsidiaries and raising additional debt, an issue which surfaced last year when retailer J Crew did precisely that. Senior secured lenders are now including language in loan documents, known as the ‘J Crew blocker,’ to stop companies transferring intellectual property, including their brands, into unrestricted subsidiaries after the retailer’s high profile clash with investors in 2017. “Since J Crew, it’s definitely come into focus more, especially (on deals) where there is a big intellectual property component. I don’t see it going away,” a banking source said. At least three recent loan deals have included the language, including engineering firm McDermott International’s US$2.3bn term loan. The deal priced in early April after lenders asked the co
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