The Rise Of 'Yankee Loans' In Europe

Law360, New York (March 4, 2015, 10:25 AM EST) -- There has been a steadily increasing trend of European borrowers with little or no specific business in the U.S. raising financing under so-called "Yankee loans" — where the credit facility is syndicated to U.S. investors, is governed by New York law, and has typical U.S.-style incurrence covenants and few, or no, financial covenants. In terms of volume, European borrowers raised in excess of $28 billion in 2013 under such loans, which was an increase of over 30 percent from 2012; that figure nearly doubled in 2014, totaling $51.2 billion....

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