New on Practical Law Canada: What's Market Finance
Practical Law Canada Finance is pleased to announce the launch of What's Market Finance. What's Market Finance is a tool that allows practitioners to search, review and compare summaries of recent credit agreements governed by the laws of a Canadian province publicly filed on SEDAR. It also provides practice analyses that consider the market positions on various relevant and current trends and topics.
What's Market Finance is divided up into two databases:
Credit Agreements: Comprehensive Deal Database
The Comprehensive Deal Database provides a brief summary of all credit agreements governed by the laws of a Canadian province publicly filed on SEDAR ( www.practicallaw.com/9-569-6212) from January onwards, excluding certain outlier transactions. It enables lawyers and other professionals to stay on top of current trends and market practices by obtaining an instant high level snapshot of all these publicly filed Canadian credit agreements. This database is useful in providing precedents for credit agreements in certain industries, deal values, loan categories, etc. All summaries include links to underlying documents, as filed on SEDAR.
For example, if you are a finance lawyer looking for a credit agreement in the oil & gas industry relating to both a revolving facility and a term facility with a deal value of $100 million - $500 million, you could use this new Practical Law resource to search the Credit Agreements: Comprehensive Deal Database and quickly find credit agreements that are similar to the transaction you are working on. You can compare these credit agreements based on certain criteria.
Credit Agreements: Detailed Analysis of Selected Deals Database
The Detailed Analysis of Selected Deals Database is a sampling of credit agreements governed by the laws of a Canadian province and publicly filed on SEDAR from June 2015 onwards. Transactions are selected by our lawyer editors from a variety of industry sectors and cover a range of loan values and types, including revolving facilities, term loans, asset based loans, debtor-in-possession loans, second lien loans and secured and unsecured transactions.
For example, if you are a finance lawyer looking for a credit agreement that includes a defaulting lender provision, a subscriber would go to the Credit Agreements: Detailed Analysis of Selected Deals Database and easily locate agreements that include this provision by following these steps:
Go to What’s Market Finance and select the Credit Agreements: Detailed Analysis of Selected Deals Database.
As in the comprehensive database, you have the option to narrow down the results using the facets located on the left side of the page.
Once you have narrowed your results as desired, you can run a comparison report to compare up to 50 selected deals by clicking "Select all results on this page" and then clicking “Compare”.
You would then check the applicable aspects of each transaction that you would like to compare (defaulting lenders) and then click “Compare”.
You can then review the comparison report to identify deals that meet your criteria. You can export your comparison report to Word or Excel by clicking on the appropriate button at the top right of the report.
This detailed analysis of selected deals database includes links to the relevant section of the credit agreement so you can easily access this as well.
What's Market Practice Analysis: PL Canada Finance
Other resources provided in the What’s Market Finance product are practice analyses that consider the market positions on various relevant and current trends and topics. This database consists of Practice Notes covering market and industry specific terms and trends on a range of finance topics. These resources include links to What's Market Finance summaries, recent filings, agreements and applicable provisions.
These can be found under the “Market Analysis” tab – “All Finance Analysis ( www.practicallaw.com/w-003-2773) ”.
Practical Law Finance has analyzed recently filed credit agreements to determine "what's market" for loan prepayment provisions, loan agreement amendment provisions, incremental (accordion) facilities and the definition of, and borrower remedies against, a defaulting lender.
For results of these analyses, see: