We have acted on nearly every high profile European margin loan in the last five years and we are the pre-eminent creditor-facing margin lending team in Europe. We also have deep experience in Asia, the US and the Middle East as well as other jurisdictions across the globe. The leading global banks choose our margin lending team to advise on their most complex, multi-jurisdictional margin lending transactions.
Margin loans were traditionally used by institutions to monetise long term holdings in equities. They have now become an essential part of the capital structure for a financial sponsor where they are buying or holding listed shares or other liquid assets. We are also seeing an increasing use of margin loans by sovereign related entities, in particular in the Middle East. We specialise in acting on margin loans in connection with IPOs, margin loans secured over portfolios of liquid assets and margin loans used for stakebuilding purposes. We have expertise across our network in advising on the notification and consent requirements and the regulatory consequences of entering into and enforcing margin loans.
In our experience similar products are offered as margin loans and derivatives. We work hand in hand with our derivatives team to ensure fluidity and consistency as trades move between products.
Our recent highlights
We recently advised:
- A venture capital fund: advising this fund on a bespoke landmark US$1.5bn margin loan financing secured over its shares in a NYSE-listed issuer.
- A group banks: a post-IPO margin loan for an Apollo entity secured over its retained stake following the listing of Lottomatica on Euronext Milan. We acted for the lenders (who included the joint global coordinators on the IPO). It was the largest IPO in Europe of 2023 at the time of listing.
- A group banks: advising the lenders on a margin loan for an Advent International entity secured over its retained stake in InPost following its listing on Euronext Amsterdam.
- A group of banks: advising on a £1.1bn multicurrency revolving credit facility for an international property company with an optional sustainability-linked margin adjustment.
- A group of banks: advising the banks as original lenders on a €1.6bn multicurrency margin loan provided to two Luxembourg SPVs controlled by the sponsor, a Czech investment fund.
- A group of banks: advising the lenders on a margin loan for an entity jointly held by funds managed by Advent International, Bain Capital and Clessidra secured over its retained stake in Nexi.
- A wholesales agricultural products company: advising on the refinancing of its existing US$3.5bn one year and US$570m three year revolving credit facilities containing ESG margin adjustment mechanics.
- A syndicate of 15 banks: advising on a virtual trees basis 15 banks to finance 3 parallel margin loans for an aggregate amount of up to €1.385bn.
- A British multinational telecommunications company: advising on the amendment and restatement of its existing US$4bn and €3.9bn revolving credit facilities, to contain a ESG margin adjustment mechanism based on the company’s performance against applicable KPIs.
- A multinational investment bank and financial services corporation: advising on a multicurrency margin loan for Starwood Capital Group over a large portfolio of listed shares.
- HG Capital 7: advising on its prepayment of their outstanding hybrid margin loan.
- A multinational financial services company: advising this company as lender on the refinancing of a margin loan for a private investment.
Explore our key Banking services
Asset Finance
The multi-disciplinary approach and global reach of Linklaters' Asset Finance practice offer major asset finance industry participants a critical competitive advantage.
Corporate and Structured Lending
Linklaters has a broad banking practice at the top of the market with leading relationships with all major banks and corporates in the syndicated loan market.
Financial Structuring - Prudential Regulation
Advising global banks and other financial institutions on financial structuring transactions, including providing prudential regulatory expertise.
High Yield
Linklater’s high yield group is fully integrated into the firm’s banking and private equity practices and comprises highly regarded lawyers with leading high yield and restructuring expertise.
Leveraged Finance
Linklaters offers an impressive leveraged finance capability with many partners recognised as leaders in their field. Our expertise is at the cutting edge of the market and we continue to advise on some of the biggest, most complex and innovative global deals.
Margin Lending
We have acted on nearly every high profile European margin loan in the last five years and we are the pre-eminent creditor-facing margin lending team in Europe.
Real Estate Finance
Linklaters' global real estate finance team combines the experience of the firm's pre-eminent finance, real estate and tax practices.
Restructuring and Insolvency
Linklaters' global restructuring and insolvency lawyers handle the world's most challenging and significant domestic and cross-border assignments.
Trade Finance
Trade finance transactions demand a combination of legal expertise and commercial awareness across a wide range of demanding jurisdictions.
Banking Litigation
Banking litigation lawyers at Linklaters have advised leading investment banks and other financial institutions on some of largest and most complex recent financial disputes.
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Asset Finance
Asset Finance
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Corporate and Structured Lending
Corporate and Structured Lending
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Financial Structuring
Financial Structuring
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Fund Finance
Fund Finance
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High Yield
High Yield
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Leveraged Finance
Leveraged Finance
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Margin Lending
Margin Lending
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Real Estate Finance
Real Estate Finance
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Restructuring and Insolvency
Restructuring and Insolvency
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Trade Finance
Trade Finance
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Banking Litigation
Banking Litigation
Key Contacts
