Australia will introduce a framework of key intercreditor
principles that will change the leveraged finance market
forever, IFLR can reveal.
The framework, instigated by Westpac and developed in
conjunction with ANZ, Commonwealth Bank of Australia and
National Australia Bank, outlines the banks views on
essential principles which should underpin Australian
intercreditor agreements, principally in relation to
subordinated and senior lenders enforcement and amendment
Consultations on the framework, seen by IFLR, formally began
last week, and the document has not yet been publicly
Read more on the drafters' perspective
Westpacs head of leveraged and acquisition finance, Greg
Clark, said the proposed framework was intended to improve
liquidity in the market and had resulted from client calls for
a more standard set of...