Images are still loading please cancel your preview and try again shortly.
Accessibility tools

Margin Lending

Key transaction structures for financial sponsors

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

Flying Plane

Asset Finance

Close X
Corporate and structured lending

Corporate and Structured Lending

Close X
Glass building

Financial Structuring - Prudential Regulation

Close X
Fund Finance

Fund Finance

Close X

High Yield

Close X
Data and stats

Leveraged Finance

Close X

Margin Lending

Close X
Building and sun

Real Estate Finance

Close X

Restructuring and Insolvency

Close X

Trade Finance

Close X
corporate buildings

Banking Litigation

Close X
x Find a Lawyer